The Korea Times

KEPCO energy cluster business picks up steam

KEPCO CEO Cho Hwan-eik, second from left, poses after signing an agreement to invest in the Bitgaram Energy Valley with other company chiefs at KEPCO headquarters in Naju, South Jeolla Province, Tuesday. From left are: KEPCO KDN CEO Lim Soo-kyung, Cho, LSIS CEO Koo Ja-Kyun, lawmaker Jang Byung-wan and KEPCO KPS President Choi Yeu-geun. / Courtesy of KEPCOBy Park Jin-haiThe Korea Electric Power Corp. (KEPCO) is pushing a project to build an energy cluster in South Jeolla Province.The company signed agreements with 25 companies including LSIS, the nation’s top industrial component supplier, Tuesday, to invest in the Bitgaram Energy Valley, which the state-run power company plans to build in Naju, South Jeolla Province.It aims to build the energy cluster where the company’s headquarters is located to promote mutual growth with smaller companies and the local economy.KEPCO aims to attract investment from 100 companies by next year, and from 500 companies by 2020.Fifty-seven 57 companies have agreed to invest 247.6 billion won in the energy valley this year.LSIS will invest 60

Sep 8, 2015By Park Jin-hai

Companies

Hyundai Wia wins $20 mil. China deal

By Park Jin-haiHyundai Wia, an auto parts company under Hyundai Motor group, has clinched a deal to supply $20 million worth of machine tools to a Chinese company.Under a memorandum of understanding signed with China's Tri-Ring Group, Hyundai Wia will supply 100 units of plant automation machines until the end of this year. The machines will be used to make car parts.Starting with the knuckle processing lines for passenger and commercial cars, Hyundai Wia will also supply automation machines for drum brake lines.The Tri-Ring Group is an auto parts maker in China with annual sales of about 3.1 trillion won ($2.58 billion). It supplies parts to such global carmakers as BMW and Audi.

Sep 8, 2015By Park Jin-hai

Companies

QM3 enjoys popularity

Renault’s QM3By Park Jin-haiThe popularity of the QM3, which opened the local trend for small diesel sports utility vehicles, does not seem to be fading.In the much heated segment, where Hyundai Motor, GM Korea and Ssangyong Motor have all joined the trend unveiling their versions of small diesel SUVs, Renault Samsung Motors has been making headway, thanks to the QM3’s die-hard popularity.“Among the imported cars sold here, the QM3 is the single model that sold more than 30,000,” said a Renault spokesman. “Along with its ‘monstrous’ fuel efficiency, its wide after-sales networks ― comparable to those of local ones ― and unique styling must have appealed to young customers in their 20s and 30s who equally value personality and reasonable prices for their cars.” Since its December 2013 launch, the iconic duel-tone roofed vehicle, with the fuel efficiency of 18.5 kilometers per liter delivered from its 1.5-liter diesel engine, triggered the compact diesel SUV craze in Korea, forcing customers to wait a couple of months to re

Sep 7, 2015By Park Jin-hai

Companies

POSCO to expand auto steel sheet production

POSCO executives and local government officials take part in a groundbreaking ceremony for the Gwangyang 7 Continueous Galvanizing Line for auto steel sheet production at POSCO Steelworks in Gwangyang, South Jeolla Province, Thursday. / Courtesy of POSCOBy Park Jin-haiThe nation’s largest steelmaker POSCO will invest 255.4 billion won to build a mill to produce steel for high-end vehicles.     The company broke ground for the Gwangyang 7 Continuous Galvanizing Line in South Jeolla Province, Thursday, to cement its position as the world’s second-largest steelmaker for advanced high strength steel (AHSS), after Luxemburg-based ArcelorMittal.When completed in June, 2017, the mill will produce 500,000 tons of AHSS each year.“When it is completed and other overseas auto steel production facilities are in operation, our total annual output will reach 10 million tons in 2017,” a POSCO spokesman said.   Demand for AHSS is rising because it is about 10 percent lighter but more than twice as strong as current steel sheets for cars.POSCO ope

Sep 3, 2015By Park Jin-hai

POSCO to expand auto steel sheet production

Companies

Hyundai Motor America has new sales chief

By Park Jin-haiDerrick Hatami, vice presidentof Hyundai MotorHyundai Motor America (HMA) has managed to get back a former manager who left for Nissan to lead its U.S. sales, the company announced Thursday.Hyundai’s U.S. branch named Derrick Hatami vice president of national sales.The announcement came a day after Hyundai announced the sudden departure of sales chief Bob Prandzinski, who held the No. 2 sales executive position from January.Hatami will be in charge of sales and distribution of Hyundai vehicles in the United States, franchised dealer relations and market representation.He worked as general manager for the western region at Hyundai before he joined Nissan as vice president of U.S. sales.He starts work at Hyundai today.“Derrick's strategic outlook, vision, planning experience and commitment to dealers make him a perfect fit to lead our sales operation,” said Dave Zuchowski, HMA president.“He set sales records with us and in his former position, and we look forward to him continuing that run at Hyundai,” he added.Hyundai and Kia have bein

