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Lee Min-hyung

Korea Times Business Reporter

Lee Min-hyung joined The Korea Times in 2014 and has worked as a journalist mainly in Korea’s finance, tech and automotive industry. He specializes in content creation, breaking news and in-depth analysis currently on transportation and mobility. You can reach him via mhlee@koreatimes.co.kr.

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Companies

ESG, supply chain stability loom large in subsea cable sector amid tech theft dispute

As the ongoing investigation into Taihan Cable & Solution’s alleged theft of LS Cable & System’s submarine cable technology moves to prosecutors, the global energy market is closely watching how the legal outcome will reshape the international competitive landscape. The submarine cable sector is currently riding an unprecedented supercyle driven by a surge in artificial intelligence data centers, ultrahigh-voltage transmission networks and offshore wind power developments. Mega-sized projects using high-voltage direct current systems are expanding rapidly across Europe and the United States, driving a steep increase in global demand. Unlike conventional manufacturing, submarine cable contracts are uniquely forward-looking, with suppliers typically locked in three to four years before actual construction begins. Because of this multiyear timeline, project owners place heavy emphasis on a manufacturer's long-term production viability, financial health and operational reliability. Modern procurement standards have evolved beyond mere pricing and technical specifications. Environmental,

3h agoBy Lee Min-hyung
ESG, supply chain stability loom large in subsea cable sector amid tech theft dispute
Companies

Volvo Car Korea sets sales milestone on customer satisfaction

Volvo Car Korea has achieved a major milestone early this year by surpassing 150,000 units in cumulative vehicle sales here, as the carmaker enjoys high customer loyalty and robust residual value, the company said Tuesday. In the hypercompetitive imported car market in Korea, the automaker said the achievement reflects both its quantitative expansion and qualitative excellence. Beyond product quality and competitive pricing, Volvo continues to have strong customer loyalty through intangible value, such as low maintenance costs, superior service and solid residual value. At the heart of this success is the carmaker’s commitment to elevating ownership experience. The company’s Service by Volvo initiative provides practical, direct benefits throughout a vehicle’s lifecycle, focusing on minimizing ownership costs, ensuring fast and convenient service, and reinforcing technical precision. To guarantee worry-free ownership, Volvo Car Korea offers an industry-leading warranty of five years or 100,000 kilometers for general parts and consumables — meaning owners incur virtually zero main

3h agoBy Lee Min-hyung
Volvo Car Korea sets sales milestone on customer satisfaction
Companies

Hanwha Aerospace receives A- issuer credit rating from S&P

Hanwha Aerospace said Monday that it has received a long-term issuer credit rating of A- with a stable outlook from S&P Global Ratings, marking its first rating from a global credit assessment agency and strengthening its access to international capital markets. The company is the first Korean defense and aerospace firm to receive a global credit rating. The investment-grade rating places Hanwha Aerospace in the same category as major global defense companies and is expected to facilitate direct fundraising in overseas debt markets. In its assessment, S&P cited the company's competitive defense platforms, including the K9 self-propelled howitzer and Chunmoo multiple rocket launcher system, which are well-positioned to benefit from rising global defense spending. The ratings agency also highlighted Hanwha Aerospace's expanding weapons exports, particularly to Europe and the Middle East, as well as its ability to rapidly fulfill orders. S&P noted the company's strategic importance to Korea's national security and its record order backlog of approximately 37 trillion won ($24 billion) at the

1d agoBy Lee Min-hyung
Hanwha Aerospace receives A- issuer credit rating from S&P
Companies

