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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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Hyundai Motor's battery subscriptions set to boost EV growth

Hyundai Motor Group’s battery subscription model for electric vehicles (EVs) is expected to significantly lower upfront costs and accelerate broader EV adoption across the nation, once the carmaker proves the project's economic feasibility, industry officials said Wednesday. The automaker plans to launch the demonstration project in the first half of this year, targeting corporate taxi fleets whose vehicle warranties have expired. Once it proves successful, the firm will then expand the range of the service to individual EV customers. The program centers on separating EV battery ownership from the vehicle. For example, the price of Kia’s EV6 for corporate taxi use dropped to 18.6 million won ($12,700) last year when the battery cost was excluded. Customers instead pay about 1.4 million won per month as a battery subscription fee, which the carmaker says is lower than the typical monthly cost of LPG fuel. Hyundai Motor Group will operate the pilot service with five IONIQ 5 taxis driving in the Seoul metropolitan area. The carmaker will focus on assessing the economic feasibility of t

May 6, 2026By Lee Min-hyung
Hyundai Motor's battery subscriptions set to boost EV growth
Companies

Hyundai Rotem launches Korean high-speed train service in Uzbekistan

Hyundai Rotem said Wednesday that its newly supplied high-speed trains began commercial operations in Uzbekistan on Tuesday (local time), marking the first time a Korean-built high-speed train has entered commercial service overseas. The trains are operating on a 1,020-kilometer route linking Tashkent, the capital of the Central Asian country, with Khiva, a historic Silk Road city in the country’s western region. The line is the longest railway route in Uzbekistan. The high-speed trains were designed based on the KTX-Eum, a distributed traction high-speed train whose reliability has been proven through commercial operations in Korea. The trains feature dust-resistant designs to withstand extreme heat and desert environments. Hyundai Rotem expects the launch to contribute to improvements in Uzbekistan’s transportation infrastructure. Travel time between Tashkent and Khiva is projected to be cut roughly in half to about seven hours. The company added that the project is also expected to create a ripple effect across Korea’s high-speed rail ecosystem. More than 600 domestic parts supp

May 6, 2026By Lee Min-hyung
Hyundai Rotem launches Korean high-speed train service in Uzbekistan
Companies

Renault Korea struggles with declining sales of strategic Filante crossover

Renault Korea reported a sharp sales decline last month, hit by falling domestic demand for the carmaker’s new strategic Filante crossover and sluggish exports of its other models. Renault sold a total of 6,199 vehicles in April, down 40.5 percent from a year earlier, as it posted a steep decline in both Korea and overseas markets amid prolonged economic uncertainty and rising fuel costs, the company said. Domestic sales fell 23.4 percent to 4,025 vehicles, while exports suffered a steeper decline of 58 percent to 2,174 units during the same period. For the local market, the Filante crossover drove its sales with 2,139 units, followed by the Grand Koleos SUV at 1,550 units. However, Filante’s April sales dropped by more than half from a month earlier, raising concerns that the strategic new model may lose its market traction earlier than expected. Renault Korea started the delivery of the Filante premium crossover to local customers in mid-March, pinning high hopes on the vehicle as its new revenue driver following the robust success of the Grand Koleos SUV. Exports also remained slug

May 5, 2026By Lee Min-hyung
Renault Korea struggles with declining sales of strategic Filante crossover
Companies

Hanwha’s preemptive bet on KAI undercuts LIG

Hanwha Aerospace’s latest acquisition of a stake in Korea Aerospace Industries (KAI) is emerging as a strategic blow to LIG Defense & Aerospace (D&A), potentially undermining the latter’s prospects in any future bid in the state-controlled aerospace firm. The Hanwha affiliate purchased Monday additional 100,000 KAI shares — equivalent to a 0.1 percent stake. Combined with the 4.99 percent stake secured in March through other affiliates, including Hanwha Systems, Hanwha’s total ownership in KAI has risen to 5.09 percent. Crossing the 5 percent threshold carries regulatory implications, prompting Hanwha to revise its stated investment purpose from “simple investment” to “participation in management.” The company also signaled plans to acquire additional KAI shares worth 500 billion won ($338 million) by the end of this year, which could lift its stake to around 8 percent. The move is widely interpreted as more than a financial investment. Industry officials see it as a calculated step toward strengthening Hanwha’s position across the aerospace, defense and space value chai

May 5, 2026By Lee Min-hyung
Hanwha’s preemptive bet on KAI undercuts LIG
Companies

Rising oil, freight costs put Korea tire firms’ profits at risk

Korea’s three major tire makers — Hankook Tire, Kumho Tire and Nexen Tire — are feared to suffer sharp earnings declines in the second quarter, as the prolonged armed conflict in the Middle East has raised raw material and transportation costs by a huge margin. The surge in raw material prices — driven by higher crude oil costs — comes as a particular concern for the tire makers. For instance, the naphtha price hike is highly likely to push up the cost of butadiene — a critical feedstock for synthetic rubber used for tires. Prices for other essential materials, including carbon black and natural rubber, are also expected to rise. Increased air and sea freight rates add to the cost burden to the major tire firms, as roughly 80 percent of their sales come from exports. In response, the tire makers are focusing on improving their product mix by expanding sales of premium offerings with high profitability. Nexen Tire is strengthening its distribution network and technological capabilities to navigate external uncertainties. Against this backdrop, the company is seeking to diversif