Sep 3, 2015By Park Jin-hai

Hyundai Motor America has new sales chief

Companies

TVs top brand-awareness ranking

Models pose next to Samsung Electronics’ super ultra-high-definition (SUHD) television, in this February file photo. / YonhapBy Park Jin-haiTVs topped a major 2015 brand-awareness index on businesses ranging from carmakers to securities companies, posting nearly 10 percent growth.In a National Brand Competitiveness Index (NBCI) survey of 223 brands conducted by the state-backed Korea Productivity Center (KPC), the TVs of two market dominant companies, Samsung and LG, came out ahead.Duty-free shops topped the list last year.Samsung TV led the way, with 79 points, followed by LG TV, which scored 76.KPC said in a statement that Korea's TV market is witnessing a fierce competition between the two, which led to visible product quality improvement.“Customers could see hardware improvement such as ultra-high-definition TVs, curved TVs, wide-screen TVs and bezel-less TVs, which pushed up those companies’ ratings substantially,” said the research organization.It said although the product quality and innovation will still be valid in the future home appliances market, b

Sep 2, 2015By Park Jin-hai

Companies

KP Energy to build power plant in Pacific island

Lee Young-koo, second from right, KP Energy’s president, shakes hands with Madolenihmw Mayor, second from left, after signing an agreement to build and operate a power plant, at the company’s office in Kolonia Town, Federated States of Microneisa, Aug.7. / Courtesy of KPECOBy Park Jin-haiKP Energy (KPECO) is building a power plant on a Western Pacific island of Micronesia.The company said on Tuesday that it signed an agreement with the Madolenihmw municipal government on Aug. 7 in Kolonia Town, Pohnpei, the Federated States of Micronesia, to build a diesel power plant.Under the agreement, KPECO will build, operate and turnover a power plant for the Pohnpei Madolenihmw Municipal Government, providing a reliable power source for the next 40 years.“It is a region where rolling blackouts are the norm to save electricity. Under the agreement, linked with the grid of the local power company, the Power Utilities Corp., we will provide reliable and cheaper electricity,” said Jayden Im, vice president of KPECO. When the plant is completed next year, it will sell e

Sep 1, 2015By Park Jin-hai

Companies

Toyota launches new Lexus ES sedan

A model poses next to Lexus’s all new ES midsize sedan during a launch event at Toyota’s brand experience space Connect To, in Jamsil, southern Seoul, Tuesday./ YonhapBy Park Jin-haiToyota’s premium brand Lexus launched its upgraded mid-size all new ES sedan, Tuesday, aiming to sell 400 cars a month.“With elegant and refined looks, the new ES will surely appeal to Korean customers,” said Toyota Korea CEO Akihisa Yoshida, during the launch event at its brand experience space Connect To, in southern Seoul, Tuesday.The popular sedan has been undergoing a facelift for three years, with wider spindle grills and sharper looking LED headlamps, while its handling and driving performance have been improved, said the company.The ES has been the Japanese carmaker’s best-selling model, with accumulated global sales standing at 1.75 million since its 1989 launch, taking 24 percent of all Lexus sales.The latest ES model comes with two engine choices ― a gasoline powered ES350 and a hybrid ES300h. All manufactured at Kyushu, the ES offers three models: execu

Sep 1, 2015By Park Jin-hai

Companies

Honda conducts massive recall in Korea

Honda CR-V SUVHonda CBR125R MotorcycleBy Park Jin-haiChung Woo-young,Honda Korea CEOHonda Korea has been ordered to recall more than 21,000 sports utility vehicles (SUVs) and motorcycles sold here because of various defects, which will likely tarnish its brand image among local consumers.The Ministry of Land, Infrastructure and Transport said Sunday that Takata airbags installed in the Japanese automaker’s popular CR-V SUVs could deploy with excessive force, causing its metal cartridge to crack, which can injure the driver or passengers in an accident.The subject for recall is 18,690 CR-V SUVs produced between May 24, 2006 and March 29, 2011.The company already conducted recalls for CR-Vs and Accord sedans for the same reason in July. At the time, 2,730 CR-Vs and 1,647 Accords were called back.“Takata airbags have been at the center of a series of massive recalls affecting Honda and other Japanese automakers,” a ministry official said. “The defect could cause injury at the time of an accident.”Other than Honda, some 6,322 cars sold by FCA Korea including

Aug 30, 2015By Park Jin-hai

Companies

Ford parts prices show differences by dealerships

By Park Jin-haiJung Jae-hee,Ford Korea CEOThe prices of spare parts for Ford vehicles in Korea differ widely between depending on its official dealers, according to data Sunday.The price gap for the same car part reaches up to over 6 million won ($5,100), local price comparing site Carstera revealed.Ford Korea has three official dealerships -- Sunin Motors, Premier Motors and Haein Motors -- and the two biggest list the prices of 13,486 parts on their websites.Prices at Sunin and Premier have shown huge differences for the same parts.The Ford 500’s cross member, part of the chassis, has the greatest difference.It is listed at 2.67 million won, with value added tax excluded, on Sunin’s website; while its price shoots up to 8.92 million won on Premier’s website, a 6.25 million won difference.   The price of other parts differs from between 800,000 won and 1.5 million won, according to Carstera. The company’s speed sensor, for instance, which costs 1.9 million won, including the value added tax, at Premier, costs over 1 million won more at Sunin.Foreign

Aug 30, 2015By Park Jin-hai

Park Jin-hai

Read more

KEPCO energy cluster business picks up steam

Hyundai Wia wins $20 mil. China deal

QM3 enjoys popularity

POSCO to expand auto steel sheet production

Hyundai Motor America has new sales chief

TVs top brand-awareness ranking

KP Energy to build power plant in Pacific island

Toyota launches new Lexus ES sedan

Honda conducts massive recall in Korea

Ford parts prices show differences by dealerships

Top 5 stories