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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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Trump’s backing of Chinese vehicles challenges Hyundai Motor Group

U.S. President Donald Trump’s repeated advocacy for investment by Chinese carmakers ahead of his summit with Chinese President Xi Jinping later this week is raising the alarm for Hyundai Motor Group, experts and industry officials said Tuesday. While Chinese automakers are still viewed as unlikely to enter the U.S. vehicle market in the near term due to lingering regulatory barriers, Trump’s outward support for Chinese investment in U.S. manufacturing could eventually reshape the competitive landscape, particularly in the electric vehicle (EV) sector. In January, Trump said it would be great if Chinese carmakers built factories in the U.S. and hired more American workers. Trump’s remarks have unsettled the U.S. auto industry, which has long opposed Washington’s potential move to allow the influx of low-cost Chinese EVs. Industry officials fear Chinese carmakers could leverage their aggressive pricing and advanced battery technologies to rapidly expand their share of the EV market in the U.S. It remains unclear whether Trump and Xi will discuss the agenda during their upcoming sum

May 13, 2026By Lee Min-hyung
Trump’s backing of Chinese vehicles challenges Hyundai Motor Group
Companies

PHOTO Korean Air's tree planting in Mongolia

Korean Air officials plant trees in Ulaanbaatar, Mongolia, Tuesday. The flag carrier donated 1,000 trees as part of the company’s corporate social responsibility efforts this year. Korea Times photo by Shim Hyun-chul

May 12, 2026By Lee Min-hyung
[PHOTO] Korean Air's tree planting in Mongolia
Companies

Zeekr targets Tesla, Polestar, Genesis in bid to replicate BYD rise

Zeekr is set to deepen its rivalry with Tesla, Polestar and Genesis in a bid to follow in the footsteps of BYD’s success in Korea. The Chinese premium electric vehicle (EV) brand is scheduled to introduce the 7X midsize electric SUV in the second half of this year, with its price expected to be around 60 million won ($40,000), directly challenging models from established EV brands, including Tesla’s Model Y, the Polestar 4 SUV and the Genesis Electrified GV70. In particular, the 7X’s biggest rival is expected to be the Model Y, which has emerged as the top-selling EV in Korea, with prices hovering around 60 million won. The Polestar 4 is also viewed as a direct competitor to the Chinese company. The Polestar 4 Long Range Single Motor starts at 66.9 million won in Korea. Although both Zeekr and Polestar belong to China’s Geely Holding Group, Zeekr positions itself as a competitively priced alternative to Polestar, while offering similar electrification technologies. The Genesis Electrified GV70 is another potential rival. While Genesis retains a strong premium image and a nationwid

May 12, 2026By Lee Min-hyung
Zeekr targets Tesla, Polestar, Genesis in bid to replicate BYD rise
Companies

GMC launches Hummer EV in Korea

GMC has launched the GMC Hummer EV SUV in Korea, marking the first debut of the brand’s flagship all-electric SUV in the local market. Built on General Motors' (GM) dedicated electric vehicle platform, the Hummer EV combines the rugged identity of the iconic Hummer brand with advanced electrification technologies, targeting consumers seeking both premium performance and outdoor versatility, the carmaker said. The model is equipped with a dual-motor system producing 578 horsepower and offers a driving range of up to 512 kilometers on a single charge. A key highlight is GMC’s electronically controlled four-wheel steering system designed to enhance maneuverability in both urban and off-road environments. Other features, such as CrabWalk, allow the rear wheels to turn in the same direction as the front wheels at low speeds, enabling diagonal movement in tight spaces or rough terrain. King Crab mode further sharpens handling by increasing rear-wheel steering response for improved agility and precision during off-road driving. The SUV also features an adaptive air ride suspension system wit

May 11, 2026By Lee Min-hyung
GMC launches Hummer EV in Korea
Companies

Hanwha to supply 3 more Chunmoo rocket launchers to Estonia

Hanwha Aerospace said Monday it will supply three additional Chunmoo multiple rocket launcher systems to Estonia’s defense forces under a government-to-government (G2G) agreement. The latest supply agreement was signed by the Korea Trade-Investment Promotion Agency and the Estonian Centre for Defence Investments. The deal builds on a roughly 290 million euro agreement signed in December 2025 covering six Chunmoo launchers, three types of missiles — CGR-080, CTM-MR and CTM-290 — as well as operational and training support. With the follow-on order, Estonia’s defense cooperation with Hanwha Aerospace now spans both K9 self-propelled howitzers and Chunmoo multiple rocket launcher systems. The Chunmoo is a high-mobility launcher mounted on an eight-by-eight truck platform, capable of firing 239-millimeter guided rockets with a range of up to 80 kilometers and longer-range CTM-290 tactical ballistic missiles reaching up to 290 kilometers. The company said Estonia’s continued procurement reflects confidence built through rapid delivery, product quality and reliability demonstrated in

May 11, 2026By Lee Min-hyung
Hanwha to supply 3 more Chunmoo rocket launchers to Estonia
Companies

