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Kim Hyun-bin

Korea Times Digital Media Reporter

Kim Hyun-bin began his journalism career at Arirang TV from 2012 to 2017, specializing in defense, foreign affairs and the economy. In 2018, he joined The Korea Times, covering society and business, and is currently responsible for embassy affairs.

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Companies

Hyundai Motor Group exceeds 1 mil. in cumulative global EV sales

Hyundai Motor IONIQ 6 / Courtesy of Hyundai Motor GroupBy Kim Hyun-binHyundai Motor Group's global electric vehicle (EV) sales have exceeded 1 million, 11 years since the launch of its first EVs, according to the company, Tuesday. The group's total EV sales stood at 1,022,284 vehicles last year. Hyundai Motor Company sold 601,448 vehicles, including its luxury brand Genesis, while Kia sold 420,836.“Thanks to the support of our customers, we achieved 1 million vehicle sales. We are grateful,” a Hyundai Motor Group official said. “We will continue to strive for customer satisfaction with vehicles that possess good marketability.”Its first EV ― the BlueOn ― began trial sales in Korea in July 2011. Its annual EV sales, which had been just a mere 236 that year, were in the thousands by 2014. It exceeded 10,000 vehicle sales in 2015 with the expansion of Soul EV sales. The sales volume doubled in 2017, centering on the IONIQ Electric model.Since 2019, electric models of small SUVs such as the Kona Electric and the Niro EV have been performing well in the European ma

Jan 24, 2023By Kim Hyun-bin
Hyundai Motor Group exceeds 1 mil. in cumulative global EV sales
Companies

Hyundai Motor, Kia offsetting sluggish China sales in India

By Kim Hyun-binHyundai Motors and Kia Corp. are banking on the Indian market, which has emerged as the world's third-largest automobile market after China and the United States. Many experts believe Hyundai Motor Group was in dire need of finding success in India to offset sluggish sales in China. Following last year's record-high sales in the South Asian nation, the company plans to continue its success in the electric vehicle (EV) market by launching the IONIQ 5 this year, according to industry officials.According to the Society of Indian Automobile Manufacturers (SIAM) Hyundai and Kia sold 807,067 vehicles in India last year. This is the highest record in 25 years since Hyundai Motor established its Chennai plant in India in 1998. The company is accelerating its market presence increasing sales by more than 20 percent annually. While Japan's Maruti Suzuki (1,576,025 vehicles) maintained the top spot, India's Tata Motors (526,821 vehicles), Mahindra & Mahindra (332,872 vehicles), and Japan's Toyota (159,801 vehicles) followed behind Hyundai Motor and Kia Corp.Unlike Maruti Suzu

Jan 23, 2023By Kim Hyun-bin
Hyundai Motor, Kia offsetting sluggish China sales in India
Companies

Operations resume at POSCO's flood-hit Pohang steel mill

A POSCO employee checks a stainless steel cold-rolling mill at Pohang steel mill in North Gyeongsang Province, Thursday. Courtesy of POSCO Group By Kim Hyun-binPOSCO has completed the restoration of all 17 rolling mills at Pohang Steel mill and is scheduled to start normal operations, Friday, 135 days after temporarily closing due to flooding caused by Typhoon Hinnamnor last year, the steelmaker said Thursday.In order to resume operations, not only the employees of Pohang steel mill, but workers at Gwangyang steel mill, Seoul POSCO Center, affiliated companies, and partner firms all worked together to restore the facility.The private and public sectors, as well as the military, local governments, and the National Fire Agency provided heavy machinery, fire pumps, and water cannons, and the Marine Corp. and other military forces were deployed to help with the restoration. Nippon Steel and Hyundai Steel, which are competitors in the global market, also provided support

Jan 19, 2023By Kim Hyun-bin
Operations resume at POSCO's flood-hit Pohang steel mill
Companies

