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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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Korean Air earns Skytrax 5-star rating for 6th consecutive year

Korean Air has been named a five-star airline by Skytrax for the sixth straight year in the 2026 World Airline Star Rating, reaffirming its position among the world’s top-tier carriers. Skytrax, a London-based aviation consultancy established in 1989, evaluates airlines on comprehensive service standards. Its World Airline Star Rating system, introduced in 1999, ranks carriers on a one- to five-star scale. Only 10 airlines worldwide currently hold the highest five-star rating, including Korean Air. The 2026 assessment was conducted through a detailed audit beginning in January, during which Skytrax evaluators reviewed Korean Air’s long-haul and regional operations. The audit covered more than 550 service touchpoints across the full passenger journey, including check-in, lounge services, boarding, seating, inflight dining, cabin service and entertainment. Korean Air received strong marks in several areas, particularly its website functionality, passenger handling systems, cabin service and inflight entertainment. The airline was also praised for its inflight catering, with Skytrax no

Apr 30, 2026By Lee Min-hyung
Korean Air earns Skytrax 5-star rating for 6th consecutive year
Companies

GM Korea clears exit rumor with strong commitment to local production

CHANGWON, South Gyeongsang Province — General Motors (GM) Korea has dismissed rumors of its potential withdrawal, reaffirming its strong commitment to local production — a move positioning Korea as a strategic hub for small SUVs for export, senior executives from the carmaker said. In a guided tour of its key production line in Korea, the carmaker underscored that its Changwon factory hits an operation rate of around 95 percent throughout the year. The factory holds a symbolic title as the nation’s biggest auto production line in terms of the number of vehicle exports. The plant started mass production of GM Korea’s mega-hit Chevrolet Trax Crossover in 2023, maintaining the status for three consecutive years until 2025, driven by the vehicle’s solid sales in the United States. “We will not engage in words, but we will respond to any rumors,” GM International Operations Vice President of Manufacturing Asif Khatri said during a media briefing at the factory. He is in charge of the carmaker’s global manufacturing. “We have very strong demand for the vehicles that we are pr

Apr 30, 2026By Lee Min-hyung
GM Korea clears exit rumor with strong commitment to local production
Companies

Hyundai Motor revamps IONIQ strategy for China, Europe

Hyundai Motor is accelerating a strategic realignment of its IONIQ brand to focus on China and Europe — two of the world’s largest electric vehicle (EV) markets — as the carmaker struggles to overcome tariff-induced earnings decline. The carmaker recently unveiled the IONIQ V all-electric sedan, designed for China, in a renewed push for the world’s largest EV market. Hyundai Motor’s top executives — including Vice Chair Chang Jae-hoon and CEO Jose Munoz — flew to Beijing for the Auto China 2026 exhibition. China’s EV market is dominated by homegrown players, but Hyundai Motor is moving to recover its sales with the strategic launch of the China-exclusive model. The carmaker also shared its plan to introduce 20 new models there over the next five years, spanning both extended-range electric vehicles and fully electric models. The IONIQ V EV stands out for its advanced features, including a 27-inch 4K display and an advanced driver assistance system developed in partnership with Chinese autonomous driving firm, Momenta. “China is the most difficult market for us, but we w

Apr 28, 2026By Lee Min-hyung
Hyundai Motor revamps IONIQ strategy for China, Europe
Companies

Japan’s arms export shift set to intensify naval shipbuilding rivalry with Korea

Japan’s decision to lift decadeslong restrictions on arms exports is expected to intensify competition with Korea, particularly in the global naval shipbuilding industry, experts and industry officials said Monday. The move marks a significant policy shift, coming more than six decades after Tokyo imposed strict limits on overseas weapons sales following its World War II defeat in 1945. Defense experts said Japanese shipbuilders are poised to emerge as formidable contenders against Korean counterparts such as HD Hyundai Heavy Industries and Hanwha Ocean, both of which must brace for tougher competition in overseas naval contracts. “In Southeast Asia, Japan is widely regarded as a more reliable partner than Korea due to the former’s long-standing engagement through official development assistance, which could translate into stronger naval export opportunities,” said Yang Uk, a research fellow at the Asan Institute for Policy Studies. Yang added that Japan’s recent successful bid for Australia’s next-generation multirole frigate program underscores its enduring competitiveness

Apr 28, 2026By Lee Min-hyung
Japan’s arms export shift set to intensify naval shipbuilding rivalry with Korea
Companies

Honda Korea’s abrupt exit raises critical alarm for Toyota, Lexus

Honda Korea’s recent decision to withdraw from the Korean automobile market is amplifying concerns among remaining Japanese carmakers Toyota Motor and Lexus over their long-term viability here in a rapidly shifting industry landscape. Honda’s exit sends a clear message to its rivals that any foreign automakers which fail to embrace industrial changes — especially the transition toward electrification — will end up losing their foothold in one of Asia’s most competitive auto markets. The latest development is seen as a warning sign for Toyota and Lexus, both of which currently lack fully electric vehicle (EV) lineups in Korea. The Korean auto market has already witnessed the exits of several other once-renowned Japanese brands. Subaru, which entered the Korean auto market in 2010, left after only about two years due to worsening profitability, driven by lackluster sales stemming from its limited vehicle lineup. Nissan and Infinity, both of which once enjoyed solid popularity in Korea, also withdrew from business here in 2020, failing to overcome declining sales. Industry officials

