Rolls-Royce Motor Cars on Thursday unveiled the Korea-only Lucid Night Editions of the Rolls-Royce Black Badge Cullinan SUV. The three limited-edition cars were inspired by the night view of Seoul that represents South Korea’s dynamics and modernity, the ultra-luxury carmaker said. Their prices are estimated at over 800 million won ($610,000). Rolls-Royce CEO Torsten Muller-Otvos is scheduled to visit Seoul later this month.

Hyundai Motor Co., BMW and five other companies will voluntarily recall over 8,800 vehicles to fix faulty components, the transport ministry said Thursday. The seven firms, which also include Mercedes-Benz Korea, Jaguar-Land Rover Korea, GM Asia-Pacific regional headquarters, Suzuki and Bike Korea, are recalling 8,875 units of 27 different models, the Ministry of Land, Infrastructure and Transport said in a statement. The recalls are due to software problems with the electronic steering system i

Some companies adopt wait-and-see approach for fear of public backlash

LG Innotek CEO Jeong Cheol-dong received the Gold Tower Order of Industrial Service Merit, the highest honor in the field awarded by the South Korean government, at the annual Trade Day ceremony Wednesday for his notable contribution to the national economy. Jeong was honored for his part in strengthening the competitiveness of the national industry by securing proprietary technologies in materials and parts, developing new technologies, leading process innovation and localizing equipment over t

HD Hyundai Chairman Kwon Oh-gap on Wednesday received South Korea’s highest state industrial award -- Gold Tower Order of Industrial Service Merit -- for his achievements as a business leader in enhancing the country’s shipbuilding industry and promoting the culture of giving. The award ceremony took place during the ceremony of the 50th Commerce and Industry Day organized by the Ministry of Industry, Trade and Energy. The event was held at the Korea Chamber of Commerce and Industry

SUWON, Gyeonggi Province -- While forecasting a grim business outlook amid a global economic downturn, Samsung Electronics Vice Chairman Han Jong-hee vowed to overcome difficulties by focusing on the "fundamentals" and to maintain investment, during this year's annual shareholders meeting Wednesday. “We expect this year to be more difficult than ever, as management uncertainties surrounding the company would continue. But even in these situations, we were able to overcome

Korea Ginseng Corp., the country’s leading ginseng manufacturer, said Wednesday it set up a research and development center in California in a bid to continue its development of Korean ginseng customized for the US market and ramp up its sales overseas. KGC said with the new R&D center it plans to research ways to improve the functions of its flagship red ginseng products sold in the US -- including boosting the products' capability to improve consumers' immunity, reduce fati

Hyundai Elevator said Wednesday it is joining a government-led consortium to participate in bidding to win a megacity project in Indonesia, which ranges from construction to mobility and smart city solutions. The consortium, named One Team Korea, is led by Land, Infrastructure and Transport Minister Won Hee-ryong, with a total of 22 companies joining across industries. As part of the team, Hyundai Elevator said it has joined hands with its sister firm Hyundai Movex in a bid to offer its elevator

South Korean construction management firm HanmiGlobal announced Wednesday that it has signed a new project management deal to oversee the construction of some 20,000 housing units for workers for Saudi Arabia’s Neom City project. The latest deal comes following another deal it struck for building 50,000 homes in the workers’ residential complex in November last year. The combined size of the two deals is worth about 15 billion won ($11.5 million), with the 70,000 homes set to be buil

Posco International CEO Jeong Tak (second from bottom right), who heads Posco Group's task force for promotional activities for Busan's bid to host the 2030 World Expo, holds a meeting with Uzbek government officials in Fergana, Uzbekistan, Monday.

Key tech companies of Samsung Group, South Korea's largest conglomerate, will invest a combined 60.1 trillion won ($46.1 billion) over the next decade for the country’s manufacturing business in rural areas to pursue balanced regional development. This equates to about 10 percent of the South Korean government’s budget of 638 trillion won for this year. The spending plan by Samsung’s affiliates, including Samsung Electronics, Samsung Display, Samsung SDI and Samsung Electr

Korean food giant denies developing 'bungeoppang mandu' product

South Korean automaker Kia on Wednesday unveiled the official design of the Kia EV9, a large all-electric sport utility vehicle. Kia said it will release detailed information about the Kia EV9 later this month and debut the car at the upcoming Seoul Mobility Show on March 31-April l9 at Kintex in Gyeonggi Province.

Hyundai Motor Group has become the world’s third-largest carmaker in terms of sales, an impressive feat after more than two decades when, in 2000, the South Korean auto giant made it to the global top 10 list. According to its regulatory filing Wednesday, the carmaker sold a total of 6.8 million vehicles last year, the third highest after Toyota’s 14.8 million units and Volkswagen’s 8.5 million units. The sales figure outpaced Renault-Nissan Alliance's 6.2 million unit

Posco Chemical Co., a leading South Korean manufacturer of secondary battery materials, said Wednesday it is showcasing a full lineup of its cathode and anode products and related technologies at an international battery show this week. Posco Chemical will present high-nickel cathodes, a key component that determines the power of lithium-ion cells for electric vehicles, as well as cathodes for lithium iron phosphate batteries and cobalt-free cells at InterBattery 2023, set to kick off in souther