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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 completes overhaul of first, prestige class lounges

Korean Air has completed a yearslong overhaul of its major lounges for the airline’s first class and prestige class passengers. The flag carrier spent 110 billion won ($74.4 million) for the 42-month-long modernization of its lounge network at Incheon International Airport, in an effort to prepare for increased passenger volumes ahead of the airline’s planned integration with Asiana Airlines. Designed under the concept of a “home away from home,” the new facilities prioritize passenger experience through enhanced dining and amenities, the company said. Spanning 921 square meters, the First Class Lounge is 2.3 times larger than the previous one and is designed to have its focus on ensuring the ultimate privacy. The space is divided into an open hall and 11 private suites, allowing passengers to relax in a secluded environment before boarding. The interior draws inspiration from traditional Korean architecture, as the facility incorporates wood pillars, beams and ramie, also known as mosi in Korea. Upon entry, passengers are guided to independent suites for a private preflight expe

Apr 22, 2026By Lee Min-hyung
Korean Air completes overhaul of first, prestige class lounges
Companies

Incheon airport reports solid earnings on strong demand for Japan, China routes

Incheon International Airport Corp. (IIAC) has posted robust first-quarter earnings, backed by steady demand on routes to Japan and a rise in travelers from China, the airport operator said Tuesday. The company reported that passenger traffic reached 19.78 million in the January-March period, up 7 percent from a year earlier. Its operating profit climbed 1.9 percent to 230.2 billion won ($156.3 million). Sales also jumped 5.4 percent to 706.8 billion won during the same period. The growth was driven largely by sustained travel demand to Japan and a surge in Chinese visitors following the extension of visa-free policies for Chinese group tourists. Increased traffic on these routes offset declines on Southeast Asian and Middle Eastern routes, where passenger numbers fell 4.7 percent and 16 percent, respectively, due to security concerns and reduced flight operations. Despite ongoing geopolitical uncertainties — including the Russia-Ukraine war and Middle East conflict — the airport operator said no immediate shock to air travel demand has been observed, but warned that rising oil price

Apr 21, 2026By Lee Min-hyung
Incheon airport reports solid earnings on strong demand for Japan, China routes
Companies

Mercedes-Benz Korea’s direct sales to reshape retail paradigm: experts

Mercedes-Benz Korea’s direct sales model will reshape the retail paradigm in the imported car market here, as more carmakers are expected to jump on the bandwagon once the system proves successful without any steep price hike, experts and industry officials said. The local subsidiary of the German carmaker introduced Monday the “Retail of the Future” sales model under which its headquarters will directly control each vehicle’s pricing and sales. The carmaker had so far partnered with a group of dealerships for its sales, but consumers will not be able to see any surprise discount campaigns offered at dealers’ discretion due to the reshaped sales model. The core of the new system is a unified structure integrating pricing and inventory, which had previously varied by dealership. This will allow customers to purchase vehicles under the same conditions nationwide, regardless of location. Mercedes-Benz Korea believes the new sales model will eliminate pricing opacity, as customers will be able to focus solely on the vehicle model and brand experience, rather than negotiating prices

Apr 21, 2026By Lee Min-hyung
Mercedes-Benz Korea’s direct sales to reshape retail paradigm: experts
Companies

BMW Korea’s 3 Series enjoys solid popularity

BMW Korea’s 3 Series sedan continues to dominate the premium midsize segment here, extending its long-standing market leadership with strong sales growth this year. The model, which surpassed 130,000 vehicles in cumulative domestic sales last year — the first and only one in its class to reach this milestone — sold 1,683 vehicles in the first quarter, up 34.6 percent from a year earlier. The figure is as much as eight times higher than some competing models in the same segment, the German carmaker said. Introduced in Korea for the first time in 1995, the 3 Series has remained the best-selling model in the premium midsize category. It topped 10,000 vehicles in cumulative sales in 2007, 50,000 in 2015 and 100,000 in 2021, before reaching 130,000 vehicles in 2024. Globally, the 3 Series has sold more than 20 million units over the past five decades, making it the only single model from a premium brand to achieve that milestone. Since its debut in 1975, the model has evolved through seven generations, while maintaining its core identity as a sports sedan — a balance of dynamic perfo

Apr 21, 2026By Lee Min-hyung
BMW Korea’s 3 Series enjoys solid popularity
Companies

Mercedes-Benz unveils electric C-Class at world premiere in Seoul

Mercedes-Benz unveiled the all-new electric C-Class sedan during its first world premiere in Seoul, Monday, signaling its strong commitment to Korea’s premium electric vehicle (EV) market. The event underscores the country’s growing strategic importance to the German luxury carmaker, with a group of the firm’s top executives — including Mercedes-Benz Group Chairman Ola Kallenius — visiting Seoul to celebrate the debut of the all-electric C-Class. “Korea is such an important market for us, so we want to send a message to the Korean fans (by holding the event in Seoul),” Kallenius told reporters during a media roundtable. “Korea is one of the most important markets for us by size, and it is the fifth biggest. The customer base here is technology-oriented.” The vehicle combines a coupe-like silhouette, an illuminated grille featuring 1,050 backlit dots and a sporty rear design. The electric sedan delivers a range of up to 762 kilometers on a single charge, according to the Worldwide Harmonized Light Vehicle Test Procedure (WLTP) certification. The vehicle’s range increas

Apr 20, 2026By Lee Min-hyung
Mercedes-Benz unveils electric C-Class at world premiere in Seoul
Companies

