A team from Seoul National University is set to unveil a newer and more advanced version of its autonomous car Snuber later this year, joining a global race to develop self-driving cars.Snuber is an app-based self-driving taxi that was unveiled in November and has since been used by college students as a ride-hailing service within the campus -- while also being used as a prototype for its upgraded version. “Snuber has already driven more than 2,000 kilometers on the campus without an accident.

Foreign automakers in Korea are very thrifty when it comes to local charity donations although they are generous in paying hefty dividends to their major shareholders, market data showed Thursday. The combined dividends of the major foreign automakers was around 83.6 billion won ($73 million) last year while their domestic donations stood at 4.2 billion won, according to their audited financial reports. Among the foreign automakers, Mercedes-Benz Korea paid dividends of 58.5 billion won, Audi Vo

SK Innovation said Wednesday that it will finalize its plans to build a battery plant for electric vehicles in China this year. “The company plans to transform its business portfolio to focus on more lucrative businesses such as EV batteries and noncommodity products,” said CEO Chung Chul-khil at a press meeting in Seoul. SK Innovation's CEO Chung Chul-khil (SK Innovation)The company needs to innovate its business structure as its traditional oil-refining sector repeatedly faces low growth, exce

 Doosan Group’s key affiliates turned a profit in the first quarter of this year, after a downsizing drive targeting money-losing businesses. Doosan Corp. said it posted 3.8 trillion won ($3.3 billion) in sales, 259 billion won in operating income and 253 billion won in net income in the first quarter, according to its regulatory filling on Tuesday.Its sales dropped 16.52 percent from the previous quarter which saw sales of 4.6 trillion won. However, both operating income and net income turned a

South Korea’s largest automaker Hyundai Motor and American tech giant Cisco Systems have agreed to cooperate on connected car technologies, the automaker said Tuesday. The announcement came as Hyundai Motor vice chairman Chung Eui-sun and Cisco Systems CEO Chuck Robbins met in Seoul to discuss the two firms’ future smart car business.   Hyundai Motor vice chairman Chung Eui-sun (third from left) and Cisco Systems CEO Chuck Robbins (fourth from left) pose after a meeting at the carmaker’s headqua

NISSAN UNVEILS NEW MIDSIZE SEDAN -- Nissan Korea unveiled its new midsize sedan All-New Altima, which has a combined fuel efficiency of 13.3 kilometers per liter, in Seoul on Tuesday. The price of the new sedan starts from 29.9 million won ($26,270). (Nissan Korea)

Kumho Tire unveiled Monday its new commercial music video made in collaboration with K-pop singer Psy.The tire company said in a statement, “We have created this commercial video by combining the company’s brand slogan ‘Better, All-Ways’ with Psy’s hit music ‘Good Day Will Come.’” Still cuts of Psy’s music video made in collaboration with Kumho Tire (Kumho Tire)The video, which was made to raise the company’s brand profile through music, was unveiled on YouTube channels and China’s media platfor

Ssangyong Motor plans to beef up sales marketing in China as part of efforts to diversify its global client base after struggling from weak sales in Russia – its main importer – due to economic recession and a weak ruble. The Korean unit of Indian auto giant Mahindra & Mahindra said on Monday the firm would start sales of its new mid-size SUV Tivoli Air in China (XLV in global market)  after unveiling it at the Auto China 2016 in Beijing next week. Tivoli Air of sangyong Motor “With a more enhan

Global experts talked about the need to change public misperception of green buildings, claiming it is cost-saving, healthier and eco-friendly at a conference in Seoul which kicked off Thursday for a three-day run.The conference, being attended by around 150 representatives from government, academia and companies from the Asia-Pacific region, has become a platform for the experts to discuss ways to better achieve carbon emission reduction goals set by the Paris climate change conference in Decem

Whether to import the popular Impala sedan or manufacture it at home is becoming a seed of labor dispute between GM Korea‘s management and its union.Last week, the Korean unit of U.S. General Motors decided to continue importing Chevrolet’s premium sedan Impala instead of producing them here.But the automaker’s labor union said in its statement that the management’s decision is tantamount to breaking trust between labor and management, warning that the company “will have to pay a huge price for

Business tycoons will soon come under closer watch, as political parties and civic groups are seeking to strengthen monitoring and regulation of their behavior. The move comes amid mounting public criticism toward conglomerate leaders, following a recent series of alleged assault and abuse cases. 　Nonprofit organization Public Welfare Committee recently set up a call center to monitor abusive remarks or acts by owner family members, CEOs or executives in workplaces.“We wanted to get to the botto

SK Group, the nation’s third-largest conglomerate, has the most offshore companies in tax havens, according to market data Tuesday. According to local business tracker Chaebul.com, SK operates 69 paper companies in the havens, the highest number among the nation’s top 61 conglomerates, followed by Lotte with 38 companies, Samsung with 20 and CJ with 12, as of 2014. By country, 32 of SK Group’s companies are located in Hong Kong, 32 on the Cayman Islands, three in Panama, one on the Virgin Island

Tax authorities in Seoul have slapped Hyundai Heavy Industries with an additional tax of 120 billion won ($104 million), the shipbuilder confirmed Monday. The National Tax Service recently notified the nation’s leading shipbuilder of its decision to impose the additional tax allegedly on a charges of corporate tax evasion. Its investigation into the country’s top shipbuilder began in April last year. Hyundai Heavy Industries (Yonhap)Hyundai Heavy Industries’ spokesperson said, “It is true that t