The buyers of Hyundai Motor Co.'s Ioniq 5 all-electric car could face lack of state subsidies for EV purchases as a global chip shortage affects the model's production, industry sources said Thursday. Hyundai began the delivery of the Ioniq 5 on Thursday but still lacks traction motors essential to manufacture the new model. The company has received about 40,000 preorders for the Ioniq 5 since Feb. 25 and was planning to produce 10,000 units in April to meet demand. But it cut the output targe

South Korean automaker Kia Corp. and its battery supplier SK Innovation Co. will work together for the recycling of used electric vehicle (EV) batteries to secure valuable metals and reduce waste, the companies said Thursday. SK Innovation supplies lithium-ion batteries for Kia's EV6 and other EV models, and they have been working together to make use of spent batteries after forging a partnership in March 2020. The two companies said they will work together to process and reuse spent EV batte

South Korea's top internet portal operator, Naver Corp., said Thursday its net profit jumped 11,252.5 percent on-year during the first quarter due to accounting profits. Net profit reached 15.31 trillion won ($13.8 billion) during the January-April period, compared with 134.9 billion won in the previous year, the company said in a regulatory filing. The record profit in the first quarter is due to accounting profits reflected from the business integration of its messaging firm Line Corp. in Ja

SK Telecom Co., South Korea's largest mobile carrier, said Thursday it has launched an alliance with global tech giants, including Microsoft Corp. and SAP, to support local startups in the environmental, social and governance (ESG) sectors. The alliance, named ESG Korea 2021, will offer information and communication technology-based solutions for startups that seek to solve social problems and help them measure their progress in the field, according to a statement from SK Telecom. It aims to s

Mercedes-Benz Korea, BMW Korea and five other companies will voluntarily recall nearly 14,000 vehicles to fix faulty components, the transport ministry said Thursday. This is the latest in a series of recalls by carmakers operating in South Korea and vehicle importers due to problems with vehicle components. The seven companies -- which include Honda Korea Co., Tesla Korea, MAN Truck & Bus Korea Ltd. and Hanbul Motors, which imports vehicles of France's PSA Group -- are recalling a combine

Samsung Electronics Co. on Thursday expected its semiconductor business to rebound in the current quarter following mediocre performance, although its mobile unit is projected to suffer a profit decline after spearheading its strong first-quarter earnings. Samsung's net profit stood at 7.14 trillion won ($6.4 billion) in the January-March period, up 46.2 percent from a year earlier, the world's largest memory chip and smartphone vendor said in a regulatory filing. Its operating profit jumped 4

The bereaved family of Samsung Group Chairman Lee Kun-hee is not at odds over who should get what from the late tycoon’s Samsung company shares, worth 19 trillion won ($17.06 billion) in total, officials at Samsung Electronics, the flagship unit of the conglomerate, said Wednesday. The late Lee’s equity holdings have immense implications for the group’s ownership structure, influencing the Lee family’s continued grip over the colossal corporate empire, which alone acco

In time for Parents’ Day on May 8, SK Broadband is presenting a new family plan targeting adults living separately from their aging parents and looking out for them in this coronavirus pandemic. The plan, called “B tv Family,” is a package of services tailored for senior citizens who cannot go out as often as they used to and cannot meet up with their grandchildren and other loved ones. On top of the typical combination of high-speed internet, home Wi-Fi, IPTV and a TV set

Samsung chief Lee Kun-hee died Oct. 25, 2020, as South Korea’s richest man, leaving behind a massive fortune that local reports have put at 30 trillion won ($27 billion) in total value. Nearly six months later, on Wednesday, his heirs -- wife Hong Ra-hee, son Lee Jae-yong, and daughters Lee Bu-jin and Lee Seo-hyun, reported an inheritance of nearly 20 trillion won to the tax authorities. The rest -- including Lee’s massive art collection, which some local reports say could be wo

Lee Kun-hee’s heirs announce donation plans, including 1 trillion won for infectious disease research and over 20,000 artworks

As the world transitions to renewable energy, demand for cables are growing as well, and LS Group is at the center of the transition. LS Group is a South Korean conglomerate in the metal and cable business that was spun off from LG Group in 2003. In his New Year’s message, LS Group Chairman Koo Ja-yeol laid out top priorities the group should pursue in the post-pandemic era -- cash generation, greater foothold overseas, digital transition, acceleration of eco-friendly initiatives and

South Koreans may be able to purchase COVID-19 self-test kits as early as next Monday, industry officials said Wednesday. Coming are two types of home test kits developed by local biotech firms SD Biosensor and Humasis. The test kits will be available at local pharmacies or via online channels, according to the companies. The rollout comes after the Ministry of Food and Drug Safety last week gave each of them conditional-use approval. The products have been in use in several countries in Eu

Amid growing competition over “smart” technologies in the automotive industry, Jaguar Land Rover Korea has presented its latest Range Rover Evoque equipped with the newest features to meet the expectations of tech-savvy Korean customers. The Korean unit of the British automaker rolled out the revamped model of the Range Rover Evoque, a compact sport utility vehicle, earlier this month. The new Range Rover Evoque implements Pivi Pro, which is an award-winning infotainment system

Mercedes-Benz Korea premiered the new 7th generation S-Class here on Wednesday, presenting the model’s first complete makeover in seven years. “More than 130-year-long heritage of craftsmanship and innovative technologies are the quintessence of the new S-Class,” said Thomas Klein, the president and the chief executive officer of Mercedes-Benz Korea, said during the car’s local launch at Dongdaemun Design Plaza in Seoul. The model was first unveiled globally in a dig

The Korea Transportation Safety Authority (TS) will conduct a second round of safety inspections of an extension for Subway Line 7 before it begins operations, the transportation agency said Wednesday. The extension scheme, involving the Incheon Transit Corporation and the subway line operator Seoul Metropolitan Rapid Transit Corporation, involves an addition of three more stations to Subway Line 7 -- Bupyeong-gu Office Station, Sangok Station and Seoknam Station. The three stations are all l