Audi Korea launches redesigned A6, eyes rebound

Audi Korea has launched its fully revamped A6 premium sedan, positioning the highly sought-after model as a key pillar to revive its sales momentum, the carmaker said Monday. The premium carmaker has high expectations for the model, as the company is hoping to return to its previous glory and work towards sales recovery. “In Korea, the premium sedan remains highly competitive, so we will differentiate our new model by focusing on delivering what Korean customers value most — the digital functionality, combined comfort and sportiness,” Audi Korea CEO Steve Cloete said. “We will also strengthen our competitiveness for our customer-focused approach across our dealer network.” Audi Korea’s total auto sales soared 18.2 percent to 11,001 units last year on robust sales from its all-electric lineups, including the Q4 e-tron. The carmaker’s sales topped 20,000 units for three consecutive years starting in 2020, but fell below the 10,000 mark in 2024 due to a lack of new vehicle launches. The internal combustion engine A6 sedan will help the carmaker boost sales for its non-electric

Apr 20, 2026By Lee Min-hyung
Audi Korea launches redesigned A6, eyes rebound
Companies

Hyundai Motor Group realigns portfolio for physical AI

Hyundai Motor Group is accelerating a sweeping business reorganization by realigning its key affiliates’ portfolio around robotics and physical artificial intelligence (AI). The shift began with Hyundai Wia’s reported plan to consider divesting its defense business to Hyundai Rotem, so the former can focus more on its robotics business. The drive is seen as part of the group’s strategy to streamline overlapping or fragmented operations across its affiliates and speed up its expansion into the lucrative robotics area. Hyundai Mobis is also undergoing a notable transformation. The auto parts arm of the group is phasing out traditional exterior component businesses such as bumpers and lamps, while boosting its push into robotics. Starting in 2021, the company has included the manufacturing and sales of robots and robot components as its corporate business objectives. It already shared its plan to mass-produce actuators, a key component for advanced robots. Hyundai Motor is standing at the center of the group-wide push for its transformation into physical AI. The carmaker unveiled its la

Apr 18, 2026By Lee Min-hyung
Hyundai Motor Group realigns portfolio for physical AI
Companies

BYD’s Dolphin intensifies rivalry with Casper, Ray

BYD Korea’s compact electric hatchback — the Dolphin — is rapidly gaining traction, posing a growing threat to its two established rivals: Hyundai Motor’s Casper Electric and Kia’s Ray EV. Sales of the all-electric hatchback have exceeded expectations just a few months after its February launch, with monthly sales reaching 652 units in March. According to the Chinese electric vehicle (EV) maker, cumulative orders have already surpassed 2,000 units, underscoring the model’s strong popularity driven by its unmatched price competitiveness. The entry-level EV made its debut in Korea in the mid-20 million won range after tax benefits. The pricing has drawn interest from price-sensitive customers seeking practical EVs. Industry officials attributed the Dolphin's smooth market entry to supply constraints from the two rival models. It takes more than 20 months for customers to receive the Casper Electric after they sign contracts, while the Ray EV also requires around 10 months for delivery to customers. “Some demand for the two domestic compact EVs looks to have moved to the Dolphi

Apr 17, 2026By Lee Min-hyung
BYD’s Dolphin intensifies rivalry with Casper, Ray
Companies

Hyundai Motor CEO underscores role of autonomous driving, AI robotics

Hyundai Motor CEO Jose Munoz has underscored the role of autonomous driving and artificial intelligence (AI) robotics in leading the future of mobility and the need to quickly pivot the company's strategy to meet changing consumer demand. He shared the agenda as a speaker in the Future of Mobility track session of the 2026 Semafor World Economy forum in the United States, Tuesday (local time). This year’s session was led by Genesis as the track sponsor. He has particularly expressed the carmaker’s confidence in driving the era of self-driving. “Even now, you can ride Waymo vehicles in San Francisco and IONIQ 5-based Motional robotaxis in Las Vegas, and in the future, you will be able to see IONIQ 5 autonomous vehicles throughout the U.S.,” Munoz said. Hyundai Motor Group will also deploy proprietary technologies on a large scale through Motional, and more autonomous driving technology will be equipped in consumer vehicles as well, he added. The top executive from the Korean automaker also stressed the importance of AI and robotics technology, citing the firm’s recent decision to

Apr 15, 2026By Lee Min-hyung
Hyundai Motor CEO underscores role of autonomous driving, AI robotics
Companies

LG CNS showcases logistics robot operable at minus 26 degrees Celsius

LG CNS has showcased its logistics robot operable at minus 26 degrees Celsius in a move to tap deeper into the cold chain logistics industry in North America, the company said Wednesday. The Mobile Shuttle automated logistics robot made its debut at Modex 2026, the largest annual supply chain and logistics exhibition, in Atlanta. Designed for stable operation in subzero environments, the system is particularly suitable for the food and retail industry. The system consists of dozens to hundreds of robots that move along warehouse racks at speeds of up to 1.5 meters per second. Each robot is capable of carrying loads weighing up to 1,500 kilograms. The four-way shuttle structure enables movement in all directions including vertical travel, minimizes path restrictions and allows for flexible logistics flows, the LG affiliate said. The system has also improved storage efficiency by more than 30 percent compared to conventional two-directional systems, through a high-density storage design. LG CNS has integrated its artificial intelligence (AI) agent capabilities into the robot. In case of urge

Apr 15, 2026By Lee Min-hyung
LG CNS showcases logistics robot operable at minus 26 degrees Celsius
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