The Korea Times

Mercedes-Benz continues to lead premium EV market

Mercedes-Benz EQS / Courtesy of Mercedes-Benz KoreaBy Kim Hyun-binMercedes-Benz Group AG initiated its transition from an "Electric first" strategy to an "Electric only" strategy in July 2021, emphasizing its commitment to continue leading in electric mobility and vehicle software while carrying on the founder's legacy. Mercedes-Benz's electrification is based on its "Ambition 2039" vision, which outlines a concrete and clear path for achieving sustainable mobility across the automotive industry.During an ESG conference in March, in which the company pledged an 80 percent reduction of carbon emissions from production processes by 2030, it reiterated its vision by stating, "There is no luxury without sustainability." The company also announced an investment of 1.3 billion euros ($1.4 billion) for electric and digital education for employees in Germany by 2030.Mercedes-Benz plans to develop EV platforms, establish next-generation batteries and new charging infrastructure and expand its EV production network. Particularly, Mercedes-Benz's EV lineup has already made significant advanceme

May 19, 2023By Kim Hyun-bin

Mercedes-Benz continues to lead premium EV market

Companies

FKI vows drastic reform to invite more member firms

Federation of Korean Industries (FKI) Acting Chairman Kim Byung-joon speaks about the FKI's reform measures during a press conference at the FKI building in Seoul, Thursday. Courtesy of FKIBy Kim Hyun-binThe Federation of Korean Industries (FKI) will take drastic reform measures to attract more member companies, including affiliates of Samsung, SK, Hyundai Motor and LG, by transforming into a think tank-type economic organization, equipped with new roles, functions and governance, its interim head said Thursday.During a press conference at the FKI building in Seoul, Kim Byung-joon, the acting chairman of the FKI, announced a series of organizational changes. First, the FKI plans to expand the current executive committee, which consists of 11 groups, to include representatives from new industries and younger generations. In addition, the lobby group will form industry-specific and issue-specific committees to promote the participation of member companies and enhance their engagement.It also plans to absorb and integrate its subsidiary, Korea Economic Research Institute (KERI), to sign

May 18, 2023By Kim Hyun-bin

FKI vows drastic reform to invite more member firms

Companies

KCCI chief promotes Busan's Expo bid

Korea Chamber of Commerce & Industry (KCCI) Chairman Chey Tae-won, front left, meets KCCI Global Supporters group members during an unscheduled event to promote Busan's bid to host the World Expo 2030, at a traditional market in Seoul, Wednesday. Courtesy of KCCI

May 18, 2023By Kim Hyun-bin

Companies

Korea Post to begin presale of BTS stamps

Korea Post BTS commemorative stamps which will start presale May 22 / Courtesy of Korea Post By Kim Hyun-binKorea Post will conduct online presale services for their BTS commemorative stamps through the Korea Post website www.epost.go.kr and the mobile app, from 7 p.m. on May 22 to 12 a.m. on May 25.Commemorative stamps will be sold at 7,770 won ($5.80) per sheet, and commemorative stamp packets at 20,000 won each.The online presale service will be available to members of the Korea Post site “ePOST”. Membership registration can be done through simple mobile phone authentication on ePOST and mobile app.Celebrating BTS' 10 anniversary, the commemorative stamps to be issued this time feature album images that represent the group's sincere efforts which have largely helped popularized K-pop worldwide.To satisfy fans who miss BTS' activities, a special commemorative stamp packet will be issued. The packet consists of one sheet with ten stamps and one booklet containing c

May 17, 2023By Kim Hyun-bin

Korea Post to begin presale of BTS stamps

Companies

Ukraine looks to Korean firms for post-war reconstruction

First Deputy Prime Minister and Minister of the Economy of Ukraine Yulia Svyrydenko, front row center, poses with Vice Chairman of Korea Chamber of Commerce & Industry (KCCI) Woo Tae-hee, front row third from right, and other officials during a business meeting at the KCCI building in Seoul, Tuesday. Courtesy of KCCIBy Kim Hyun-binThe deputy prime minister of Ukraine called on Korean firms to participate in the war-torn country's post-war reconstruction projects, which are estimated to reach up to $893.2 billion over a 10-year period.At the "Korea-Ukraine Partnership for the Future” meeting organized jointly by the Korea Chamber of Commerce & Industry (KCCI) and the Embassy of Ukraine in Korea, Ukraine's First Deputy Prime Minister Yulia Svyrydenko said, "Ukraine has to work on rebuilding its infrastructure, energy (sector) and more.”“We hope for cooperation in the fields of environmental energy, green hydrogen, and other areas where Ukraine, a country with high potential in environmental technology, can collaborate with Korean companies,” she said.She

May 16, 2023By Kim Hyun-bin

Ukraine looks to Korean firms for post-war reconstruction

Companies

KT Submarine sees profitability improve this year

KT Submarine's submarine cable-laying vessel / Courtesy of LS Cable & SystemsBy Kim Hyun-binKT Submarine (KTS) saw its first-quarter operating profit reach 1.5 billion won ($1.12 million), marking a turnaround from a 1.9 billion won operating loss the previous quarter, the company said Tuesday."The decrease in fixed expenses due to improved asset efficiency was a significant factor," KTS officials said.However, sales declined by 23 percent compared to the same period last year. "We faced the impact of a temporary slowdown in the submarine communication construction market last year," a company spokesperson said. "Once the recently awarded projects are fully implemented, we anticipate a significant improvement in annual performance."In the first quarter alone, KTS secured substantial contracts worth approximately 38.4 billion won for large-scale submarine cable laying and burying, accounting for 90 percent of the previous year's sales.KTS has been investing proactively in ship equipment modernization and the acquisition of new submarine power installation lines since last year to