Hyundai Motor Group promotes Busan's bid for World Expo 2030 at Davos

Genesis X concept displayed at the Ameron Hotel in Davos, Switzerland, Wednesday (local time). Courtesy of Hyundai Motor GroupBy Kim Hyun-binHyundai Motor Group exhibited the Genesis X concept car during the “Korea Night” event held on the sidelines of the 2023 World Economic Forum (WEF), also known as the Davos Forum, the company said, Thursday. The company announced Wednesday (local time) that it displayed the luxury vehicle inside a transparent glass container that displayed the words “World Expo 2030 Busan, Korea,” at the Ameron Hotel in Davos, Switzerland, where the Korea-focused event was held.The Genesis X is the fifth concept car of Hyundai Motor's Genesis brand, following the New York Concept, GV80 Concept, Essentia Concept, and Mint Concept, which were previously unveiled.Korea Night was held to promote Busan's bid to host the World Expo 2030 as well as Korean culture to key figures gathered in Davos. Around 200 people attended, including heads of state and organizations in major countries, CEOs of global companies and world-renowned scholars and jou

Jan 19, 2023By Kim Hyun-bin
Hyundai Motor Group promotes Busan's bid for World Expo 2030 at Davos
Companies

Biz leaders promote Busan's Expo bid at Davos

Genesis EVs are parked, featuring stickers promoting Busan's bid to host the World Expo 2030, in Davos, Switzerland. Courtesy of Hyundai Motor GroupBy Kim Hyun-binMajor Korean business conglomerates are gearing up to promote the southern port city of Busan's bid to host the World Expo 2030 at the World Economic Forum (WEF) held in Davos, Switzerland.According to industry officials, Tuesday, the heads of big business groups, including Samsung Electronics Chairman Lee Jae-yong and SK Group Chairman Chey Tae-won, arrived in Switzerland to attend the WEF, also known as the Davos Forum, after wrapping up their visit to the United Arab Emirates (UAE) as part of the presidential economic delegation.While the focus of the UAE trip was to find new growth opportunities, the key task of the business leaders in Davos is to promote Busan's bid to host the World Expo 2030.Under the theme of “Cooperation?in a fragmented?world,” the Davos Forum, now in its 53rd year, kicked off Monday and will last through Friday.Hyundai Motor Group Executive Chair Chung Euisun, LG Group Chairman Koo Kwa

Jan 17, 2023By Kim Hyun-bin
Biz leaders promote Busan's Expo bid at Davos
Companies

Land Rover release Defender 75th Limited Edition

Jaguar Land Rover Korea CEO Robin Colgan poses next to the Defender 75th Limited Edition at the D Museum in Seoul, Tuesday. Courtesy of Jaguar Land Rover KoreaBy Kim Hyun-binJaguar Land Rover Korea held an event to unveil its limited-edition Land Rover Defender for the first time in Korea, marking the 75th anniversary of the model at the D Museum in Seoul, Tuesday.All-new Defender and classic Defender vehicles, including the Defender 75th Limited Edition, were exhibited. "The Defender, developed under the motto that 'the road is wherever Land Rover goes,' has been steadily loved by countless customers around the world since its first release in 1948." Jaguar Land Rover Korea CEO Robin Colgan said. “Land Rover's pioneering spirit and heritage are embedded through the 75th-anniversary limited edition of the representative off-roader Defender.”The limited edition is a model that embodies the respect for past Defender series and the values that Land Rover holds dear. The company plans to sell 75 limited edition vehicles in Korea.The vehicle comes in Grasmere Green, a color re

Jan 17, 2023By Kim Hyun-bin
Land Rover release Defender 75th Limited Edition
Companies

SK cooperates with UAE to respond to climate change

SK Group Chairman Chey Tae-won, front center left, poses with Mubadala CEO Khaldoon Al Mubarak after signing a memorandum of understanding on overcoming the climate change crisis at the Presidential Palace in Abu Dhabi, UAE, Sunday (local time), overseen by President Yoon Suk-yeol, back row third from left and UAE President Mohammed bin Zayed Al Nahyan, back row fourth from left, along with other Korean and UAE business officials. Courtesy of the presidential officeBy Kim Hyun-binSK Group will enhance cooperation with Mubadala Investment, a sovereign wealth fund of the United Arab Emirates (UAE), to overcome the climate change crisis, according to the company Monday. The company announced that it had signed a memorandum of understanding (MOU) with Mubadala on the establishment of the Voluntary Carbon Market (VCM) Asia Partnership at the Presidential Palace in Abu Dhabi, UAE, Sunday (local time).SK Group Chairman Chey Tae-won, who concurrently serves as chairman of the Korea Chamber of Commerce and Industry (KCCI), signed the MOU with Mubadala CEO Khaldoon Al Mubarak.The MOU reflects

