Doosan Group said Monday the firm sold its iconic building Doosan Tower to real estate investment company Mastern Investment Management for 800 billion won ($689 million). Doosan said the sale is aimed at improving the group’s financial structure. The group sold Doosan Solus and Doosan Tower one after another to normalize the management of its struggling construction firm Doosan Heavy Industries & Construction. It is also seeking to sell other subsidiaries such as Doosan Infracor

Defying speculations that it may be discontinued, Kia Motors’ sports sedan Stinger was reborn with a face-lift in the Stinger Meister, three years after its launch in 2017, featuring an upgraded powertrain. Despite the fair performance and sleek design, sales of the Stinger have been less than stellar, falling behind its rival Genesis midsize sedan G70. Its cumulative sales here stood at 1,870 units between January and August, compared to G70’s 5,652 units. It is the lowest figur

LS Cable & System said Monday it has started mass-producing aluminum wires for electric vehicles. The cable provider expanded its investment in aluminum wires as it believes that aluminum will become a key material for vehicles amid growing competition in EV industries. Aluminium conductor wires are 40 percent lighter than conventional copper wires and can reduce the weight of wires from 25 kilograms per vehicle to about 15 kilograms, the firm said. LS Cable said it has built a factor

The Korea Chamber of Commerce and Industry, which represents South Korean businesses, has called on lawmakers to carefully discuss bills that may greatly affect corporate management. The KCCI said Monday that it had submitted a report to the National Assembly containing its constituents’ opinions on major legislative issues. According to the business association, citing its own survey, 284 bills were proposed in the three months from June to August following the opening of the 21st N

Renault Samsung Motors’ sport utility vehicles have been gaining popularity in South Korea as more consumers choose SUVs for city driving and commuting with the vehicle’s improved fuel efficiency and ride quality. Sales of SUVs in Korea this year were tallied at 315,534 so far, a 25 percent from the same period of last year. In line with the upward trend, RSM’s SUV sales have been on the rise too, the automaker said. Its best-selling model mid-sized SUV QM6 sold 24,946 uni

BMW Motorrad, the German motorcycle brand, said Friday that it has officially launched its latest model, the new R 18, in South Korea. The new motorcycle, featuring a classic design and the latest technology, was unveiled at BMW’s Hockenheim Motorrad exhibition hall in Bundang, Seongnam, Gyeonggi Province. BMW said the new R 18 borrows both technologically and visually from famous models such as the BMW R 5 -- a popular model launched in 1936 -- shifting the focus back onto the ess

Hyundai Glovis said Thursday it partnered with Thailand’s No. 1 business group, Charoen Pokphand Group, to target the country’s logistics market. Under the partnership, the two companies will start a pilot project by the end of this year by injecting electric trucks into the transportation of convenience store 7-Eleven’s products operated by CP Group across Thailand. This is expected to be the first time for an electric truck to be introduced to a Thai logistics site, the Ko

Hyundai Motor said Thursday that it has received 10,842 precontracts on launch day for its new sport utility vehicle, the all-new Tucson, in South Korea. It is the first SUV model to surpass the 10,000 mark on the first day, the automaker said. The New Grandeur, launched last year, sold 17,294 units and the new Avante sold 10,058 units on the day of its release earlier this year. The latest SUV was introduced at an online world premiere event on Tuesday, drawing 410,000 viewers from around

Kia Motors is set to release seven electric vehicles by 2027 that will use the company’s dedicated EV platform, a move to speed up the transition to EVs in the growing eco-friendly car market. The first model, called CV and built on the Electric Global Modular Platform, or E-GMP, will be released next year, the automaker said Wednesday. Hyundai and Kia will establish the exclusive E-GMP next year. Kia Motors also said it will continue to build a lineup of electric vehicles both on ex

Hyundai Motor said Wednesday that it had exported hydrogen fuel cell systems to Swiss firm GRZ Technologies and an unnamed European energy solution start-up, in line with its efforts to expand its hydrogen business to the non-automotive sector. The 95-kilowatt fuel cell system that is currently used for the Nexo hydrogen electric vehicle will be used by the two companies to produce mobile generators that supply emergency power. The name of the second firm was not disclosed due to business co

South Korean exporters need to be on alert as India has been strengthening trade remedies such as anti-dumping measures to protect its industries, a local trade association said Tuesday. According to a report released by the Korea International Trade Association, the number of newly launched investigations on imports by India between 2016 and 2019 was 60.5 on average per year, nearly doubling from 30.3 between 2010 and 2015. As for the countries subject to new investigations since 2016, Chin

Hyosung Group has selected a consortium of STLeaders Private Equity and the Korean Federation of Community Credit Cooperatives as the preferred bidder for Hyosung Capital, according to the firm Tuesday. Another local financial firm, WWG Asset Management, was selected as the second preferred bidder. Hyosung plans to sell 8.84 million shares of Hyosung Capital (a 97.5 percent stake) and the sale price is estimated to be around 400 billion won ($338 million). “We have selected preferred

The American Chamber of Commerce in Korea said Monday it endorses Trade Minister Yoo Myung-hee for the position of director general of the World Trade Organization. “Minister Yoo has proven herself to be a strong and principled leader as well as a champion of free and fair trade during a time of historic challenges for international trade and the global economy,” the organization said in a released statement. “We have no doubt that she is ideally equipped to realize the v

South Korea will strengthen support for promising startups and small and medium-sized companies to export their products online in the global market, officials said Monday. The Ministry of SMEs and Startups announced the “future tasks of supporting exports of small and medium-sized enterprises using online trends” at a ministerial meeting. “We will strengthen support for online exports, which are showing an upward trend despite difficult external conditions caused by COVID-1

It has been two years since Hyundai Motor Group Executive Vice Chairman Chung Euisun became the de-facto head of the group. Under his leadership, the automaker has bet big on future mobility centering on smart cars and eco-friendly vehicles. To envision future mobility, Hyundai showcased three solutions for the future -- urban air mobility, purpose built vehicle, and hub, a place for mobility transfer and community activities -- at CES 2020 in Las Vegas early this year. Based on these mobil