Carmakers intensify rivalry in SDVs

Global automakers are shifting the competitive battleground in Korea from traditional hardware to software-defined vehicles (SDVs), as cutting-edge operating systems and in-vehicle artificial intelligence (AI) functions emerge as key differentiators in an era of connected cars. The trend is visible, as a wave of new models launched this year are positioning advanced software capabilities as their definitive selling points. They include Hyundai Motor’s Grandeur, BMW Korea’s iX3, Toyota Motor Korea’s RAV4 and Zeekr’s 7X. Toyota is the latest carmaker to join the SDV competition. Last week, the Japanese carmaker launched its six-generation RAV4 flagship SUV built on its foundational SDV platform, Arene. Of particular note is that Toyota collaborated with LG Uplus to integrate tailored connected-car services to adapt the vehicle for the tech-savvy Korean market. The telecom operator also identifies the automotive infotainment as its next key growth driver. European and Chinese competitors are also raising the stakes with high-performance computing hardware. BMW Korea’s recently laun

1d agoBy Lee Min-hyung
Carmakers intensify rivalry in SDVs
Companies

LG’s top execs to visit Nvidia headquarters for ties in AI, robotics

Senior executives from LG Group’s key affiliates are set to visit Nvidia’s headquarters in California, Monday (local time), to hammer out practical business cooperation in physical artificial intelligence (AI) and robotics. The high-level visit comes just two weeks after Nvidia CEO Jensen Huang visited LG Group Chairman Koo Kwang-mo and at his corporate headquarters in Seoul for a landmark meeting. At that time, the two tech leaders agreed to solidify a comprehensive partnership across the AI ecosystem, including the co-development of reference robots, AI infrastructure and future mobility. The upcoming meeting in California underscores how rapidly the road map for cooperation between the two tech giants is taking shape. A large-scale working group of around 30 LG executives will fly to the U.S., including LG CNS CEO Hyun Shin-gyoon, LG Electronics Chief Technology Officer Kim Byoung-hoon and LG Sciencepark head Jeong Su-heon. Experts from LG AI Research will also join the delegation. The executives are also expected to pitch the so-called "One LG" strategy, pooling the core capabilit

1d agoBy Lee Min-hyung
LG’s top execs to visit Nvidia headquarters for ties in AI, robotics
Companies

Korea mounts final push for Canada's $39 bil. submarine project

The Korean government and defense players are making last-ditch efforts to win Canada’s next-generation submarine project worth up to 60 trillion won ($39.14 billion), as Ottawa is expected to select a preferred bidder by the end of this month. Under the Canadian Patrol Submarine Project, the Royal Canadian Navy’s aging fleet of four Victoria-class submarines will be replaced with 12 new 3,000-ton diesel-electric vessels. The comprehensive contract includes long-term maintenance, repair and overhaul (MRO) lifecycles. With a decision looming, Seoul has elevated its bid to top-tier head-of-state diplomacy, seeking to give Korea’s consortium, led by Hanwha Ocean, an edge over rival bidder TKMS of Germany — a traditional heavyweight in submarine technology — in the closely contested race. President Lee Jae Myung recently provided critical diplomatic backing during a bilateral summit with Canadian Prime Minister Mark Carney on the sidelines of the Group of Seven summit in Evian-les-Bains, France. Lee said he emphasized Korea’s readiness to contribute to Canada’s defense capabil

2d agoBy Lee Min-hyung
Korea mounts final push for Canada's $39 bil. submarine project
Companies

BMW Korea launches iX3 electric SUV with revamped design

BMW Korea has launched its highly-anticipated all-electric SUV — the iX3 — featuring the carmaker’s next-generation Neue Klasse design language, the company said Thursday. The vehicle comes with symbolic significance as the carmaker’s first mass-produced model built on the completely revamped exterior design. The premium electric SUV blends a modern reinterpretation of BMW’s iconic 1960s heritage with futuristic innovations spanning design, digital integration and electrification technology, the carmaker said. Powered by the sixth-generation BMW eDrive system, the new iX3 introduces the brand’s first cylindrical cell battery technology. Utilizing a “cell-to-pack” manufacturing method that integrates battery cells directly into the pack without modules, the vehicle has achieved a 20 percent increase in energy density and a 30 percent boost in driving range. Equipped with a 113.4 kilowatt-hour high-voltage battery, the flagship iX3 50 xDrive model boasts a single-charge driving range of up to 611 kilometers under Korean certification standards. Its 800-volt architecture enabl

