Hyundai Motor said Friday that it has signed a memorandum of understanding with US energy giant Shell to speed up the popularization of electric vehicles and achieve carbon neutrality. Through this MOU, the South Korean auto giant hopes to actively promote its carbon-neutral goals and Shell hopes this serves as momentum for it to expand its green energy business. The two companies agreed to cooperate in establishing infrastructures for EV charging, coming up with low carbon-emitting solutions,

Hyundai Motor’s standalone luxury brand Genesis said Thursday it has started getting preorders for the Electrified GV70, a full-electric version of its mid-sized SUV GV70. The new car is priced at 73.32 million won ($61,232). With the government’s EV subsidies, local drivers can purchase the car for under 66 million won. Equipped with a 77.4 killowatt hour battery pack, the Electrified GV70 offers a range of up to 400 kilometers on a single charge. It can be charged up to 80 per

Most companies with foreign investors in South Korea have not yet been able to make investment plans for this year, due to the prolonged COVID-19 pandemic, according to a survey from the Federation of Korean Industries released Wednesday. Of the foreign-invested companies with more than 100 employees surveyed, 91.1 percent said they are yet to come up with an investment plan (64.4 percent) or do not plan to make an investment this year (26.7 percent). Only the remaining 8.9 percent of them hav

The South Korean antitrust regulator granted a conditional approval on Tuesday for a merger between South Korea’s two biggest air carriers to prevent monopoly in the country’s aviation industry. The Fair Trade Commission’s decision was made after concluding that Korean Air’s acquisition of Asiana Airlines might limit competition. After the merger, the two air carriers would operate around 48.9 percent of international flights from South Korea and 62 percent of domestic

The nation’s low-cost carriers facing financial difficulties caused by the prolonged COVID-19 pandemic are bringing in cargo planes and planes for long-haul flights to diversify their source of revenue. T’way Air, for instance, will introduce on Thursday Airbus A330-300 planes that can cover long-haul distances for more than 300 passengers. The plane will begin to operate within the country in March and then be used for longer routes to Singapore, Australia, Croatia, and Kyrgyzstan

Business leaders here called on the next government to raise tax revenue by boosting the economy rather than seeking tax hikes on businesses, according to a survey by the Korea Chamber of Commerce and Industry released Sunday. Of the 252 CEOs surveyed, 70 percent said economic growth should be prioritized for the next government to revamp the nation’s taxation policy, calling for more tax incentives for businesses. The CEOs urged to reduce corporate taxes overall, expand support for st

Korean journalists covering the auto industry on Tuesday chose Genesis G90 as the car of the year, saying the vehicle pioneers a new direction for luxury sedans. The fully revamped G90 launched in January scored 84.07 out of 100 for its sophisticated designs as well as its advanced driver-assistance technologies that add value to the driving experience, according to the Korea Automobile Journalists Association. The G90 was among 21 vehicles competing for the annual event that assessed 10 feat

South Korea’s antitrust watchdog has sent a review report to US electric vehicle maker Tesla to notify its conclusion of an investigation showing that Tesla allegedly fiddled with battery performance in low temperatures. The report notified Tesla of violating advertisement laws by exaggerating the performance of its Model 3 vehicles. Tesla advertised that its Model 3 vehicles can drive up to 446 kilometers once fully charged, without informing customers that its driving range can decreas

Korean Air said Monday that it will start operating its first Boeing 737 Max aircraft from March following the plane’s arrival in Seoul Sunday. The upcoming launch comes as airlines around the world are bringing the Boeing jet back into service almost two years after a system failure led to two fatal crashes. Boeing has said it has drastically improved the plane’s flight stabilizing program while enhancing pilot training. With its enhanced safety features, airlines resumed flying

South Korean car exports to Australia are booming with the Australian economy, thanks to Australia’s recovery course from COVID-19, and companies’ local marketing strategies. According to the Korea Automobile Manufacturers Association on Sunday, a total of 137,547 domestic cars were exported to Australia last year, showing a 19.3 percent increase from 2020. By brand, Hyundai Motor’s exports increased by 11.1 percent on-year to 66,846 units in 2021, and Kia’s increased b

Key stakeholders in the nation’s aviation industry -– Korean Air, Airbus, Air Liquide and Incheon International Airport Corp. -– have joined hands to prepare for a roadmap for carbon-neutral aviation. The four parties on Thursday signed a memorandum of understanding, under which they agreed to speed up plans to introduce hydrogen fuel and build related infrastructure at airports. The event was attended by Korean Air’s Executive Vice President and Chief Safety & Op

Asiana Airlines said Wednesday that it has been certified by Skytrax, a leading review site for airlines, as a 5-Star Airline for the quality of its airport and onboard product and staff service. The airline has been winning the highest rating for 16 consecutive years since 2007. This year, Asiana Airlines has also been certified with the highest Skytrax 5-Star COVID-19 Airline Safety Rating that reviews airline health, hygiene, and cleanliness standards. Since the outbreak of the pandemic, t

A merger between South Korea’s two biggest air carriers picked up pace on Wednesday after they received an unconditional approval from Singapore and as a final decision by the Fair Trade Commission approaches next week. According to Korean Air, the Competition and Consumer Commission of Singapore concluded that the air carrier’s acquisition of Asiana Airlines will not infringe Singapore’s Competition Act. The decision comes after the CCCS conducted a public consultation last

Kia, South Korea’s second-largest automaker, will launch six electric vehicle models by 2027 in China by renewing its joint venture in the country, where it has been losing presence in recent years over soured bilateral ties between Seoul and Beijing. Starting with the EV6 next year, Kia will bring new battery-powered vehicles each year and realign its strategic models with bigger vehicles that are more globally popular such as the Carnival and Sportage. The new China plan was released

Mercedes-Benz has been fined 20.2 billion won ($16.84 million) by the nation’s antitrust watchdog for fiddling with emissions readings in its diesel cars here. According to the Fair Trade Commission on Sunday, the German luxury carmaker falsely advertised some of its diesel vehicles as capable of reducing 90 percent of nitrogen oxide emissions, the main culprit of fine dust, and that it satisfies Euro 6 environmental standards. These claims were advertised extensively through the brand&