May 16, 2023By Kim Hyun-bin

KT Submarine sees profitability improve this year

Companies

Samsung Electronics to open flagship store in Gangnam to rival Apple

Employees greet consumers ahead of the official opening of Apple Gangnam in Seoul, March 31. NewsisBy Kim Hyun-binSamsung Electronics is preparing to open a flagship store near Gangnam Station in southern Seoul, in response to Apple's fifth domestic Apple Store, Apple Gangnam. “Gangnam Station is a hot place for Generation MZ (Millennials and Generation Z) and a communications hub.” a Samsung Electronics official said. “Samsung Electronics plans to operate the store in a playground concept.”The official added that the store will be named Samsung Gangnam, and it is expected to open by the end of June.Models pose in front of Samsung Electronics' offline store in southern Seoul's Gangnam District, Tuesday. The company said it has decided to change the name of its offline store to Samsung Store from Samsung Digital Plaza. Courtesy of Samsung ElectronicsThe Samsung Gangnam store will have six floors, from basement to the fifth floor. It will showcase Samsung Electronics' latest products, including mobile devices, TVs and home appliances, along with integrated lifes

May 15, 2023By Kim Hyun-bin

Samsung Electronics to open flagship store in Gangnam to rival Apple

Companies

Hyundai Motor posts solid growth in India

Hyundai Motor's plant in Chennai, India / Courtesy of Hyundai Motor GroupBy Kim Hyun-binHyundai Motor Group is expanding its presence in the Indian market, which has evolved into the world's third-largest car market after the U.S. and China. According to the Society of Indian Automobile Manufacturers (SIAM) Monday, the combined sales of Hyundai Motor and Kia Corp. in India from January to April reached 295,359 vehicles, approaching the 300,000 mark and up 15.5 percent from the same period last year.Hyundai sold 197,408 vehicles, up 11.7 percent from the previous year, and Kia sold 97,951 vehicles, up 23.9 percent. Hyundai has increased its sales for 12 consecutive months since May last year, while Kia has seen sales growth for a total of 14 months from January last year through February this year. With sales usually higher in the second half of the year, both companies are expected to reach another all-time high and maintain Kia's four-year growth streak in India since its entry in 2019.The Indian car market has grown rapidly since 2021. According to the Korean Automobile Manufacture

May 15, 2023By Kim Hyun-bin

Hyundai Motor posts solid growth in India

Companies

Samsung chief meets Elon Musk for partnership in autonomous driving, system chips

Samsung Electronics Executive Chairman Lee Jae-yong, third from left, poses with Tesla CEO Elon Musk, center, and other executives at the Samsung Semiconductor U.S. R&D Labs in Silicon Valley, U.S., Thursday. From left are Tesla Vice President Karn Budhiraj, Tesla CTO Andrew Baglino, Lee, Musk, Samsung Electronics DS Division President Kyung Kye-Hyun, Samsung Electronics Foundry Business President Choi Si-young and Samsung Electronics DSA Vice President Han Jin-man. Courtesy of Samsung ElectronicsBy Kim Hyun-binSamsung Electronics Executive Chairman Lee Jae-yong met with Tesla CEO Elon Musk at Samsung Semiconductor U.S. R&D Labs in Silicon Valley, Thursday to discuss cooperation in the future advanced industrial field including autonomous driving semiconductor production, the company said Sunday.This was the first private meeting between the two.Musk is a leader among innovative companies in the fields of advanced technology including next-generation satellite communication (Starlink), space exploration (SpaceX), next-generation mobility (Hyperloop), artificial intelligence (

May 14, 2023By Kim Hyun-bin

Samsung chief meets Elon Musk for partnership in autonomous driving, system chips

Companies

'More gov't support needed as China narrows gap in EU battery market'

LG Group Chairman Koo Kwang-mo, right, inspects the calcination process line at the LG Chem Cheongju plant in North Chungcheong Province, April 17. Courtesy of LG GroupBy Kim Hyun-binThe Korea International Trade Association (KITA) says the government should pursue more support measures to maintain competitiveness in the EU battery market as China continues to narrow the gap.In a report titled "The Greatest Battleground for Global Batteries, Trends and Implications of the EU Battery Market," the KITA's International Trade and Trade Research Institute noted that the EU is actively attracting investment from global battery companies in order to strengthen battery manufacturing capabilities in the region and foster the waste battery recycling industry.With the EU expected to account for about a quarter of global lithium-ion battery demand by 2030, many global battery companies have announced new facility investment and expansion plans in the EU.Chinese companies, which have had difficulty entering the U.S. market due to the U.S. Inflation Reduction Act (IRA), are rapidly expanding inves

May 14, 2023By Kim Hyun-bin

Kim Hyun-bin

Read more

Mercedes-Benz continues to lead premium EV market

FKI vows drastic reform to invite more member firms

KCCI chief promotes Busan's Expo bid

Korea Post to begin presale of BTS stamps

Ukraine looks to Korean firms for post-war reconstruction

KT Submarine sees profitability improve this year

Samsung Electronics to open flagship store in Gangnam to rival Apple

Hyundai Motor posts solid growth in India

Samsung chief meets Elon Musk for partnership in autonomous driving, system chips

'More gov't support needed as China narrows gap in EU battery market'

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