Restructuring fears grip budget carriers as fuel price surge dents travel demand

Mounting fuel costs and weakening travel demand are sparking concerns of sweeping restructuring across Korea’s low-cost carrier (LCC) industry, as budget airlines slash international flights, expand unpaid leave programs and implement emergency cost-cutting measures to weather intensifying financial pressure. The aviation sector has come under strain from a combination of soaring global oil prices and a weakening Korean won, with budget carriers bearing the brunt of the impact. Industry officials said the sharp rise in aviation fuel prices — triggered by escalating instability in the Middle East — has rapidly increased operating costs for LCCs, and the rising ticket prices are dampening consumer demand. Roughly 900 round-trip international flights have already been cut, largely among LCCs, amid the armed conflict in the Middle East. The figure is expected to rise further as travel demand weakens. Airlines are increasingly trimming less profitable routes, as fuel expenses — one of the largest components of airline operating costs — continue to climb sharply. Despite higher fuel s

May 11, 2026By Lee Min-hyung
Restructuring fears grip budget carriers as fuel price surge dents travel demand
Companies

Hyundai Motor Group forges ties with KAI for aerial mobility

Hyundai Motor Group and Korea Aerospace Industries (KAI) have forged a partnership to jointly develop next-generation advanced air mobility aircraft by combining their expertise in electrified powertrains and aerospace engineering, the carmaker said Sunday. Under the agreement, the two companies will collaborate on the development and mass production of future air mobility platforms — powered by electrified aviation powertrains. The partnership will extend beyond technology and human resource sharing to include cooperation in supply chains, certification processes and customer networks, both firms said. Supernal, the carmaker’s advanced air mobility subsidiary in the United States, and KAI will co-develop the AAM aircraft. Hyundai Motor Group’s aviation powertrain division will also work with KAI to commercialize electric propulsion systems for aircraft. “We will introduce safe and attractive future air mobility services that will expand the boundaries of mobility into the skies,” a Hyundai official said. KAI also expressed hopes for the partnership with Hyundai Motor Group, sa

May 10, 2026By Lee Min-hyung
Hyundai Motor Group forges ties with KAI for aerial mobility
Companies

Zeekr opens 1st brand gallery in Korea

Chinese premium electric vehicle (EV) maker Zeekr has made its long-awaited debut in Korea with the opening of its first brand gallery in Seoul, seeking to establish a strong foothold in the nation’s increasingly competitive premium EV market, the company said Wednesday. The company had signaled its entry last year after registering its local entity, Zeekr Intelligent Technology Korea. With the opening of its showroom, Zeekr is now moving to strengthen the identity of Chinese EVs following the successful debut of BYD Korea last year. Zeekr has selected the 7X midsized electric SUV as its first model for Korea. The company plans to roll out the vehicle in the second half of the year, while at the same time expanding its retail footprint by opening more showrooms in key cities, including Seoul, Busan and Daejeon. The 7X, positioned as a strategic global model, is expected to compete directly with major EVs in the Korean market, such as Tesla’s Model Y, Hyundai Motor’s IONIQ 5 and Kia’s EV5. “The 7X SUV is now undergoing the certification process by the Ministry of Environment,”

May 8, 2026By Lee Min-hyung
Zeekr opens 1st brand gallery in Korea
Companies

Hyundai Mobis develops power electric system for EVs

Hyundai Mobis has developed a 160-kilowatt (kW) power electric system for general-purpose electric vehicles (EVs), in a move to build a wider drive system lineup covering various types of EVs, the company said Thursday. The auto parts maker already completed development for its high-performance 250-kW PE system and plans to do the same for a 120-kW power electric system tailored for small mobility vehicles by the first half this year. Upon its completion, the company will be able to cover power electric systems for all types of EVs. The power electric system is considered a core auto component equivalent to the powertrain of an internal combustion engine. The system consists of a motor, inverter and reduction gear. Hyundai Mobis focused on standardizing key auto components and modularizing them during the development of its proprietary system. These include the stator for the drive motor, the inverter, and the power module, which is a bundle of power semiconductors. This modularized power electric system offers advantages in terms of scalability, as it can be applied to various vehicle m

May 7, 2026By Lee Min-hyung
Hyundai Mobis develops power electric system for EVs
Companies

Hyosung, HD Hyundai, LS benefit from AI supercycle

Three leading power equipment makers here — Hyosung Heavy Industries, HD Hyundai Electric and LS Electric — are expected to post unprecedentedly strong earnings this year, as booming artificial intelligence (AI) data centers fuel explosive demand for power infrastructure, according to data and industry officials Thursday. Because hyperscale AI data centers, particularly in North America, require far greater power consumption than conventional cloud services, demand for electricity-related equipment is sharply increasing. Korean power solutions players are considered one of the biggest beneficiaries of the ongoing AI frenzy, along with chipmakers, as evidenced by their solid earnings and stock growth for the past year. According to data from market researcher FnGuide, the three firms are forecast to report around 17.9 trillion won ($12.3 billion) in combined sales this year. Their combined operating profit is also projected to reach around 3 trillion won during the same period. Specifically, Hyosung Heavy Industries, the largest power equipment maker by sales here, is expected to repo

May 7, 2026By Lee Min-hyung
Hyosung, HD Hyundai, LS benefit from AI supercycle
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