Korean battery makers now have upper hand in negotiations with global automakers, industry sources say

Hyundai Motor Group recorded double-digit market share last year in 10 European countries, stepping up as the fourth-largest carmaker to have sold battery-powered electric vehicles, data showed Wednesday. Hyundai and its affiliate Kia sold a total of 96,988 EVs with a 10 percent market share in 10 countries including Germany, Norway, the Netherlands, Sweden and Spain, according to the US-based automotive market tracker Clean Technica. These markets account for 64 percent of the total EV sales

South Korean drugmaker Celltrion announced on Wednesday that it has increased its stake in British biotechnology firm Iksuda Therapeutics to 47.05 percent through direct investment and a fund formed with Mirae Asset Capital. This decision has made Celltrion and the Mirae Asset Celltrion New Growth Fund the largest shareholders of Iksuda, which specializes in the development of a new generation of antibody drug conjugates, or ADCs. Celltrion declined to disclose its original shareholding percenta

Lotte Duty Free said Wednesday it clinched a 10-year contract to become the new operator of Melbourne Airport duty-free shops, in a bid to make further inroads into the Oceania market. According to the South Korean duty-free goods retailer, starting June 1, Lotte will offer a duty-free experience in the Australian terminal’s existing 3,600 square meter duty-free space, as well as the airport’s online e-commerce platform. The South Korean retailer became the preferred bidder for the O

South Korea's imports of kimchi touched an all-time high in 2022 amid galloping consumer inflation in the country, government data showed Wednesday. Inbound shipments of the spicy Korean traditional side dish came to $169.4 million last year, up 20.4 percent from a year earlier, according to the data from the Korea Customs Service. The on-year growth rate was the highest since the 53.8 percent surge recorded in 2010. Kimchi is a traditional Korean side dish normally made of fermented cabbag

7 out of 10 imported cars sold by Mercedes-Benz, BMW, Volkswagen

Simmering rivalry may mean end to decades-old truce, but boost for industry overall

US fried chicken fast food chain Popeyes is reporting strong sales after its return to the South Korean market. According to Silla Group, the operator of Korean Popeyes outlets, more than 5,000 customers visited its Gangnam branch during the first three days of the chain's relaunch, which took place on Dec. 16. In addition, as of Tuesday, more than 50,000 chicken sandwiches -- the chain's newly launched flagship menu -- were sold during the month after the store's first opening. T

South Korean financial authorities have announced a set of new rules, including abolishing the decades-old investor registration system, in a move to create a welcoming environment for foreign investors. According to the Financial Services Commission, foreign investors hold around 30.7 percent of the local stock market as of the end of June 2022. The new revisions are also a part of the country's efforts to get its stock market included in the top grade of global market indices. The governm

S. Korean automaker to release 4 new EVs this year

LG Electronics on Tuesday unveiled LG Gram Style, a new addition to the tech giant’s Gram premium laptop lineup that marks its 10th anniversary this year. The Gram debuted in 2014 as the industry’s lightest 13-inch laptop, weighing just 980 grams. The Style comes in 14- and 16-inch models. The 16-inch model is the first Gram laptop equipped with an organic light-emitting diode display.

Exports of soju, South Korea's traditional distilled liquor, increased 13.2 percent in 2022 from a year earlier, data showed Tuesday, rebounding for the first time in three years. Outbound shipments of soju reached $93.3 million in 2022, rising sharply from $82.4 million tallied a year earlier, according to the data compiled by the Korea Customs Service. In terms of volume, exports advanced 12.7 percent to reach 67,104 tons, the data showed. Soju is a clear, distilled liquor made with grain

South Koreans’ Seollal gift packages appear to have no limit on what they can contain. Gift packs full of spam, preserved tuna or soap are the most frequently exchanged. However, there are thousands of different Seollal gift sets. South Korean convenience store chain GS25 in December unveiled its Seollal gift catalog with more than 850 kinds of gift sets, which include a 9 million-won ($7,260) bottle of Le Pin wine while another includes a rabbit-carved gold medal for the coming year of th

More than four out of 10 South Korean conglomerates plan to cut back on their investment both at home and abroad this year amid a global economic slowdown and worsening market conditions, a survey by the state-run trade agency has showed. According to the recent survey by the Korea International Trade Association, 47 percent of 1,327 companies having overseas sales of $500,000 or more last year forecast that business circumstances will deteriorate this year. Some 16.9 percent of the respondents

7 out of 10 imported cars sold by Mercedes-Benz, BMW, Volkswagen