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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

Kia's Q3 profit jumps 24.3% on hybrid, SUV sales growth

Kia has achieved solid earnings growth in the third quarter, supported by rising sales of hybrids, electric vehicles (EVs) and popular SUV models across major markets, the carmaker said Friday in a regulatory filing. The carmaker said its operating profit between July and September jumped 24.3 percent to 1.82 trillion won ($1.36 billion). Sales also increased 10.2 percent to 31.6 percent during the same period. The automaker's earnings growth was driven by its diversified electrification strategy, as it helped sustain growth despite weakening global auto demand, Kia said. Global vehicle sales rose 7.9 percent to 847,355 vehicles in the third quarter on balanced sales growth of its hybrids, EVs and SUV models. Kia's SUV lineup, including the Sportage, Carnival and newly introduced Telluride Hybrid, helped drive sales in the United States, where retail sales rose 7.8 percent to approximately 234,000 units. The automaker's U.S. market share reached a quarterly record of 5.8 percent. Hybrid sales in the U.S. surged 118 percent to 69,000 vehicles, significantly outpacing the market's 27 percen

Oct 30, 2026By Lee Min-hyung
Kia's Q3 profit jumps 24.3% on hybrid, SUV sales growth
Companies

Hyundai Motor's Q3 operating profit rises 5.5% despite external challenges

Hyundai Motor posted modest growth in its operating profit for the third quarter, as stronger sales of higher-value vehicles, particularly hybrids, and favorable exchange rates helped offset production disruptions and weaker global demand, the carmaker said Thursday. In a regulatory filing, the automaker reported its operating profit grew by 5.5 percent between July and September to 2.68 trillion won ($2.05 billion), while its sales fell 3.4 percent to 45 trillion won during the same period. The carmaker managed to weather market concerns to some extent with the earnings growth, as the market expected it to continue its losing streak due to multiple risk factors, such as domestic production disruptions caused by labor strikes and deepening competition around the world. Hyundai Motor attributed the profit increase to favorable exchange rates, cost optimization measures and an improved sales mix driven by growing demand for hybrids. The average won-dollar exchange rate rose 2.8 percent from a year earlier to 1,423 won during the third quarter. Hybrids accounted for 18.2 percent of the comp

Oct 29, 2026By Lee Min-hyung
Hyundai Motor's Q3 operating profit rises 5.5% despite external challenges
Companies

Renault Korea blends French design with Korean lifestyle

Renault Korea is combining French design sensibilities with Korean consumers’ practical needs, blending distinctive driving pleasure with spacious interiors, quiet cabins and advanced convenience features. The approach reflects Renault's philosophy of “voitures a vivre,” or cars for living, which views vehicles as spaces where drivers and passengers spend part of their daily lives, rather than simply as means of transportation. Under this concept, exterior styling is only one part of the design process, alongside interior usability, passenger comfort and intuitive technology. Alexandre Malval, Renault's vice president of design, has outlined four core design values: Designed to be Loved, Crafted Space, Electrified by Passion and People-first Tech. The principles emphasize creating vehicles that appeal emotionally while improving the everyday experiences of those inside them, according to Renault Group. Korean consumer preferences play a key role in translating these principles into products. Demand for generous rear-seat space, passenger comfort, multimedia functions and convenient

Oct 29, 2026By Lee Min-hyung
Renault Korea blends French design with Korean lifestyle
Companies

EVs on path to overcome chasm in Korea

Korea’s electric vehicle (EV) market is showing clear signs of crossing the chasm before mass adoption, as lower-cost models and surging fuel expenses make EVs increasingly attractive to consumers. The trend is seen in the increasing demand for used EVs. Their growing popularity could also help ease concerns over resale values — which was considered one of the longstanding obstacles blocking widespread EV adoption. As demand strengthens and prices stabilize, prospective buyers may become less wary of losing money when selling their vehicles, potentially supporting further growth in new EV sales. According to K Car, the country’s major used car sales platform, used all-electric cars took an average of 81 percent as long to sell as internal combustion engine vehicles during the January-September period. In other words, used EVs sold 19 percent faster than their gasoline- and diesel-powered counterparts. EVs also accounted for a share of K Car’s total used car sales that was approximately 32 percent higher than a year earlier during the same period, indicating that consumer interest

Oct 29, 2026By Lee Min-hyung
EVs on path to overcome chasm in Korea
Companies

FTC's Samsung penalty revives questions over regulatory consistency

The Fair Trade Commission's (FTC) latest sanction against Samsung Electronics is reviving questions over the consistency of its enforcement, as controversy persists over the timing and validity of the penalty. The dispute came shortly after the antitrust watchdog imposed a tentative fine of around 20 billion won ($15 million) on Samsung, Tuesday, for allegedly deceptive advertising related to its smart devices’ game optimizing service (GOS), which regulates processor performance to control heat and battery consumption during demanding gaming sessions. The regulator ordered Samsung to stop similar advertising, saying the company promoted the gaming capabilities of its flagship Galaxy S21 and S22 smartphone series and Galaxy Tab S8 tablets without disclosing GOS-related performance restrictions. The controversy dates back to 2022, when users accused Samsung of overstating gaming performance while restricting device capabilities through GOS. The company released a software update in March that year to address the complaints. The move, however, has raised doubts, as it came after the contr

Oct 28, 2026By Lee Min-hyung
FTC's Samsung penalty revives questions over regulatory consistency
Companies