Jan 16, 2023By Kim Hyun-bin
SK cooperates with UAE to respond to climate change
Companies

Hyundai Motor promotes Busan's bid for World Expo 2030 at Davos Forum

Genesis EVs driving around with stickers promoting the World Expo 2030 in Busan in Davos, Switzerland. Courtesy of Hyundai Motor GroupBy Kim Hyun-binHyundai Motor Group (HMG) will actively engage in promoting the Busan World Expo 2030 in Davos, Switzerland, where the 2023 World Economic Forum (WEF), also known as the Davos Forum, will be held, according to the country's leading carmaker, Monday.HMG will operate 58 vehicles sporting promotional slogans for the World Expo 2030 in Busan in Davos from Jan. 16 to Jan. 20, targeting key figures from around the world, locals and tourists gathering to attend the Davos Forum. Among the 45 eco-friendly vehicles, 18 Genesis G80 electrified models, 8 GV60 electrified models, four GV70 electrified models and 15 Santa Fe plug-in hybrids (PHEV) will operate at the Davos Forum while promoting the vision of the World Expo in Busan.The Davos Forum is a global meeting where prominent politicians, businesspeople and scholars from around the world gather to discuss global economic issues and seek development plans. The forum aims to come up with alternat

Jan 16, 2023By Kim Hyun-bin
Hyundai Motor promotes Busan's bid for World Expo 2030 at Davos Forum
Companies

Hyundai Motor's Lee Suk-yi becomes 17th sales master with 5,000 cars sold

Hyundai Motor sales general manager of the Cheonan West Branch, Lee Suk-yi, poses next to the Genesis G70. Courtesy of Hyundai Motor GroupBy Kim Hyun-binLee Suk-yi, sales general manager of Hyundai Motor's Cheonan West Branch, was selected as the company's latest sales master after achieving the sales of over 5,000 vehicles, the company announced Monday.Sales master is an honor given to employees who have exceeded 5,000 cumulative sales, and only 17 people, including Lee, have been honored with the title.Hyundai Motor has various reward systems, such as the Sales Honor Award for 20,000, 30,000, 40,000 and 50,000 vehicles sold."We will continue to operate various reward systems to motivate the sales field and induce healthy competition,” a Hyundai Motor official said.“I think that pouring my heart into customers with the mindset of buying my own car has led to good results,” Lee said. "I will do my best to achieve sales of more than 6,000 vehicles." Lee joined Hyundai Motor in 1993 and achieved the sales master record after 29 years there.

Jan 16, 2023By Kim Hyun-bin
Hyundai Motor's Lee Suk-yi becomes 17th sales master with 5,000 cars sold
Companies

Young drivers rush to sell cars as interest rates rise and economy sputters

This Jan. 5 photo shows vehicles lined up in a used car lot in Seoul. YonhapBy Kim Hyun-binMany young drivers in their 20s to 40s are rushing to sell their vehicles, burdened by high interest rates and inflation amid an economic recession, according to industry officials, Friday.The Ministry of Land, Infrastructure and Transport's car registration data in December last year showed the number of vehicles registered by males in their 20s to 40s decreased by 98,967 from the same month last year to 6,496,614. The number of vehicles registered to males in their 20s decreased from 416,321 to 409,258, from 2,237,794 to 2,172,893 among men in their 30s, and from 3,941,466 to 3,914,463 among males in their 40s.Industry analysts believe high interest rates have taken a toll on young drivers who purchased high-end vehicles and are burdened by the sharp rise in maintenance and installment payment costs. Recently, many young drivers with low incomes have been selling their vehicles.According to the Credit Finance Association, major card companies levy between 7.8 percent to 11.1 percent interest

Jan 13, 2023By Kim Hyun-bin
Young drivers rush to sell cars as interest rates rise and economy sputters
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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.