South Korean shipbuilders clinched orders in the first quarter worth ten times more than the total orders logged for 2020, as the shipyard industry is recovering from the fallout of the pandemic, data showed Sunday. Korean shipbuilders led by Hyundai Heavy Industries Co. won new orders for 126 ships or 5.32 million compensated gross tons (CGTs) in the January-March period, according to the data provided by global market researcher Clarkson Research Service. The tally compared with orders for 5

Reevaluated of its potential, frozen mandu grows into a W545b market

Genesis, the independent luxury brand of Hyundai Motor Co., said Friday it will debut its flagship sedan and sports utility vehicle (SUV) in China to target the high-end segment in the world's largest vehicle market. Genesis showcased G80 sedan and GV80 SUV in a media event in Shanghai, which will be the first duo to enter the Chinese market this year. "Genesis will bolster its luxury brand image to target the young generation, a key customer group in the fast-rising Chinese luxury car m

The power struggle over Hanjin KAL, the holding company of Hanjin Group, seemed to settle at last as the three-way alliance of an estranged sister of the Korean Air chairman, an activist fund and a builder officially disbanded, industry data showed Friday. In a regulatory filing, Grace Holdings, which is a special purpose firm of the activist fund Korea Corporate Government Improvement, Bando Engineering and Construction and Cho Hyun-ah said they have ended their agreement for joint ownership

Cast.era, a media technology joint venture between South Korea's top wireless carrier SK Telecom Co. and US media giant Sinclair Broadcast Group Inc., will launch a next-generation broadcast solution that boosts television content quality this year, the South Korean company said Friday. The telecom operator said Cast.era has completed testing of the 5G-ATSC3.0 platform, which boosts broadcast quality using SK Telecom's 5G cloud and artificial intelligence (AI) technology. Cast.era is planning

Hanwha Systems, the affiliate spearheading Hanwha Group’s space and defense IT business, will set up its first US office, according to industry sources Friday. At its board meeting held March 23, the company decided to establish the US office within this year to add momentum to its space business. Candidate locations include Connecticut, where Hanwha Systems’ parent company Hanwha Aerospace has an office, and the state of Washington, where local satellite companies are clustered.

South Korea’s top automaker Hyundai Motor on Friday denied a rumor that it is about to establish a joint venture with US tech giant Google to develop a self-driving service. “The corresponding (rumor) is unfounded,” said an official of the company, denying the reports by a local news outlet. “Hyundai Motor will initially spin off one of its departments, in which Google will invest to establish a joint venture,” the report claimed, adding that the new organization

A court-led restructuring process for SsangYong Motor Co. is set to begin as early as next week as a sole potential investor didn't submit a letter of intent to acquire the financially troubled carmaker, industry sources said Friday. SsangYong Motor's Indian parent Mahindra & Mahindra Ltd. has been in talks with US vehicle importer HAAH Automotive Holdings Inc. to sell its majority stake in the Korean unit as part of its global reorganization plan amid the COVID-19 pandemic. The talks come

The United States International Trade Commission on Friday dismissed a request made by LG Energy Solution to sanction SK Innovation’s lawsuit that accused LG of infringing on patents. The ITC dismissal came just one day after the US government agency ruled in favor of SK in another patent case filed by LG against SK. The latest denial involves SK’s complaint that accused LG of infringing on its patents in September 2019, a separate case from the two archrivals’ dispute abou

Hyundai Motor Co. and affiliate Kia Corp., South Korea's two biggest carmakers, said Friday their combined US sales jumped 76 percent in March from a year earlier on robust demand for their SUV models. Hyundai and Kia sold a total 141,926 vehicles in the United States last month from 80,531 units a year ago, according to the companies' sales data. "Strong consumer confidence, stable inventory, a compelling lineup, attention-grabbing advertising and the efforts of our dealer partners all c

LG Electronics Inc. said Friday it has begun selling its rollable TV in foreign markets as the South Korean tech giant eyes to expand its presence in the high-end TV market. LG started overseas sales of the SIGNATURE OLED R TV through its global website Thursday. The industry's first rollable TV is currently available in 15 countries, including the United States, Russia, Germany and France. Due to the novel coronavirus pandemic, LG said it plans to focus on online sales rather than offline mar

South Korean carmakers' sales rose 12 percent last month from a year earlier helped by robust overseas demand for SUVs amid the COVID-19 pandemic, industry data showed Thursday. The five carmakers -- Hyundai Motor, Kia, GM Korea, Renault Samsung Motors and SsangYong Motor -- sold a combined 672,643 vehicles in March, up from 601,082 units a year ago, according to data from the companies. Their domestic sales fell 6.7 percent to 140,971 units last month from 151,025 a year ago. But overseas sal

Case seperate from trade secret theft case; LG says ruling doesn‘t change the fact that SK stole

Kia Corp., South Korea's second-largest automaker, said Thursday its sales gained 19 percent last month from a year earlier on solid demand for SUVs. Kia sold 251,362 vehicles in March, up from 231,543 units a year ago, the company said in a statement. Domestic sales reached 51,011 units last month, nearly the same level from a year earlier. Overseas sales rose 11 percent on-year to 200,351 units due to the low base effect from last year when the COVID-19 pandemic hit the automotive industry, it

A bubbly spin on Korea’s rice wine could modernize tradition and help farmers, says CEO