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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

Hyundai Glovis opens new facilities in US

Hyundai Glovis has expanded its logistics footprint in the United States by opening two new facilities to strengthen its readiness to the rapidly changing global supply chain dynamics, the company said Wednesday. According to the logistics firm, it opened a new logistics center in Los Angeles and an integrated warehouse in Georgia in the first quarter of the year. The move is part of the company’s strategic effort to preemptively respond to the increasing production in North America and enhance its supply chain flexibility, Hyundai Glovis said. The Los Angeles logistics facility spans approximately 12,000 square meters — roughly the size of two football fields — and is about a 25-minute drive away from both the Port of Long Beach and a nearby airport. The facility’s proximity to key transport hubs makes it well-suited for handling combined sea and air freight operations. Hyundai Glovis plans to integrate a range of logistics services at the site, including transloading, air cargo handling and warehouse and distribution operations. The company will also strengthen its inland transpo

Apr 15, 2026By Lee Min-hyung
Hyundai Glovis opens new facilities in US
Companies

Renault Korea to produce EVs in Busan from 2028

Renault Korea will begin production of next-generation electric vehicles (EVs) at its Busan plant starting in 2028, marking a central pillar of the automaker’s mid-term strategy to adapt to the accelerating shift toward electrification, its CEO said Tuesday. As part of its broader product road map, the company also pledged to introduce one new model annually through 2029, aiming to strengthen its foothold in the Korean market with a more diversified lineup. In 2027, Renault Korea plans to debut its first software-defined vehicle (SDV), equipped with advanced artificial intelligence (AI) technologies. “We need to catch up on electrification for our brand in Korea, and our first fully electrified model will be produced in Busan from 2028,” CEO Nicolas Paris said during his first press conference since beginning his role in September 2025. “Renault Korea is also running toward our group-wide goal of reaching 50 percent in hybrid cars and 50 percent in EVs by 2030.” In recent years, Renault Korea has focused on reviving its sales through strategic model launches. The Grand Koleos SU

Apr 14, 2026By Lee Min-hyung
Renault Korea to produce EVs in Busan from 2028
Companies

Hyundai Motor Group chair presents vision for AI, robotics at US forum

Hyundai Motor Group Executive Chair Chung Euisun has outlined the group’s vision for next-generation mobility centered on artificial intelligence (AI), robotics and hydrogen at the 2026 Semafor World Economy forum. The event, hosted by global digital media platform Semafor in the United States, launched its five-day run on Monday (local time), bringing together top executives from Fortune Global 500 companies and public and private sector leaders worldwide to discuss key economic and technological challenges. Hyundai Motor Group is participating in track sessions and roundtables to present its future mobility strategy and reinforce its global leadership. Chung emphasized that intensifying competition serves as a catalyst for innovation. “Competition — driven by changing conditions — stimulates innovation,” he said in a written interview with the event organizer on Sunday. “We can tackle crisis with our inherent flexibility and resilience.” He highlighted Hyundai’s approach of combining global expansion with regional agility to navigate increasingly fragmented markets. The c

Apr 14, 2026By Lee Min-hyung
Hyundai Motor Group chair presents vision for AI, robotics at US forum
Companies

Volvo, Audi on high alert over rapid rise of Tesla, BYD

Tesla and BYD have emerged as the biggest disruptors in Korea’s imported car market, posing threats to established players — particularly to Volvo and Audi — two mid-tier premium carmakers that have recently lost their spots to the two rapidly growing electric vehicle (EV) makers, according to data and industry officials, Monday. Tesla topped the list in the imported car sales between January and March by selling 20,964 EVs, according to data from the Korea Automobile Importers and Distributors Association. BMW Korea followed the list with 19,368 and Mercedes-Benz Korea came in third with 15,862 cars sold. Of particular note is the rapid ascent of BYD Korea, which ranked fourth by selling 3,968 EVs during the same period. Volvo Car Korea and Audi Korea followed the list with auto sales of 3,628 and 3,138, respectively, in the first quarter. BYD Korea is further tightening is presence here with a series of its price-competitive EV lineups, including the Atto 3 compact SUV, the high-performance Sealion 7 SUV and the Dolphin hatchback. Volvo Car Korea and Audi Korea — which have lon

Apr 14, 2026By Lee Min-hyung
Volvo, Audi on high alert over rapid rise of Tesla, BYD
Companies

Kumho Tire supplies EV tires to Skoda

Kumho Tire has supplied its electric vehicle (EV) tires for Skoda’s two all-electric models, further expanding its presence in the European tire market, the Korean tire maker said Monday. Under the supply contract, Kumho Tire’s ECSTA original equipment (OE) tires will be provided to Skoda’s Enyaq and Elroq electric SUVs. The ECSTA series is a signature model of Kumho Tire. The ECSTA PS71 SUV is specifically designed for sports vehicles, featuring decent handling and braking performance for driving both on dry and wet surfaces. The tire is also characterized by its robust structure, a greater contact area for improved braking and better fuel efficiency, Kumho Tire said. Its in-and-out pattern and hybrid technologies ensure handling stability at high speeds, regardless of road conditions. The ECSTA PS71 lineup accommodates a wide range of vehicles, such as passenger cars, SUVs and even EVs. “Our supply of OE tires to Skoda is a testament to our quality and technological prowess,” said Kim In-soo, head of OE tire sales at Kumho Tire. “We will continue to leverage our world-class q

