Approximately 48 percent of franchisees of major convenience store chains here such as CU, GS25 and 7-Eleven suffered deficits last year amid severe market saturation, a lawmaker said Tuesday, citing industry data.Based on convenience store association data, disclosed by Rep. Woo Won-shik from the ruling Democratic Party, 47.8 percent or 15,819 of the country’s total 33,068 convenience stores as of last year reported sales of less than 1.5 million won ($1,255) per day. Among them, 20

Hyundai Motor Group and Doosan Fuel Cell have agreed to co-develop and jointly study hydrogen fuel cell systems and generation networks, the two firms said Monday.According to the companies, Hyundai Motor Group, Doosan Fuel Cell and a state-run automotive parts innovation center called Ulsan TechnoPark signed a memorandum of understanding to cooperate on hydrogen-based microgrid demonstration project, aimed to create an independent hydrogen fuel cell energy network.  They will develop new b

German carmaker Mercedes-Benz recorded the third-highest sales figure in the country in September, after Hyundai Motor and Kia Motors, outpacing three major local carmakers, according to industry data.According to data from the Korea Automobile Manufacturers Association and the Korea Automobile Manufacturers Association, a total of 118,895 vehicles were sold in September, an increase of about 8.9 percent from the previous month.Of them, Hyundai Motor and its sister company Kia Motors accounted f

Renault Samsung Motors has been pioneering new sectors in the local automotive market, which has been largely dominated by gasoline-powered sport utility vehicles. The automaker launched a face-lifted version of the QM6 in June, its most popular and most trusted midsized SUV model.The upgraded version, which is also the country’s first liquefied petroleum gas-powered SUV, has proved popular in the local market, leading the carmaker to record the second-highest midsized SUV sales in Ju

Asiana Airlines said Tuesday it will launch a weekly flight to Melbourne, Australia, from Dec. 26 to Feb. 20. The first-ever direct flight to the second-largest city in Australia will leave Incheon Airport at 7 p.m. every Thursday and arrive in Melbourne at 7:30 a.m. the next day. The 300-seat Boeing B-777 will be used for the route. Starting with this flight, the air carrier said it will continue to expand long-haul routes.  The price of a return ticket from Incheon to Melbourne

Hyundai Motor Group said Monday that it had appointed Dr. Shin Jai-won, former associate administrator of the US National Aeronautics and Space Administration, as vice president of its newly established urban air mobility division. In his new role, he will lead the development of air mobility technologies for the group. The automaker said Shin would propel forward the group’s efforts to advance into the urban air mobility market, based on his expertise in airframe, engine and aviation

South Korean food manufacturer Pulmuone said Monday that its packaged ready-made kimchi has secured the largest market share in the US.According to Nielsen research data, Pulmuone had a market share of 40.4 percent as of August. In September last year, the South Korean firm tapped the US market under the brand called Nasoya, the top US tofu manufacturer which is owned by Pulmuone Foods USA. The company said its No. 1 position was due to its partnership with 3,900 Walmart stores, 1,100 Kroge

When CJ launched the first 4DX theater at its movie-screen brand CGV in 2009, people were unfamiliar with the concept of watching a flick that stimulates the senses with special effects such as motion seats, wind, water, lights and scents.“Until then, many people only had a chance to experience moving or vibrating chairs with special effects at some of the attractions at theme parks,” Kim Jong-ryul, CEO of CJ 4DPlex, told reporters during a press conference to celebrate the company&r

GS Caltex said Friday it has signed a memorandum of understanding with Vietnam’s Petrolimex Saigon to share its expertise in operating gas stations. State-run oil business Petrolimex runs more than 5,200 gas stations in Vietnam, with a presence in all 63 provinces of the country. It launched Vietnam’s first self-service gas station in Ho Chi Minh City in January. Under the agreement, GS Caltex will share its know-how on gas station operations in terms of technology and services,

Hyundai Motor Group said Friday it has partnered with US powertrain giant Cummins to develop technology for electric and fuel cell powertrains and commercialize them in the US. The automaker has signed a memorandum of understanding with Cummins to work together to develop next-generation fuel cell systems.  Through the collaboration, the company expects to develop powertrain products by combining Hyundai Motor’s fuel cell systems with Cummins’ electric powertrain, battery a

US vitamin and dietary supplement brand Nutrilite said Thursday that it is launching the upgraded all-in-one dietary supplement Double X in Korea next month, calling it a product tailored to local eating habits.“Double X has been upgraded to tailor to the Korean market, which we developed by determining habits and cultures over the past 10 years,” said Sam Rehnborg, head of the Nutrilite Health Institute and son of the Nutrilite founder, in an interview with The Korea Herald. Rehnbor

Hyundai Motor Group is reportedly planning to conduct a large-scale trial of its hydrogen-fueled trucks in Israel, although the automaker refused to confirm the details Wednesday.According to the report by Israel’s Calcalist, a delegation from Hyundai visited the country last month to discuss the project with officials from the office of Prime Minister Benjamin Netanyahu.Israel’s extremely dry and hot climate due to the Dead Sea region, as well as optimal road situation in the Northe

While driving exhilaration and extravagant exteriors are the usual perks of sports cars, low practicality and the lack of space are a drawback. Targeting the niche, Jaguar E-Pace blurred the lines between a sports car and a SUV by launching the diesel model earlier this year to boost the E-Pace as an efficient model with performance, succeeding the popularity of F-Pace which saw some 46,000 units of sales globally last year.  The design elements of Jaguar E-Pace include the familiar Ja

South Korean consumers’ use of subscription-based rental services has grown almost fivefold in the past five years, market data showed Monday.According to online marketplace Gmarket, the number of orders for rental services of products -- such as massage chairs and air purifiers -- via Gmarket increased 448 percent from January to Sept. 16 compared to the same period in 2014.Gmarket, operated by e-Bay Korea, attributed the expanded demand for subscription services to the spending habits of

Hyundai Motor Group has launched Cradle Beijing seeking strategic partnerships with local firms for future mobility.The automaker’s global innovation center in Beijing is the fifth of its kind, following the centers in Silicon Valley, Seoul, Tel Aviv and Berlin.  Cradle is Hyunda’s open innovation business for partnership with leading firms in future mobility technology and investments in global startups. The carmaker said it expects the unit to be the hub of innovative sol