Apr 27, 2026By Lee Min-hyung
Honda Korea’s abrupt exit raises critical alarm for Toyota, Lexus
Companies

Coupang founder faces mounting calls for stricter FTC scrutiny

Coupang founder Kim Bom-suk faces mounting regulatory scrutiny from the Korean government, as the Fair Trade Commission (FTC) mulls designating him the de facto controller of the e-commerce firm. The FTC is scheduled to determine soon whether to designate Kim, who also serves as chairman of the board of Coupang Inc., as the group’s “same person” — a legal term referring to the individual who effectively controls a conglomerate. Once designated as the controlling figure, he would face a wider range of regulatory scrutiny, requiring not only him but his relatives to submit extensive disclosures and comply with detailed investigations by the authorities. However, it remains to be seen whether the FTC will do so, as the move may trigger strong objections from the United States and potentially reignite trade friction between Seoul and Washington. Those in favor of increased regulation argue that such a move could help address lingering concerns surrounding Coupang, such as worker deaths at its logistics centers, data privacy breaches and a broad range of governance issues. “We collec

Apr 26, 2026By Lee Min-hyung
Coupang founder faces mounting calls for stricter FTC scrutiny
Companies

Honda Korea to withdraw from auto business

Honda Korea has decided to close its automobile business here by the end of this year due to the carmaker’s steeply falling sales and belated electrification efforts, the company said Thursday in a press conference. The Japanese automaker said the latest decision reflects its strategic shift to optimize its business structure and focus more on core growth areas. “We sincerely appreciate the support we have received from our customers, dealers and parners who have shown great interest in Honda automobiles,” Honda Korea CEO Lee Ji-hong told reporters during the press conference. Honda Korea sold a total of 1,951 vehicles in 2025, down 22 percent from the previous year. The carmaker enjoyed a heyday in the mid-2000s, with the automaker achieving annual sales of 10,000 vehicles for the first time in 2008, based on strong demand for its flagship Accord sedan and the CR-V SUV. The company first started selling cars in Korea in 2004. “Considering changes in the market environment, such as the fluctuating exchange rate, Honda Korea decided to concentrate our resources on key areas to sec

Apr 23, 2026By Lee Min-hyung
Honda Korea to withdraw from auto business
Companies

Hyundai Motor’s earnings marred by tariff impact

Hyundai Motor reported a double-digit decline in operating profit for the first quarter of the year, as U.S.-imposed tariffs on imported vehicles continued to weigh on the Korean automaker's earnings, the company said in a regulatory filing Thursday. The carmaker's sales rose 3.4 percent to 45.94 trillion won ($31 billion) between January and March, compared to the same quarter last year, thanks to an increase in prices. Its operating profit, however, fell 30.8 percent to 2.51 trillion won during the same period, putting sustained pressure on the firm’s profitability. The U.S. began imposing a 25 percent tariff on Korean automobile imports in April last year, before lowering the rate to 15 percent in November. U.S.-imposed tariffs caused the carmaker an estimated 860 billion won in losses in the first quarter. The carmaker sold 976,219 vehicles in the first quarter, down 2.5 percent from a year earlier, hit by sluggish demand from major markets. Hyundai Motor said they expect unfavorable business conditions to persist in upcoming quarters as competition in emerging markets intensifies

Apr 23, 2026By Lee Min-hyung
Hyundai Motor’s earnings marred by tariff impact
Companies

Renault Korea’s Filante offers smart, comfortable driving

Renault Korea’s flagship Filante crossover hopes to redefine the mobility paradigm through its unique blend of premium ride quality and artificial intelligence (AI) connectivity, the carmaker said Thursday. For decades, the evolution of automobiles has centered on faster speeds and better performance. Carmakers competed to maximize speed, power and efficiency, but the trend is shifting rapidly, with drivers today increasingly judging vehicles not only by performance, but also by how comfortably and intelligently they support the driving experience. Against this backdrop, Renault’s Filante presents a new paradigm, combining physical comfort with digital intelligence into a cohesive whole. The result is a more intuitive form of driving where technology works seamlessly in the background. The interior embodies what Renault calls a “premium tech lounge.” A wide, horizontal dashboard is anchored by its panoramic display, consisting of three 12.3-inch screens. The displays operate independently, while remaining interconnected, allowing the driver and passengers to access driving data

Apr 23, 2026By Lee Min-hyung
Renault Korea’s Filante offers smart, comfortable driving
Companies

Chicken supplier Harim emerges as major M&A player

Harim Group, Korea's largest poultry processing firm, has emerged as a major player in the country's mergers and acquisitions (M&A) market, as its home shopping unit was selected as the preferred bidder to acquire Homeplus Express, a supermarket chain under ailing retailer Homeplus. Homeplus and its sales advisor, Samil PwC, on Tuesday conducted a final round of bidding for Homeplus Express, naming NS Home Shopping the preferred negotiation partner. MBK Partners, the largest shareholder of Homeplus, is seeking to sell the unit for around 300 billion won ($203 million), but Harim is reported to have offered less than that. If the two sides reach a deal, the proceeds will be calculated into MBK's rehabilitation plan for cash-strapped Homeplus. The court-imposed deadline for approval of the plan falls on May 4, leaving little room to delay the sale of Homeplus Express. Once the sale of Homeplus Express is completed, Homeplus will be able to secure urgently needed cash, such as funds for wage payments. The company paid only half of its employees’ salaries last month and the rest was belat

Apr 23, 2026By Lee Min-hyung
Chicken supplier Harim emerges as major M&A player
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