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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's AI ambitions face investor reality check

Hyundai Motor’s ambitious artificial intelligence (AI) pivot faces a credibility test as foreign investors retreat amid lingering doubts over whether the carmaker can turn its costly bets on robotics and autonomous driving into profits. Foreign investors’ stake in Hyundai Motor topped 35 percent in January but fell to about 24.42 percent as of Friday, reversing much of the optimism that had surrounded the company’s push into physical AI and robotics. The retreat comes as Hyundai’s earnings outlook has become increasingly uncertain. The company has been hit hard by higher tariffs from the United States, rising costs and production disruptions, while labor strikes in Korea are expected to weigh further on the firm’s third-quarter earnings. Hyundai’s stock surged earlier this year, as investors embraced its ambition to move beyond traditional automobile business and capitalize on the rapid growth of AI and robotics. However, as the market has shifted its focus back to earnings, questions over when those investments will actually generate meaningful returns have grown. Hyundai ha

Sep 7, 2026By Lee Min-hyung
Hyundai's AI ambitions face investor reality check
Companies

Hyundai bets big on steel to anchor US strategy

Hyundai Motor Group is betting on steel to expand its manufacturing footprint in the United States, in a strategic move to build a local supply chain that serves not just the automotive industry, but also robotics, aerospace and artificial intelligence (AI) data centers. At the groundbreaking ceremony Friday (local time) for a $5.8 billion electric arc furnace steel mill being jointly constructed by Hyundai Steel and POSCO in Louisiana, Hyundai Motor Group Executive Chair Chung Euisun said the facility will become a key production hub for supplying low-carbon, high-grade steel to a broad range of advanced industries in the U.S. The strategy marks a major shift from viewing the mill as a way to shield Hyundai Steel's U.S. operations from the 50 percent tariff on imported steel. Instead, the group plans to use the facility as a foundation for expanding its manufacturing value chain in the world's largest economy. Chung said the plant will begin producing steel in early 2029, supplying automotive sheets as well as materials for humanoid robots, AI data centers, power-generation facilities

Sep 6, 2026By Lee Min-hyung
Hyundai bets big on steel to anchor US strategy
Companies

Tesla, BYD capitalize on Korean automakers' wage strikes

Tesla and BYD are gaining ground in Korea, filling the void created by prolonged labor strikes at major domestic automakers in August. Combined domestic sales by Hyundai Motor, Kia, KGM, Renault Korea and General Motors (GM) Korea fell 28.3 percent from a year earlier to 79,601 vehicles last month, according to data from the Korea Automobile Importers & Distributors Association (KAIDA). All the five carmakers reported year-on-year declines. Hyundai Motor was hit particularly hard, with domestic sales plunging 41.1 percent to 34,333 vehicles. Production disruptions caused by a series of partial strikes by its union weighed heavily on vehicle output and deliveries. Hyundai workers staged partial walkouts from July through August, with the cumulative strike time reaching about 60 hours. This is estimated to have caused production losses of roughly 55,000 vehicles. Kia fared better, but its domestic sales still declined 7.6 percent to 40,213 units. The automaker was also affected by the strike and reduced production days during the summer vacation season. The fall in sales shows that supply-s

Sep 6, 2026By Lee Min-hyung
Tesla, BYD capitalize on Korean automakers' wage strikes
Companies

Hyundai Mobis opens new EV parts plant in Slovakia

Hyundai Mobis has opened a new plant in Slovakia to produce power electric systems for electric vehicles (EVs), strengthening its production network in Europe amid the region’s growing electrification demand, the auto parts maker said Thursday. The facility, located in Novaky in western Slovakia, is the Korean auto parts maker’s first PE system plant in Europe and its third electrification production base on the continent. The company already operates battery system assembly plants in the Czech Republic and Spain. The new plant has an annual production capacity of up to 280,000 PE systems. Power electric systems integrate three major components of an electric powertrain — an electric motor, an inverter and a reduction gear. Hyundai Mobis invested about 250 billion won ($184 million) in the facility, which occupies a site of about 106,000 square meters. The plant includes production lines for stators, a core component of electric motors, as well as inverters and other electric powertrain components. The company said the facility will serve as a regional production hub supplying Hyund

Sep 3, 2026By Lee Min-hyung
Hyundai Mobis opens new EV parts plant in Slovakia
Companies

Why ex-police officials keep taking charge of Korea Airports Corp.

Korea Airports Corp. (KAC) has repeatedly turned to former police officials to lead the state-run airport operator, with security concerns taking precedence over aviation and management expertise in selecting its top executives, industry officials said Thursday. The appointment of Kim Won-joon, former chief of the Gyeonggi Nambu Provincial Police Agency, as KAC's 14th president on Wednesday has revived questions over why the airport operator continues to favor security officials for its top job. Kim is the fifth KAC president with a police background since the airport operator was reorganized into its current structure in 2002. A former military general and a former intelligence official have also served as KAC president. An aviation industry official said the pattern stems largely from the special nature of airports. “Airports are not simply places for aviation operations,” an official from the industry said. “They are facilities closely linked to national security, which is why police officials with expertise in security have frequently been selected as leaders for the organizati

Sep 3, 2026By Lee Min-hyung
Why ex-police officials keep taking charge of Korea Airports Corp.
Business