Jun 18, 2026By Lee Min-hyung
BMW Korea launches iX3 electric SUV with revamped design
Companies

Hefty fines loom for Baemin, Coupang Eats as FTC rejects self-correction bids

The Fair Trade Commission (FTC) has rejected self-correction proposals from the country's top two food delivery platforms, Baedal Minjok, informally known as Baemin, and Coupang Eats, paving the way for fines that could amount to tens of billions of won over allegations that they abused their market dominance, the antitrust watchdog said Thursday. The regulatory authority rejected the companies’ applications for a consent decree — a mechanism that allows firms to resolve antitrust cases without admitting liability by offering voluntary remedies — ruling that they did not meet the legal requirements to initiate such a settlement process. The fines expected to be imposed on Baemin and Coupang are estimated at 239 billion won ($157 million) to 510 billion won, and 25 billion won to 42 billion won, respectively. Following the latest decision, the watchdog will resume its formal review to determine the illegality of the practices and the scale of sanctions. The watchdog’s probe into the two companies has focused on finding alleged anti-competitive practices, including unfair treatment

Jun 18, 2026By Lee Min-hyung
Hefty fines loom for Baemin, Coupang Eats as FTC rejects self-correction bids
Companies

Hanwha Ocean faces mounting costs from blocked icebreaker delivery to Russia

Hanwha Ocean is saddled with hundreds of millions of dollars in financial burden, as a fleet of six icebreaking liquefied natural gas (LNG) carriers remain undelivered at a domestic shipyard due to sanctions on Russia’s Arctic project, according to industry sources and a report. The specialized vessels, built for Moscow’s high-stakes Arctic energy expansion venture, have turned into a costly asset for Hanwha Ocean, leaving the Korean shipbuilder with few viable options beyond waiting indefinitely for new buyers or selling the ships at steep discounts. The company secured a massive order to construct six highly sophisticated Arc7-class LNG carriers for the Arctic LNG 2 project pushed by Russian gas producer Novatek. Under the project, Hanwha Ocean was supposed to deliver three of the vessels for Sovcomflot, the largest shipping firm in Russia, and three for Japan’s Mitsui O.S.K. Lines. All were scheduled for delivery by the end of July 2023 for the Arctic project, according to a report by the Oxford Institute for Energy Studies. However, Russia’s invasion of Ukraine and subsequent

Jun 17, 2026By Lee Min-hyung
Hanwha Ocean faces mounting costs from blocked icebreaker delivery to Russia
Companies

Hanwha raises KAI stake to 9.04%, becomes No. 2 shareholder

Hanwha Group has increased its stake in Korea Aerospace Industries (KAI) to 9.04 percent, further strengthening its presence in the nation's aerospace and defense sector. Hanwha Aerospace said Tuesday in a regulatory filing that it secured a 6.5 percent stake in KAI, achieving ahead of schedule its previously announced plan to invest 500 billion won ($331 million) in the company by the end of this year. Hanwha Systems also expanded its holdings in KAI to 1.53 percent through an additional 125 billion won investment. Combined with the 1.01 percent stake held by Hanwha Aerospace USA, Hanwha Group now owns a total of 9.04 percent of KAI, making it the company's second-largest shareholder after the state-run Export-Import Bank of Korea, which holds a 26.41 percent stake. Also on Tuesday, Hanwha Aerospace's board approved an additional 500 billion won investment to acquire more KAI shares by year-end. Based on KAI's closing price of 154,900 won, the purchase would raise Hanwha Aerospace's stake to about 9.81 percent, bringing Hanwha Group's combined ownership in KAI to more than 12 percent. H

Jun 16, 2026By Lee Min-hyung
Hanwha raises KAI stake to 9.04%, becomes No. 2 shareholder
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