The Korea Times

Hyundai to top 100 million global sales

Record sales will become possible in first half of 2016By Park Jin-haiGlobal sales of Hyundai Motor and its sibling Kia Motors are expected to top the 100 million mark in the first half of next year.It will be a pivotal moment for the nation’s two largest carmakers, which began selling Korea-made cars in 1962.Hyundai and Kia had sold 97.11 million vehicles as of November. Hyundai sold an accumulated 62.38 million, while Kia sold 34.73 million.Given the average monthly global sales of 650,000, sales figure are expected to go beyond 100 million mark by March or April. Kia began domestic sales earlier in 1962, followed by Hyundai in 1968. The exports started with Kia in 1975 and Hyundai in 1976.The two achieved 10 million sales in 1993 and doubled this in 1999.Since Hyundai Motor Group was launched in 2000, their growth momentum has soared.After reaching 30 million sales in 2003 and 40 million in 2006, it has been adding 10 million almost one or two years.It achieved 50 million in 2008, 60 million in 2010, 70 million in 2012 and 80 million in 2013, before reaching 90 million

Dec 27, 2015By Park Jin-hai

Companies

SK E&C signs deal with China's largest builder

SK E&C CEO Choi Gwang-cheol, third from left, and CSCEC Chairman Guan Qing, fourth from left, pose after signing an MOU in Beijing this month. / Courtesy of SK E&CBy Park Jin-haiSK Engineering & Construction (SK E&C) has signed a strategic partnership with China’s largest builder the China State Construction Engineering Corporation CSCEC, SK said Sunday.Earlier this month, SK E&C signed a memorandum of understanding (MOU) with CSCEC for a comprehensive and strategic partnership on overseas projects.With SK E&C CEO Choi Gwang-cheol and CSCEC Chairman Guan Qing present, the MOU signing ceremony was held at the CSCEC headquarters in Beijing.The companies agreed to cooperate in their major area of businesses, such as the petrochemical, power and railway sectors.The deep-pocketed CSCEC and SK E&C will participate in overseas investment development projects in China and elsewhere, the company said.“The latest MOU, in particular, has laid important groundwork for us to make inroads into the global infrastructure construction market including the Asian

Dec 27, 2015By Park Jin-hai

Companies

GS Caltex focuses on local needs in CSR

GS Caltex employees pack gifts for a Santa Claus-clad volunteer to deliver to children at Dream Tree Village orphanage in Seoul. / Courtesy of GS CaltexBy Park Jin-haiGS Caltex under the slogan of “Beautiful World through Energy Sharing” carries out a range of social responsibility programs, which cater to the needs of local people.The “Maeum TokTok,” one of its representative nation-wide CSR programs, provides psychological therapy through art, acting and dancing for children who have suffered from violence at home and in school since 2013. So far, more than 7,400 children have been through this program.Currently, more than 50 percent of employees at the nation’s second largest oil refiner have been voluntarily participating in the program, while the company runs a matching grant system to support their contribution. GS Caltex has also committed itself to meeting a desire for culture from people living in less developed areas. Spending 110 billion won, it built a giant cultural center named Yeulmaru in Yeosu, where its main plant is located.The fac

Dec 27, 2015By Park Jin-hai

Companies

Hyundai reaches tentative agreement with labor

Hyundai Motor management and union announce that they reached a tentative agreement in this year’s wage talks at the company’s Ulsan plant, Thursday. / YonhapBy Park Jin-haiHyundai Motor has reached a tentative agreement in this year’s wage talks, ending more than six months of negotiations, the company said Thursday.The agreement is for an 85,000 won increase in base pay, a 300 percent plus 2 million won bonus, and other incentives including a Genesis launching and quality bonus.The company and union also agreed on an eight-plus-eight-hour daytime shift, one hour less than the present eight-plus-nine-hour system.Unionists agreed to maintain production by increasing efficiency and reducing break times.The parties held 33 dialogue sessions since June, but had a hard time in closing the gap in demands.Along with the wage talks, issues such adopting a peak wage system and expanding the definition of “ordinary wages,” the basis for fixing employees’ benefits, have added to the problems.During the time, Park Yu-ki, a hard-line former union leader, was e

Dec 24, 2015By Park Jin-hai

Companies

Hyundai EQ900 receives design award in U.S.

Hyundai Motor’s luxury sedan EQ900By Park Jin-haiHyundai Motor’s luxury sedan EQ900, globally named G90 under the newly launched Genesis brand, received a Good Design Award in the transportation design category, the company said Wednesday.The award is one of the oldest and most prestigious awards in architecture and design. It honors the achievements of the best industrial and graphic designers and world manufactures for the year.Awarded in Chicago by an international jury of design professionals, architects, experts and cultural leaders, some 900 products from 47 countries vie for awards in all categories.Hyundai said the EQ900, has been highly praised for its defined and elegant design elements from its bold front grill, headlamps, all the way through its fluidic contour. It is the top-of-the-line Genesis model.“It is meaningful that our luxury sedan’s design has been recognized in the U.S., home to some of the world’s great automakers,” said a Hyundai official. “With the award, we have secured a base from where we can be successful in the