Apr 13, 2026By Lee Min-hyung
Kumho Tire supplies EV tires to Skoda
Companies

Korea likely to avoid tapping oil reserves through May

Korea will be able to weather ongoing energy supply uncertainties without tapping oil reserves through April and May, Industry Minister Kim Jung-kwan said Sunday. The government has secured sufficient crude oil supplies, supplemented by voluntary reserves held by private firms, according to the minister. He said the government was compelled to release strategic reserves during the Russia-Ukraine war, but this time, conditions are more stable. “We expect to pass through the coming months without taking such measures,” he said during on "Sunday Diagnosis," a weekly TV news analysis program. Kim remained cautious regarding seven oil tankers currently delayed in the Strait of Hormuz, saying that “the situation remains unpredictable, while the government makes efforts to resolve the issue.” As an alternative, the government is preparing to utilize routes through the Red Sea at Yanbu, a port city in Saudi Arabia. Kim noted that Korea’s Cheonghae Unit, including the Navy destroyer Dae Jo-yeong, may escort Korean vessels to ensure safe passage. He also emphasized that Saudi Arabian auth

Apr 12, 2026By Lee Min-hyung
Korea likely to avoid tapping oil reserves through May
Companies

Price competitiveness key to Hyundai Motor’s China comeback

Hyundai Motor’s potential success in China will depend on the carmaker’s ability to release more localized models with competitive pricing, as Beijing Hyundai struggles to achieve a meaningful sales rebound even after its much-hyped launch of the China-specific Elexio electric vehicle (EV) last year, industry officials said Sunday. Beijing Hyundai launched its first all-electric Elexio midsized SUV in October last year, displaying its renewed signal to widen its footing in the lucrative Chinese EV market. The vehicle, however, has made little impact there largely due to its ambiguous positioning in terms of its commercial value. The model is struggling to compete against price-competitive Chinese EVs, with just hundreds of Elexio EVs having been sold there. This has raised concerns that upcoming models from Beijing Hyundai could face similar challenges if their positioning remains unclear — neither distinctly premium nor price-competitive. According to data from the China Passenger Car Association, Elexio’s monthly sales in China reached merely 221 in November and 228 in December

Apr 12, 2026By Lee Min-hyung
Price competitiveness key to Hyundai Motor’s China comeback
Companies

Hanwha Aerospace signs MOU with Indra Group for Latin American defense cooperation

Hanwha Aerospace has signed a memorandum of understanding (MOU) with Spain’s Indra Group to jointly offer armored vehicle solutions for the Chilean Army and expand cooperation across Latin America. The signing ceremony was held during the FIDAE 2026 International Air and Space Fair in Santiago, Chile, on Wednesday (local time). Attendees included Kim Dong-hyeon, head of Hanwha Aerospace’s Land Systems Business Group; Domingo Castro Fernandez, Indra’s director of Defense and Security for the Americas; Maria Dolores Carrillo Aguilera, Indra’s business development director for Land Systems; and Kim Hak-jae, Korea’s ambassador to Chile. Under the agreement, the companies will jointly propose a combined solution for Chile’s next-generation armored vehicle program. Hanwha Aerospace will provide its Tigon armored vehicle platforms, while Indra will supply mission system equipment — including connectivity, situational awareness and command-and-control capabilities — and act as regional coordination lead. Beginning with Chile, the partners aim to expand cooperation in ground defen

Apr 9, 2026By Lee Min-hyung
Hanwha Aerospace signs MOU with Indra Group for Latin American defense cooperation
Companies

Ceasefire lifts prospects for airlines, construction industry

A two-week ceasefire between the United States and Iran will pave the way for Korea’s aviation and construction firms to ease cost pressures and improve earnings prospects amid falling global oil prices, industry officials said Wednesday. International crude oil prices plunged sharply following the truce announcement. On Wednesday, West Texas Intermediate (WTI) futures dropped as much as 19 percent on the eased tension in the Middle East. The oil price fall comes as a boon for airlines in particular, as fuel costs typically account for around 30 percent of their total expenses. As the ceasefire agreement was clinched on condition of reopening the Strait of Hormuz, a critical oil shipping route in the Middle East, concerns over the oil price hike have also been alleviated by the announcement. The U.S. dollar also weakened its valuation against the Korean won, which also brings major relief to airlines, as they pay for fuel in dollars. The won-dollar exchange rate closed at 1,470.6 won per dollar, Wednesday, down 33.6 won from the previous session, and continued its downward trend throu

Apr 8, 2026By Lee Min-hyung
Ceasefire lifts prospects for airlines, construction industry
Companies

LIG Defense & Aerospace establishes 1st US subsidiary

LIG Defense & Aerospace (D&A) has established its first local subsidiary in the United States — LIG Defense U.S. — to enhance cooperation with the U.S. Navy, the company said Wednesday. With retired U.S. Navy Vice Adm. Richard Brown appointed as chief adviser, the U.S. subsidiary will carry out comprehensive activities — including building local partnerships and pursuing technology exchanges — as it seeks to enter the world’s largest and most advanced defense market. Brown, the former commander of Naval Surface Forces at the U.S. Pacific Fleet who oversaw fleet operations and led efforts to enhance the combat readiness of surface forces, is considered well suited to strengthen cooperation with the U.S. Navy and expand the company’s business. LIG has operated local offices in key target countries, including Colombia, the United Arab Emirates, Saudi Arabia, Indonesia and Malaysia, as well as in Europe, to build a global network. The launch of the U.S. subsidiary is expected to further boost its international business. LIG D&A has already gained U.S. recognition after its Poniar

Apr 8, 2026By Lee Min-hyung
LIG Defense & Aerospace establishes 1st US subsidiary
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