Hanwha's KAI bid bodes well for another defense leap forward

Hanwha Group’s potential acquisition of Korea Aerospace Industries (KAI) could give the country’s aerospace and defense industry a much-needed boost in the global market, as privately owned defense firms have significantly outpaced their state-backed rival in sales growth. Yet transferring control of a strategically important company to a private conglomerate would also raise questions over national security, market concentration and the public investment underpinning its technological achievements. KAI has remained under state ownership since its establishment in 1999, with the state-run Export-Import Bank of Korea as its largest shareholder, holding a 26.41 percent stake. Hanwha is the second-largest shareholder, with a 15.89 percent stake. KAI’s relatively modest growth compared with private-sector defense counterparts highlights the potential benefits of a change in ownership. Lagging behind other private defense firms, KAI’s annual sales reached 3.69 trillion won ($2.79 billion) in 2025, inching down from 3.81 trillion won in 2023. Over the same period, LIG Defense & Aerospac

Oct 28, 2026By Lee Min-hyung
Hanwha's KAI bid bodes well for another defense leap forward
Companies

Debate grows over KAI privatization as Hanwha aims to expand stake

The privatization of Korea Aerospace Industries (KAI) could gain momentum as the state-run Export-Import Bank of Korea (Eximbank) commissions a 1.8 billion won ($1.36 million) consulting project and the Fair Trade Commission (FTC) highlights the benefits of stronger competition among major defense companies. Although Eximbank and KAI have expressed reservations about a change in ownership, KAI’s slower growth compared to its defense industry peers, despite a boom in arms exports, is fueling calls for privatization. Eximbank is KAI’s largest shareholder, with a 26.41 percent stake. According to Rep. Ahn Sang-hoon of the main opposition People Power Party and other sources, Eximbank recently selected AT Kearney as the preferred bidder for the consulting project and is proceeding with the subsequent steps. The project will examine ways to strengthen Korea’s aerospace industry and foster global anchor companies. Reports that the project was initiated at the government’s request have also sparked controversy. On Oct. 20, KAI CEO Kim Jong-chool said the company’s ownership structure

Oct 28, 2026By Lee Min-hyung
Debate grows over KAI privatization as Hanwha aims to expand stake
Companies

Hyundai Motor rises to No. 29 in Interbrand's global brand ranking

Hyundai Motor rose to 29th place in Interbrand’s Best Global Brands 2026 ranking, up two places from a year earlier, with its brand value reaching $25 billion, the automaker said Wednesday. The annual ranking by global brand consultancy Interbrand evaluates brands based on their financial performance, influence on consumers’ purchasing decisions and ability to build long-term loyalty. Hyundai also climbed to fourth among automotive brands from sixth in 2025, extending its streak of annual brand value growth to 17 consecutive years. Hyundai attributed the improvement to its strengthened vehicle lineup, investments in future growth areas such as physical artificial intelligence (AI) and software-defined vehicles (SDVs), and global marketing campaigns tied to major sporting events and cultural initiatives. “Seventeen consecutive years of brand value growth comes from customers who chose Hyundai and from the teams and dealer partners who earned that trust,” Hyundai Motor President and CEO Jose Munoz said. “Improving to fourth among automotive brands reflects both the strength of our

Oct 28, 2026By Lee Min-hyung
Hyundai Motor rises to No. 29 in Interbrand's global brand ranking
Companies

Mercedes-Benz Korea marks 20 years of technician training

Mercedes-Benz Korea is marking the 20th anniversary of its automotive technician training program by strengthening a talent development pipeline that connects early career exploration with specialized training and employment, the carmaker said Tuesday. The automaker has built a series of education programs through the Mercedes-Benz Corporate Social Responsibility (CSR) Committee, starting with the Mobile Academy industry-academia partnership program and extending to the Automotive Electric Traineeship (AET) and subsequent technical training for technicians working in its authorized service network. Launched in 2014, Mobile Academy helps high school and university students explore career opportunities in the automotive industry through lectures, technical education and mentoring from industry professionals. Its university program also introduces students to job openings at authorized dealerships, giving them opportunities to understand workplace requirements and explore potential career paths. The next step for students seeking specialized technical careers is AET, which Mercedes-Benz Kor

Oct 27, 2026By Lee Min-hyung
Mercedes-Benz Korea marks 20 years of technician training
Companies

Hyundai Motor's slide accelerates in Europe, China

Hyundai Motor Group is losing ground in key overseas markets amid declining sales in Europe and a renewed slump in China, raising concerns about its global strategy beyond the United States. Hyundai Motor and Kia sold around 770,000 vehicles in Europe from January to September, down 3.4 percent from a year earlier, according to data from the European Automobile Manufacturers’ Association. The decline contrasted with a 6.3 percent rise in the overall European market, dragging the group’s combined market share down 0.7 percentage point to 7.3 percent during the same period. The weakness largely stemmed from Hyundai Motor, which saw European sales fell 13.2 percent to around 349,000 vehicles. Kia’s sales rose 6.6 percent to around 421,900, allowing the affiliate to overtake Hyundai as the group’s bigger seller in the region. The latest data indicates growing pressure on Hyundai Motor Group, as established European brands and Chinese manufacturers compete more aggressively on electric vehicles (EVs), pricing and model selection. The group’s position in Europe’s EV market has also

Oct 27, 2026By Lee Min-hyung
Hyundai Motor's slide accelerates in Europe, China
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