Hyundai Motor Group Chairman Chung Mong-koo promoted his son Chung Eui-sun to executive vice chairman, a new position created to assist his father, the company said Friday.The heir to the world’s fifth-largest carmaker has worked as the vice chairman of Hyundai Motor Corp. so far. The promotion will give him authority to oversee the entire operation of the Hyundai Motor Group, of which Hyundai Motor Corp., is a part. Hyundai Motor Group Executive Vice Chairman Chung Eui-sun (Yonhap)According to

After a brief compromise, unionized laborers of GM Korea said they oppose the company’s decision to relocate an executive previously in charge of laying off workers at its Gunsan factory that shut down in May to its headquarters.GM Korea has named Lee Dong-woo, senior vice president who headed overall operations of the Gunsan factory, as the head of the Bupyeong manufacturing site. The unionized workers claimed that Lee had pressured workers to retire voluntarily by telling them that they would

Hydrogen can speed up the evolution of digital technologies and is a reliable source of energy that can tackle climate change, said CEOs from global companies that gathered for an annual forum on the alternative energy on Thursday.“Together, we can deliver concrete solutions while ensuring a sustainable future. We believe hydrogen is key to power the digital revolution,” said Benoit Potier, CEO and chairman of Air Liquide and co-chair of the Hydrogen Council.Hyundai Motor Vice Chairman Yang Woon

The Korea Herald is publishing a series of articles on South Korea’s latest measures, hurdles and the market drive for hydrogen economy. This is the fourth installment. -- Ed.Hydrogen technology, which aims to replace the use of fossil fuels, would not only benefits carmakers, but also other traditional industrial players such as shipbuilders, the head of H2Korea said in a recent interview with The Korea Herald.“The market perception that the government’s push for hydrogen technology is only for

Hyundai Motor and its sister company Kia Motors were the third-largest sport utility vehicle makers in the first half of the year, a survey showed Wednesday.According to the UK market research firm Jato Dynamics, combined SUV sales by the two companies accounted for 8.2 percent of total global sales of SUVs, a 1.2 percentage point increase from 7 percent in the same period last year. Facelifted Tucson unveiled in Aug seen during a test drive. (Hyundai Motor)About 15 million SUV units were sold i

Hyundai Motor is investing in foreign startups in the US that develop solid-state batteries and mobility services, as part of its investment in future technologies, according to news reports.The South Korean carmaker was among a list of investors in the Series A funding round arranged by Solid Power, a Colorado-based solid-state battery cells maker, according to Bloomberg on Tuesday. The list of investors for the $20 million financing round also included the venture capital unit of Samsung Elect

Calling South Korea an “old friend,” Indonesia’s leader on Monday urged its tech companies to partner with the Southeast Asian country to develop the emerging technologies that are set to lead the fourth Industrial Revolution."Korean companies such as Samsung and LG played a big role in bringing the smartphone revolution to developing countries, including to Indonesia,” said Indonesian President Joko Widodo at the Indonesia-Korea Business and Investment Forum at the Lotte Hotel in Seoul. “I call

Elliott Advisors, the Hong Kong arm of Elliott Management, on Friday afternoon released letters it had sent a month earlier to directors of Hyundai Mobis, Hyundai Motor Company and Kia Motors. The recent move is a response to news reports full of speculation that the US hedge fund leaked excerpts of its letters to the media.“Because portions of these letters were selectively provided to the press and others, Elliott has decided to make the full contents of the letters publicly available in the i

Hyundai Motor Group couldn’t help but express displeasure toward a letter from US hedge fund Elliott, saying that its proposal is not helping the company improve its governance structure, and also breaches the nation’s capital market law.The world’s fifth-largest carmaker said that it has declined Elliott’s offer of establishing a corporate governance committee, stressing that the law strictly bans a company from discussing confidential information with a specific shareholder. (Herald DB)Elliott

Finance Minister and Deputy Prime Minister Kim Dong-yeon said Friday that the government would support companies developing technologies to realize a hydrogen economy.In a meeting with local developers of hydrogen technology, Kim said the government would step up efforts to build hydrogen production facilities and develop related technologies such as hydrogen storage and transport. Finance Minister and Deputy Prime Minister Kim Dong-yeon (Yonhap)On a pending bill on the hydrogen economy, Kim sai

Park Se-chang, the eldest son of Kumho Asiana Group Chairman Park Sam-koo, has been named president and CEO of its IT management arm, Asiana IDT, the company said Friday.Park replaces Han Chang-soo who has been chosen as president of Asiana Airlines, the nation’s second-largest air carrier and the core business of the group.  Park Se-chang, president of Asiana IDT (left), Han Chang-soo, president of Asiana AirlinesSince joining the group in 2002, Park has served various posts within the group an

Hyundai Motor unveiled an upgraded version of the sixth-generation Avante on Thursday, targeting young drivers looking for their first cars. The carmaker has set a sales target of 120,000 units by next year. The new compact car underwent a drastic change in its design with arrow-like triangular elements on the front and wheels.“The car will become a new standard in the global midsized sedan market, with a near-full design change, state-of-the-art safety features, enhanced performance and fuel ef

LG Hausys, a housing material manufacturer, has developed adhesive furniture wrap from recycled plastic bottles in its latest effort to produce eco-friendly materials, the company said Monday.Furniture film is a finishing material applied to products with wooden, marble and metal surfaces. Furniture wrap made from recycled plastic bottles is displayed. (LG Hausys)The idea of turning recycled plastic bottles into furniture film had existed in the market, but manufacturers had failed to solve prob

Han Sung Motor, the largest dealer of Mercedes-Benz in South Korea, has revamped a website launched by the company to support art prodigies here, the company said Monday.The online platform for Han Sung’s Dream Gream project (www.dream-gream.co.kr) introduces artworks by aspiring artists.The renewed site shows how students develop their art skills through mentoring programs arranged by Han Sung Motor, officials said. The website also displays a collection of art pieces by professional artists an

To better understand the nation’s everlasting belief in the power of education, a small museum inside the hanok village of Bukchon, northern Seoul, offers a trip to South Korea’s schools of the past.Opened in 1995, the Seoul Education Museum holds a vast range of collections that show how the nation’s schools have evolved, as well as the lives of teenagers from the 1392-1910 Joseon era to present. From the textbooks on farming to classes in the 1960s and ‘70s with stoves in the middle where stud