GOYANG, South Korea -- Hyundai Motor is expanding its electric vehicle lineup with the launch of the Ioniq 9, the company’s first large, all-electric sport utility vehicle. The Ioniq 9 is set to make its official global debut at the Los Angeles Auto Show on Thursday, following an exclusive media preview for South Korean journalists at Hyundai Motorstudio Goyang a day earlier. Originally teased as the SEVEN concept back in 2021, the Ioniq 9 has evolved into a production-ready model designed

Mobility Nov. 21, 2024

Korea Expressway Corporation is making progress on its largest overseas project to date, a highway in Turkey that could serve as a gateway for expanding its expertise into Europe and beyond. The company celebrated a key milestone last month by signing a financial agreement for the Nakkas-Basaksehir Motorway in Istanbul. The expressway, at 2.1 trillion won (about $1.5 billion), is part of Turkey’s ambitious efforts to improve regional transportation. A critical link in Turkey’s high

Economy Nov. 21, 2024

Faced with a slowdown in South Korea’s domestic construction market, Korea Expressway Corp. is looking overseas to fuel its future growth. In a conversation with The Korea Herald, CEO Ham Jin-gyu outlined how the state-run organization is expanding into international markets to meet the growing demand for road infrastructure expertise, from construction to long-term operation and maintenance. “For us, overseas business is not just an option -- it’s a necessity,” Ham said.

Economy Nov. 21, 2024

Korea and Mongolia took significant steps to deepen their partnership at the third Korea-Mongolia Future Strategy Forum, held Friday in Busan, where experts shared insights and challenges in collaborating in the areas of energy and health care. Energy: Tapping into Mongolia’s vast potential The first session focused on energy cooperation, a key area where the two nations can complement each other. Mongolia, with its vast reserves of coal and critical minerals like lithium and cobalt, i

Industry Nov. 18, 2024

The third Korea-Mongolia Future Strategy Forum took place Friday at The Westin Josun Busan, bringing together over 150 prominent leaders to explore opportunities for collaboration in energy, health care and education. Korea and Mongolia first established diplomatic ties in 1990, and their relationship has flourished since. Busan and Ulaanbaatar, as official cooperative cities, have been at the forefront of this bond, promoting exchanges in culture, health care and tourism. Through the forum, lea

Industry Nov. 18, 2024

Busan Mayor Park Heong-joon has called for a shift in South Korea’s development model, warning that the overconcentration of resources in the Seoul metropolitan area has created a national crisis. “The imbalance caused by unipolarity in the Seoul area is deepening South Korea’s critical challenges -- declining growth potential, low birth rates and widening inequality,” Park said in an interview with The Korea Herald in Busan last Friday. “We must move toward balance

Industry Nov. 18, 2024

Hyundai Motor Group has donated eight Ioniq 5 electric vehicles to the United Nations World Food Programme to support its humanitarian missions with cleaner, more sustainable transportation, the automaker said Friday. As the world’s largest hunger-relief organization, WFP is at the forefront of efforts to end food insecurity and malnutrition, particularly in areas affected by conflict and extreme poverty. Through this partnership, Hyundai and WFP aim to make humanitarian aid efforts more e

Mobility Nov. 15, 2024

Donald Trump’s impending return to the White House has reignited fears of trade protectionism in the global auto industry. But the real question for automakers may not be about tariffs or changes to the Inflation Reduction Act. Trump’s stance on Chinese electric vehicles could have a greater impact, especially as Chinese automakers continue their aggressive push into global markets. For South Korean automakers Hyundai Motor and Kia, who face the mounting pressure of China’s rap

Mobility Nov. 14, 2024

Automotive logistics provider Hyundai Glovis is set to build a large-scale logistics complex at Busan New Port, one of the busiest container ports globally. The facility, targeted for completion by 2027, will support South Korea’s growing trade demand, the company said. Hyundai Glovis said Wednesday it had signed a land purchase agreement for nearly 95,000 square meters -- about 13 soccer fields -- in the Ungdong Distripark Phase 2, a newly developed area within Busan New Port specifically

Industry Nov. 13, 2024

Hyundai-owned Boston Dynamics has been making headlines with the latest developments in its humanoid robot, Atlas. In recent promotional videos, the all-electric version of Atlas is shown performing complex tasks in a simulated factory environment, suggesting that the company may be closer than ever to deploying humanoid robots in industrial settings. This unveiling comes about a month after Tesla demonstrated its own humanoid robot, Optimus, at the company's "We, Robot" event, wh

Mobility Nov. 12, 2024

ANSEONG -- In South Korea, BMW drivers benefit from a parts delivery system that’s hard to beat. Need a part? If the order is placed in the morning, it’ll arrive at the dealership by 5 p.m. the same day. Order it in the afternoon, and it’s there by 7 a.m. the next morning. This rapid response is powered by BMW’s Anseong Regional Distribution Center, a logistics hub located about 80 kilometers south of Seoul, dedicated to keeping BMWs on the road with minimal downtime. Fir

Mobility Nov. 11, 2024

South Korea's LG Energy Solution has secured a landmark deal with Rivian, the US electric vehicle maker known for its rugged electric trucks and SUVs. The South Korean battery manufacturer will deliver a total of 67 gigawatt-hours worth of 4695 cells -- named for their 46mm diameter and 95mm height -- over the next five years. Although neither company disclosed the exact financial details, Korean industry analysts estimate that the deal could be worth at least $6.7 billion, based on the typ

Mobility Nov. 8, 2024

South Korea’s transformer industry is booming thanks to rising global demand for clean energy and artificial intelligence infrastructure. Leading Korean manufacturers like HD Hyundai Electric and Hyosung Heavy Industries have seen a significant surge in orders for their high-capacity transformers, which are essential for handling the massive electricity loads required by renewable energy projects and data centers supporting AI. With their order books full and growing, these companies are n

Industry Nov. 8, 2024

Krafton, the South Korean gaming giant behind the popular title PUBG: Battlegrounds, on Thursday posted record-breaking financial results for the third quarter of 2024, fueled by strong demand for its flagship game and ongoing investments in artificial intelligence. The company reported third-quarter revenue of 719.3 billion won ($516.18 million) and an operating profit of 324.4 billion won, reflecting year-over-year increases of 59.7 percent and 71.4 percent, respectively. This strong performan

Companies Nov. 7, 2024

GUNSAN -- Tata Daewoo Commercial Vehicle Company, a well-established name in commercial trucks often seen on construction sites and in logistics operations across the globe, has rebranded itself as Tata Daewoo Mobility. Joining a broader industry trend, Tata Daewoo’s rebranding as a "mobility" company reflects its new mission to lead in eco-friendly transport through the development of electric and hybrid vehicles. During the 30th anniversary ceremony held at its headquarters in

Mobility Nov. 7, 2024