May 4, 2026By Lee Min-hyung
Rising oil, freight costs put Korea tire firms’ profits at risk
Companies

Trump’s EU tariff hike puts Hyundai back on edge

Hyundai Motor Group is on high alert after U.S. President Donald Trump abruptly raised tariffs on European Union vehicle imports, heightening concerns the Korean automaker could face similar pressure due to Seoul's refusal to support Washington’s military actions in Iran, experts and industry officials said Monday. Starting from Monday (local time), the United States began to increase tariffs on passenger cars and trucks imported from the EU to 25 percent, up from the current 15 percent. The move was justified by Trump as a response to what he described as the bloc’s failure to comply with a bilateral trade agreement reached in July last year. While the measure directly targets European carmakers, market watchers warn that it could set a precedent for similar actions against other U.S. partners, including Korea. They said the scenario is still feasible in light of Seoul’s decision not to participate in the U.S.-led military operations against Iran. Trump has openly expressed dissatisfaction with allies that declined to support Washington’s request to deploy naval forces to the S

May 4, 2026By Lee Min-hyung
Trump’s EU tariff hike puts Hyundai back on edge
Companies

As Japanese carmakers exit Korea, Chinese EV brands rush in to fill gap

Chinese electric vehicle (EV) manufacturers are rapidly expanding their presence in Korea, filling a void left by the gradual retreat of once-dominant Japanese automakers. The shift has unfolded after a series of exits by Japanese brands, beginning with Nissan in 2020 and followed most recently by Honda. Last week, Honda Korea confirmed it will end vehicle sales in the country by the end of this year. The decision will further shrink the footprint of Japanese carmakers in Korea, leaving only Toyota and its luxury division Lexus actively maintaining sales operations. In contrast, Chinese automakers — driven by their aggressive EV expansion strategy — are accelerating their push into the Korean market. Foremost among them is BYD, which has quickly established a strong foothold through its local unit, BYD Korea. The company surpassed 10,000 cumulative vehicle sales in Korea roughly one year after beginning passenger EV deliveries in April last year. It also climbed to fourth place among imported car brands in monthly sales in March, overtaking both Toyota and Lexus. Industry officials sai

May 1, 2026By Lee Min-hyung
As Japanese carmakers exit Korea, Chinese EV brands rush in to fill gap
Companies

Labor unrest threatens to drag on Korea's manufacturing growth momentum

Korea’s manufacturing sector faces mounting risks of losing growth momentum, as extraordinary earnings in the semiconductor industry fuel a wave of aggressive wage demands from unions across other sectors. What began as isolated wage negotiations among a handful of chipmakers has rapidly evolved into a broader “compensation war,” raising concerns that the country’s industrial ecosystem could be fundamentally undermined. At the center of the controversy is Samsung Electronics, whose union has threatened to launch a strike later this month unless the company removes its cap on performance-based bonuses, mirroring a precedent set by SK hynix last year. Both firms have posted record-breaking earnings amid a global boom in artificial intelligence, which has sharply driven up demand for memory chips. The surge in profitability has, in turn, intensified calls for greater employee compensation. The dispute at Samsung has drawn rare public criticism from within the government. President Lee Jae Myung and Industry Minister Kim Jung-kwan have both voiced concerns that the union’s demands

May 1, 2026By Lee Min-hyung
Labor unrest threatens to drag on Korea's manufacturing growth momentum
Companies

Hyundai Motor unveils next-gen AI infotainment system for SDV transformation

Hyundai Motor Group has unveiled its next-generation in-vehicle infotainment system called Pleos Connect, in a symbolic push for the carmaker’s swifter transition as a software-defined vehicle (SDV) maker. The system features an artificial intelligence (AI)-powered voice assistant dubbed Gleo AI. Key in-vehicle information will also be seen at a 17-inch central display. Pleos Connect is the group’s first mass-produced infotainment system, representing its transition to the era of SDVs and connected cars. The carmaker hopes to shift the mood for its software business with the launch of the new system, after the company carried out a major leadership reshuffling of top management for its struggling Advanced Vehicle Platform (AVP) Division. In January, the group named prominent autonomous driving expert Park Min-woo as its new head of the division and CEO of 42dot. Park is in charge of setting the group’s SDV and self-driving strategies. Park’s predecessor, Song Chang-hyun, offered to resign late last year on the carmaker’s delayed progress in autonomous driving. The carmaker said

Apr 30, 2026By Lee Min-hyung
Hyundai Motor unveils next-gen AI infotainment system for SDV transformation
Companies

Korean Air pushes for organizational integration ahead of merger with Asiana

Korean Air has begun what it calls the “journey together” initiative, placing trust and communication at the center of its efforts to build a cohesive and healthy organizational culture ahead of its long-awaited integration with Asiana Airlines. The airline has recently underscored this philosophy, as part of its broader corporate values framework — KE Way — which was unveiled in March last year. Grounded in people-centered management, the initiative aims to foster sustainable relationships not only with customers, but also with employees and business partners. As the company moves closer to its full-scale merger with Asiana Airlines, Korean Air has been rolling out a range of programs to bridge cultural gaps and promote unity between the two workforces. Korean Air is particularly expanding opportunities for informal interaction through family-invited events and joint social contribution programs. Internal communication channels are evolving as well. Korean Air and Asiana have jointly conducted surveys and organizational culture assessments to ensure that policies are not merely p

Apr 30, 2026By Lee Min-hyung
Korean Air pushes for organizational integration ahead of merger with Asiana
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