Dec 23, 2015By Park Jin-hai

Companies

Hyosung sets up sculpture for soldiers injured from landmine attack

Hyosung Group President Cho Hyun-joon, second from right, stands with soldiers of the 1st Infantry Division, who were at the scene of Aug. 4 mine explosion, beside the Foot of Peace sculpture during its unveiling ceremony at Imjingak’s Pyeonghwa-Nuri Park in Paju, Gyeonggi Province, Wednesday. / Courtesy of Hyosung GroupBy Park Jin-haiHyosung Group held the opening ceremony on Wednesday for the sculpture commemorating the soldiers injured during the North Korean landmine attack in the DMZ in August.The company sponsored the creation of the sculpture, “The first step to peace and unity ― the foot of peace,” at Imjingak Pyeonghwa-Nuri Park in Gyeonggi Province. The 170 soldiers on duty that August day were present at the opening ceremony, including the two severely injured in the attack.Hyosung said it commissioned the sculpture to pay tribute to the patriots, and to wish for peaceful unification.It paid 200 million won for the monument.“The ‘foot of peace’ evokes the wishes of all people in thanking our soldiers for their hard work, contributio

Dec 23, 2015By Park Jin-hai

SK chief's daughter returns home

Companies

Hyundai Motor communicates with art

Hyundai Motor will hold “SIM: Sculpture in Motion,” an exhibition at the Dongdaemun Design Plaza through Jan. 10, where the Hyundai Motor brand and design philosophy will be shared with the public. / Courtesy of Hyundai MotorBy Park Jin-haiHyundai Motor, which recently launched its luxury Genesis brand and toils to boost its brand image, will hold an exhibit of its design philosophy, aiming to let the art pieces do the talking.Titled “SIM: Sculpture in Motion,” the exhibit will be held at the Dongdaemun Design Plaza until Jan. 10, where the Hyundai Motor brand’s DNA and design philosophy will be on display to the public.The exhibit will be comprised of three parts. “Fluidic,” the company’s first Sculpture in Motion project introduced at Milan Design Week in 2013, and “Helio Curve,” showcased at Milan Design Week this year, will be displayed. The two collections have received the Red Dot Design Award.“Fluidic symbolizes the process that creates something from nothing, which portrays Hyundai’s design philosoph

Dec 21, 2015By Park Jin-hai

Companies

Hyosung to export energy solution to India, Panama

By Park Jin-haiHyosung Group has signed contracts in India and Panama to export its energy solution called STATCOM.The static synchronous compensator (STATCOM) is a cutting-edge energy solution with improved voltage stability and space saving.The company will supply 100 Mvar STATCOM to India and 240 Mbar to Panama, in deals worth a total $30 million.Hyosung is the only local energy company that has succeeded in commercializing the technology, having tested its stability with state-run power company KEPCO.“The product uses a modular multi-level converter developed under the Ministry of Trade, Industry and Energy as a national research project,” a Hyosung official said.“Compared with conventional STATCOM, it can save apace more than ten times.”Only three companies in the world, including Hyosung, have commercialized this kind of STATCOM.“The energy solution has high added value and is Hyosung’s one pillar of future growth, together with its energy storage system and ultra high voltage equipment,” said Hyosung President Cho Hyun-joon.“We w

Dec 21, 2015By Park Jin-hai

Companies

Hyundai E&C leads CSR at home and abroad

Hyundai E&C employees pose after holding an opening ceremony for Happy Home School, an after-school class project for children living in poverty, in Bogota, Colombia, on April 25. / Courtesy of Hyundai E&CBy Park Jin-haiHyundai E&C, a building arm under Hyundai Motor Group, has been leading corporate social responsibility activities (CSR) at home and abroad.The company raised “Love Sharing Fund” campaign and donated 347 million won to the charity this year.The annual fundraising activity, which started out as a CSR program in 2010, has involved a total of over 3,200 employees including 707 from its affiliates.They voluntarily chipped in a bit of their salaries every month ranging from 3,000 won up to 30,000 won for the whole year and donated them for various charity campaigns to support surgery for children with severe disabilities, repair houses of the underprivileged in Jongno-gu at home.It will be also used to improve the living conditions of slums in Uzbekistan, deliver solar powered lanterns to Uganda refugees, and help Indonesian poor to secure drinking

Dec 21, 2015By Park Jin-hai

Companies

Tesla prepares to open Korean office

Tesla Model S is seen in this file photo, Friday. / Courtesy of Tesla MotorsBy Park Jin-haiTesla Motors, a leading American electric vehicle manufacturer, is starting to make inroads into the Korean market.The company registered itself in Korea as Tesla Korea Limited on Nov.13 and is gearing up to start doing business here, according to the corporate register by the Supreme Court of Korea, Friday.Registered under co-CEOs Todd Maron, currently general counsel at Tesla Motors, and Susan Repo, director at Tesla Financial Services, the new corporation has its offices in Gangnam, southern Seoul, with a starting capital of 100 million won.The purpose of its business, as stated in the corporate registration document, is that Tesla will provide services to import, distribute and sell auto parts and accessories.With this new entity, rumors about Tesla cars entering the local market have gained force again.The company fanned such speculation in July, when its U.S. headquarters posted a recruiting announcement for a sales vice president position for the Japanese and Korean markets.Last month, J

Dec 18, 2015By Park Jin-hai

Park Jin-hai

Read more

Hyundai to top 100 million global sales

SK E&C signs deal with China's largest builder

GS Caltex focuses on local needs in CSR

Hyundai reaches tentative agreement with labor

Hyundai EQ900 receives design award in U.S.

Hyosung sets up sculpture for soldiers injured from landmine attack

Hyundai Motor communicates with art

Hyosung to export energy solution to India, Panama

Hyundai E&C leads CSR at home and abroad

Tesla prepares to open Korean office

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