POSCO chief calls for stronger Australia-Korea resource supply chain

POSCO Group Chairman Chang In-hwa has called for stronger cooperation between Korea and Australia in securing critical minerals and building resilient resource supply chains. He has particularly underscored the need for Australia’s abundant natural resources to be combined with Korea’s advanced processing technologies. Chang made the proposal Wednesday at the 47th Korea-Australia Economic Cooperation Committee annual joint meeting in Adelaide, where he attended as chairman of the Korean side. More than 200 government and business leaders from both countries attended the meeting, including Australian Foreign Minister Penny Wong and Trade and Tourism Minister Don Farrell. Chang said critical minerals could become a new growth engine for economic cooperation between the two countries. He also requested deeper and broader bilateral partnerships in energy, defense, space and research and development. “Critical minerals have the potential to become a new growth pillar for industrial cooperation between the two countries,” Chang said in his opening remarks. He also raised the need for clo

Sep 2, 2026By Lee Min-hyung
POSCO chief calls for stronger Australia-Korea resource supply chain
Companies

Korea Airports Corp. names new CEO

Kim Won-joon, former chief of the Gyeonggi Nambu Provincial Police Agency, took office as the 14th president and CEO of Korea Airports Corp. (KAC) on Wednesday, filling the state-run airport operator's two-year leadership vacuum. He pledged to put airport safety and public trust at the center of his management strategy. Kim is scheduled to visit Muan International Airport immediately after his inauguration to pay tribute to victims of a disastrous Jeju Air crash in December 2024, which left 179 people dead. He will inspect the site of the disaster and a facility storing victims’ belongings. He is expected to prioritize support for bereaved families and the handling of remaining issues surrounding the crash. At his inauguration ceremony, Kim said he would reassess long-standing practices and overhaul the company’s management system to ensure sustainable growth. He pointed to the challenges facing the airport operator, including a prolonged leadership vacuum, limited room for further growth in domestic air travel, a stagnant revenue structure and mounting financial pressures. Kim said sa

Sep 2, 2026By Lee Min-hyung
Korea Airports Corp. names new CEO
Companies

US Army acquisition chief visits Hanwha Aerospace in Changwon

The U.S. Army’s top acquisition official visited Hanwha Aerospace’s defense production sites in Changwon, South Gyeongsang Province, Aug. 26 to review the company’s manufacturing capabilities for artillery, rocket systems and other land-based defense platforms. Brent Ingraham, assistant secretary of the Army for acquisition, logistics and technology, led the delegation during the visit. His visit followed Hanwha’s Aug. 18 deal with the U.S. Army to supply six prototype systems for the Mobile Tactical Cannon program, with an option for 12 additional systems. The delegation toured Hanwha’s K9 production line, where K9MH systems are currently being manufactured, and observed automated processes, including robotic welding, used in the production of the company’s artillery systems. The delegation also watched mobility demonstrations of the K9MH and K9A1 self-propelled howitzers and a demonstration of the Chunmoo multiple rocket launcher. It also reviewed Hanwha’s broader portfolio of land-based defense systems. “Hanwha brings proven manufacturing capabilities and global product

Sep 2, 2026By Lee Min-hyung
US Army acquisition chief visits Hanwha Aerospace in Changwon
Companies

Kia salesman turns hobbies into secret for sales milestone

For Kim Hyong-su, a veteran salesman at Kia, some of the most important connections in his career were not made inside a showroom. Sometimes, customers find him on a soccer field. Other times, they meet him through one of his hobbies. Kim, a sales director at the carmaker, has achieved cumulative vehicle sales of 4,000 to become the firm’s 40th Grand Master — a title awarded to salesmen who achieve the sales figure. Kim said his long-running hobbies — including soccer and triathlon — have played an unexpected role in helping him build relationships with customers and sustain a career that has spanned more than three decades. “I get inquiries from people I have met through my hobbies when they find out that I work for Kia,” Kim said in a recent telephone interview. About 60 percent of his sales currently come from individual customers, while corporate buyers account for the remaining 40 percent. Kim has been playing soccer in an amateur club for more than 20 years. He initially took up swimming and later expanded into triathlon, a sport he continues to enjoy. For him, exercise se

Aug 31, 2026By Lee Min-hyung
Kia salesman turns hobbies into secret for sales milestone
Companies

Hybrid becomes Hyundai Motor's new US strategy

Hyundai Motor is expanding hybrid production and local sourcing in the United States, in a strategic shift to blunt the impact of tariffs. The effort — unveiled at its 2026 CEO Investor Day on Wednesday — is centered on its plan to offer more than 10 hybrid models in North America by 2030, with a goal of making hybrids account for around half of its regional sales there. The strategy goes beyond expanding its hybrid lineup. Hyundai said it will raise its North American local parts sourcing target to 80 percent in the same timeline, up from the previous target of 60 percent, as it seeks to build a more localized supply chain and reduce exposure to trade-related costs. The vehicles will be produced at Hyundai Motor Manufacturing Alabama and Hyundai Motor Group Metaplant America in Georgia. The shift comes as Hyundai Motor faces a more uncertain U.S. auto market. The company is subject to a 15 percent tariff on automobiles, while uncertainty over future U.S. trade policy continues to weigh on the automaker's long-term investment decisions. To mitigate the risks, the carmaker is increasin

Aug 27, 2026By Lee Min-hyung
Hybrid becomes Hyundai Motor's new US strategy
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