South Korea’s petrochemical companies promised Monday to invest a combined 14.5 trillion won ($13 billion) and hire 1,685 new workers through 2023 as industry players continue to seek growth in the face of tougher policies.Minister of Trade, Industry and Energy Sung Yun-mo and related government officials attended a conference joined by representatives of eight local petrochemical companies -- LG Chem, Hyundai Chemical, Kumho Petrochemical, Hanwha Total, Hanwha Chemical, GS Caltex, Yeochun NCC a

Hyundai Motor and Kia Motors conducted overseas executive reshuffles with the goal of strengthening their regional headquarters, the two companies said Friday. The latest change comes less than a month after similar reshuffles in China.Hyundai Motor Group said the purpose of the reshuffles was “to strengthen organizational agility to adapt to a rapidly-changing business environment.”Kim Seung-jin, new head of Hyundai Motor’s global operations division (Hyundai Motor)Hyundai Motor appointed Kim S

Hyundai Motor, South Korea’s leading automotive firm, said Friday that it plans to repurchase 254.7 billion won ($227.2 million) worth of its shares in an effort to boost shareholder value and stabilize the value of its shares.“Repurchased shares will be used to strengthen shareholder value in the mid- to long term as part of efforts made since 2014 (to deliver) improved shareholder value,” Hyundai said.Last week Hyundai’s stock tumbled below 100,000 won per share for the first time in nine year

GM Korea, the local unit of the US automotive company General Motors, on Monday launched the new Malibu midsize sedan in hopes of boosting sales. the new Malibu (GM Korea)GM Korea said the new Malibu adopts Chevrolet’s latest family styling, including a cutting-edge powertrain lineup with improved efficiency and performance alongside upgraded safety with 10 air bags and Chevrolet’s new infotainment system.“Beloved by domestic customers with attractive design and outstanding driving performance,

Amid efforts to recover from the fire that broke out in the basement of KT’s building in western Seoul, South Korea’s No. 2 mobile carrier on Sunday apologized for the communication chaos caused by the blaze and emphasized its willingness to compensate those affected.KT Chairman Hwang Chang-gyu and Oh Sung-mok, the chief of KT’s network business division, visited the site of the incident, KT’s base transceiver station located in central Ahyeon-dong, Mapo-gu, and apologized for the inconvenience

Tension surrounding GM Korea’s plan to spin off a new research and development entity has intensified, with politicians lashing out at the union for its actions and the carmaker for triggering chaos.The Democratic Party of Korea’s Rep. Hong Young-pyo, who currently represents Bupyeong, Incheon, where the GM Korea headquarters and its factory are located, criticized the labor union for “using excessively violent ways” and “forcing their ideas 100 percent” at a press conference earlier this week.H

With South Korea’s amended Automobile Management Act, known as the Korean lemon law, set to go into effect in January, the Ministry of Land, Infrastructure and Transportation introduced detailed guidelines for refund and exchange of defective cars Monday.　Vehicles that undergo more than “two major repairs” due to defects found in essential parts such as the motor, driveline or brakes within a year from delivery with less than 20,000 kilometers driven are subject to refund or exchange under the n

Amid Hyundai Motor’s efforts to capitalize on its fuel cell electric vehicles, its Executive Vice Chairman Chung Eui-sun zoomed in on hydrogen energy as a key economic and social solution for clean mobility at a forum in Singapore last week, the company said Sunday.As the global automotive industry and governments search for clean mobility, Hyundai Motor has been trying to promote hydrogen cars as the ultimate eco-friendly transportation.After attending the forum, Chung flew to China, where he a

High-end auto brand Genesis unveiled a teaser image of its flagship sedan G90, boasting a new look, with plans to begin sales here later this month and overseas next year, the company said Wednesday.Through the face-lifted G90, Genesis is hoping to accentuate the brand’s luxury identity and step up global sales, for which it will launch the sedan in North America next year followed by other regions.The G90, first released in 2015, completes the Genesis sedan lineup consisting of the G70 and G80,

Hyundai Motor, South Korea’s No. 1 automotive firm by sales, kicked off a media art project prepared simultaneously in Seoul, China and Russia dubbed “Future Humanity -- Our Shared Planet,” which aims to contemplate the future of humanity and mobility, the company said Thursday.The exhibition, which was made jointly with media art group Ars Electronica, began in Beijing and will open in Seoul later this week followed by Moscow later this month.Hyundai Motor Chief Vice Chairman Chung Eui-sun (fir

Hyundai Motor Chief Vice Chairman Chung Eui-sun on Wednesday headed to Beijing on the same day the automaker announced an additional $250 million investment in ride-hailing service Grab in Singapore, industry sources said Wednesday.Chung’s Beijing visit comes as the carmaker seeks to breathe new life into its sales in the country. Sales of Hyundai and sister company Kia Motors dived last year amid a diplomatic dispute between South Korea and China over Seoul’s decision to deploy an US anti-missi

현대자동차 정의선 수석 부회장이 오늘 오후 베이징에 도착해 중국 시장 회복을 위한 어떤 견인 역할을 할지 귀추가 주목된다.정 부회장은 이날 오전 싱가포르에서 그랩 CEO 안쏘니 탄과 만난 뒤, 베이징으로 향한 것으로 알려졌다. 글로벌 5대 혁신 거점을 완성한다는 계획인 현대차는 올 연말 중국 베이징 ‘오픈이노베이션 센터’ 오픈을 앞두고 있으며, 마지막 점검 차원에서 정 부회장이 방문한 것으로 풀이된다. 정의선 현대차그룹 수석부회장(오른쪽)과 그랩 앤서니 탄 설립자 겸 CEO가 6일(현지시간) 싱가포르 카펠라호텔에서 열린 `블룸버그 뉴이코노미 포럼`에 참석해 악수를 하고 있다. (사진=연합뉴스)한국, 미국에 이어 지난달 말 이스라엘에 오픈이노베이션 센터를 개장했으며, 독일 베를린에도 설립 추진 중이다.현대차 오픈이노베이션 센터는 현지 유망 스타트업을 발굴, 육성하는 동시에 이들과의 협업 및 공동 연구개발 업무를 담당하게 된다.글로벌 혁신 기술 확보를 통해 통합적 미래 대응 체계를 갖추

As growing numbers of drivers choose foreign cars over local brands, more foreign car brands are expected to sell over 10,000 units here this year, industry data showed Tuesday.The 10,000-unit mark is a standard that measures whether foreign carmakers have made a safe landing here.According to the Korea Automobile Importers and Distributors Association, six foreign carmakers -- Mercedes-Benz, BMW, Toyota, Volkswagen, Land Rover and Audi -- have each sold more than 10,000 units so far this year.

The Mercedes-Benz CSR committee set a record over the weekend, with 3,452 people gathering to make kimchi as part of its Mercedes-Benz Promise KimJang Project, the company said Monday. The event gained the Guinness World Records title for the most people making kimchi simultaneously.　Participants, who included employees of Mercedes-Benz Korea, dealers and affiliated companies, made 90 tons of kimchi and put it in 9,000 boxes, which were delivered to 25 food banks and 13 social welfare organizati

South Korean auto parts supplier Hyundai Mobis is striving to gain an upper hand in driverless technology, for which it will increase the ratio of investment in research and development to 10 percent of its auto parts revenue by 2021 from the current 7 percent, the company said Monday.It will also roughly double the number of professionals in autonomous driving from 600 people to over 1,000 in the cited period.“Among the technology Mobis is working on, we are particularly focusing our attention