Hyundai Motor has opened Hyundai Cradle in Silicon Valley to serve as an innovation hub, support startups and discover future mobility technology, the company said Wednesday.Cradle stands for Center for Robotic-Augmented Design in Living Experiences.Along with looking into the areas of artificial intelligence, mobility, self-driving, smart city and robots, the center will aim to discover business opportunities created by robots and future mobility, the company said.“Hyundai Cradle will pioneer t

Global Entrepreneurship Week Korea 2017 was held this week under the theme of “Awakening the value of tomorrow via challenges of today,” highlighting the need for companies and entrepreneurs to place importance on inclusive growth. Some 1,700 participants ranging from students to entrepreneurs attended the two-day event hosted by the Korea Entrepreneurship Foundation and the Ministry of SMEs and Startups.Mentioning how profit-driven business models have led to social issues -- as seen in the 200

After months of declining sales due to frosty relations between Korea and China, Beijing Hyundai Motor posted improved sales in October, the company said Sunday.The 50-50 joint venture set up by Hyundai Motor and BAIC Motor sold 80,016 units last month, down 11.1 percent compared to 90,000 units sold in October last year, the company’s data showed. Although the company remained in the red, its performance in China is gradually recovering, compared to the 56.6 percent on-year sales drop seen in t

Hyundai Mobis, an auto parts unit of Hyundai Motor, has expanded archery classes held as part of its corporate social responsibility initiatives to students in China, the company said Thursday.The CSR program was launched there with the aim of enhancing the company’s brand image in the region. A former head coach of the South Korean national archery team, Yang Chang-hoon (third row, first right), and archers of Hyundai Mobis’ archery team pose for a photo during a corporate social responsibility

BMW Korea, the local unit of the Germany luxury carmaker, has been slapped with the highest-ever fine for a single automaker here of a total 60.8 billion won ($54.5 million) for sloppy certification documents of 28 models and selling 11 models made with unapproved auto parts, the government said Thursday. According to the Ministry of Environment, BMW submitted underrated emissions results for 81,483 units across 28 models -- 10 diesel-powered and 18 fuel-powered models. The latest finding concer

Audi Volkswagen Korea, the domestic distributor of the two German brands, is in the final stage of resuming sales here after a year-long sales ban, mapping out a new online sales plan and ordering recalls of models affected by the diesel emissions scandal, the company said Monday.Volkswagen Korea said it is currently in talks with Korea’s largest mobile messenger service Kakao Talk to review the possibility of selling its vehicles through the Kakao Mobility application by as early as the end of

Tesla Korea is ramping up efforts to take over the local electric vehicle market, expanding its supercharger network here.The electric carmaker will open its eighth supercharger station at Lotte World Tower in Jamsil, southeastern Seoul this month and complete building six more by the end of the year, the company said Sunday.With six more superchargers to be established nationwide, including Yongsan in Seoul, Pangyo in Gyeonggi Province and Seogwipo on Jeju Island, the total number of supercharg

Creditors of Kumho Tire Co. are set to agree on a debt restructuring plan for the financially troubled tiremaker as the company's self-rescue plans failed to meet their expectations, main creditor Korea Development Bank said Thursday. On Sep 12, Kumho Asiana Group submitted a self-help plan for its tire unit to the KDB-led creditors following the collapse of a deal to sell the country's No. 2 tiremaker to China's Qingdao Doublestar.     "After reviewing the self-help program, creditors found it

Mercedes-Benz CSR Committee held this week a variety of CSR activities including the “FC Kids Benz” football class at Yeonpyeong Elementary School located in the Yeonpyeong Island, the front line of the West Sea in celebration of the Chuseok holidays, the company said Thursday.For two days from Tuesday, some 20 employees of the Daimler affiliates in Korea and all 66 students of Yeonpyeong elementary school participated in a football class. During the four-hour class, the students were given less

South Koreans in their 60s are spending less money than those in other developed countries, showing a decline in consumption propensity, a report showed Thursday.The propensity to consume among those in their 60s decreased 10.1 percentage points to 68.1 percent in 2015 from 78.2 percent in 2003, according to a report by the Bank of Korea on aging society and consumption.“Generally, older people tend to show higher consumption propensity than middle-aged men and women. But elderly Koreans are sho

Dongfeng Yueda Kia, a joint venture between Kia Motors and Dongfeng Motor, released the Pegas subcompact sedan designed exclusively for the Chinese market to improve sales there, the company said Wednesday.The sedan unveiled at the 2017 Auto Shanghai show targets Chinese urban drivers looking for an economical and efficient first car.Boasting maximum safety among cars in the same segment, the rear disc brakes and back warning system and immobilizer are installed in key trims, the company said. D

KT has notched up its smart home artificial intelligence technology this year, introducing voice command-based AI dubbed GiGa Genie.The Internet of Things television set-top was created to realize smart home technology by recognizing voice commands, according to the company. The 21.2-centimeter-tall cylindrical device was launched January this year.“The AI-based set-top is a cluster of technologies developed by KT on years of operation as the country’s leading GiGA Internet and IPTV service prov

Volvo Car Korea, the local importer and distributor of the Swedish automaker, rolled out a fully changed second-generation model of the carmaker’s best-selling XC60 midsize SUV in the hope of catching up with rivals in the premium luxury auto market here, the company said.According to the Swedish carmaker, the new Volvo XC60 was made as an urban ride built on the carmaker’s latest platform and powertrain. Volvo’s first Korean designer Lee Jung-hyun focused on coming up with a sophisticated Swedi

Until August this year, Hyundai Mobis, South Korea’s biggest auto parts maker by sales, has sealed orders worth a total $4.8 billion in the US and China between, up about five times compared to last year, the company said Monday. “The orders are meaningful in that they were made on quality recognition of our products among partners in North America and China,” said an official of Hyundai Mobis.Last year’s annual total had reached $1 billion. The company does not have more orders to close in the

South Korea’s Hyundai Engineering said Monday it sealed a $330 million deal with Kingline Development Nigeria to construct a power plant in Ondo, Nigeria.This is Hyundai Engineering’s first engineering, procurement and construction project in Nigeria. Hyundai Engineering CEO Sung Sang-rok and Kingline Development Nigeria CEO Kim Seung-wook signed the deal to supply a 550-megawatt gas turbine at the Hyundai Engineering headquarters in central Seoul, the company said. The power plant will be built