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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

Tesla's FSD subscription comes as wake-up call for Hyundai's software strategy

Tesla's pivot to a lower-barrier subscription model for its Full Self-Driving (FSD) software in Korea is serving as a sharp wake-up call for Hyundai Motor Group, exposing a widening gap between the two rivals in the race to profit from next-generation in-vehicle software. Starting Aug. 10, Tesla Korea will offer its supervised FSD package through a monthly subscription priced at 150,000 won ($100), replacing the previous one-time purchase option of 9.04 million won. The move underscores Tesla's long-term strategy of generating recurring software revenue beyond vehicle sales, while lowering the upfront cost for consumers. Tesla's latest move underscores the challenges faced by Hyundai Motor Group, which has also been positioning itself as a leading software-defined vehicle (SDV) developer. The Korean carmaker still faces skepticism from financial markets regarding the commercial viability of its digital subscription-based services. The Korean automaker recently highlighted the rollout of its next-generation Pleos artificial intelligence infotainment platform in its newly launched strategic

Jul 14, 2026By Lee Min-hyung
Tesla's FSD subscription comes as wake-up call for Hyundai's software strategy
Companies

Hyundai Rotem's K2 becomes 1st Korean defense product with NATO quality certification

Hyundai Rotem's K2 main battle tank has become the first Korean defense product to receive a NATO quality assurance certification — a key milestone that will strengthen the company's competitiveness in the global defense market, the defense firm said Tuesday. The company received the Allied Quality Assurance Publications (AQAP)-2110 certification, a NATO quality assurance standard for the design, development and manufacturing of defense equipment. AQAP-2110 is a key qualification for supplying defense equipment to NATO member states, as it verifies that products meet the alliance's stringent quality assurance requirements throughout the production process. The certification is widely regarded as an essential prerequisite for expanding defense exports to NATO countries and partner nations. The certification applies to Hyundai Rotem's armored vehicle lineup, including the K2 main battle tank, armored recovery vehicle and combat engineering vehicle. The company said it plans to broaden the scope of certification to additional defense products in line with market demand. With the certifica

Jul 14, 2026By Lee Min-hyung
Hyundai Rotem's K2 becomes 1st Korean defense product with NATO quality certification
Companies

Budget carriers turn to cargo, unpaid leave amid deepening earnings slump

Korea's low-cost carriers (LCCs) are ramping up cargo operations and cutting costs to cushion what is expected to be a sharp second-quarter earnings downturn, as prolonged high fuel prices and a weak won continue to erode their profitability. Facing mounting losses in their core passenger businesses, airlines are seeking to offset earnings pressure by expanding freight operations while implementing cost-saving measures such as unpaid leave for cabin crew. The deteriorating business outlook has also weighed on investor sentiment, with shares of major listed LCCs posting double-digit declines over the past three months despite the broader rally in the benchmark KOSPI. Shares of Jeju Air dropped 14.85 percent over the past three months, and Jin Air shares saw losses of 19.03 percent during the same period. Air Premia has emerged as one of the biggest beneficiaries of the shift toward cargo. The LCC transported 21,424 tons of dedicated cargo, excluding passenger baggage, in the first half of the year, up 52.5 percent from 14,055 tons a year earlier. T'way Air also reported robust cargo growth

Jul 14, 2026By Lee Min-hyung
Budget carriers turn to cargo, unpaid leave amid deepening earnings slump
Companies

Wall Street emerges as tool to draw Korean AI investment to US

SK hynix's Nasdaq listing signals a shift in Washington’s strategy to attract Korean investment. Under the former Joe Biden administration, U.S. industrial policy centered on incentives, such as the CHIPS and Science Act, offering billions of dollars in subsidies to attract semiconductor manufacturing to the U.S. While the strategy succeeded in drawing large-scale investments from global chipmakers, including Samsung Electronics and SK hynix, it also placed considerable financial pressure on companies to commit massive capital expenditures before realizing returns. The recent Nasdaq debut of SK hynix, however, suggests that the U.S. is adding a new dimension to its strategy. By providing Korean companies with direct access to the world's largest capital market and a broad base of artificial intelligence (AI)-focused investors, Washington is increasingly creating an environment in which expanding U.S. operations becomes a commercially attractive decision rather than one driven solely by political or policy pressure. As global demand for AI infrastructure continues to accelerate, investo

Jul 13, 2026By Lee Min-hyung
Wall Street emerges as tool to draw Korean AI investment to US
Companies

Hyundai Motor, Kia, GM Korea on verge of strike amid faltering wage talks

Hyundai Motor, Kia and General Motors (GM) Korea are edging closer to labor action amid their stalled wage negotiations, sparking concerns over production disruptions that could cost hundreds of billions of won. Hyundai Motor's union will stage a two-hour partial strike each day starting Monday, as it failed to find a breakthrough in its wage negotiation with the carmaker’s management. Unionized workers from the automaker are demanding management provide a performance bonus equivalent to 30 percent of the firm’s net profit last year — a figure seen by its management as highly excessive, as the carmaker suffered a net profit fall of more than 20 percent in 2025 in the aftermath of U.S.-imposed auto tariffs. This year’s negotiations have also stalled over a new contentious issue: manufacturing automation driven by advances in physical artificial intelligence (AI). Earlier this year, Hyundai Motor Group shared plans to gradually deploy Boston Dynamics' Atlas humanoid robots across major production facilities in Korea and overseas, prompting strong opposition from the union. In respon

Jul 10, 2026By Lee Min-hyung
Hyundai Motor, Kia, GM Korea on verge of strike amid faltering wage talks
Companies

Samsung, SK face new pressure to expand investment in US

Samsung Electronics and SK hynix are facing renewed pressure to expand their semiconductor manufacturing footprint in the United States, after U.S. Commerce Secretary Howard Lutnick publicly urged the two Korean memory chipmakers to build production facilities there. Lutnick made the remarks Thursday (local time) during a concrete-pouring ceremony for Micron Technology's semiconductor fabrication plant under construction in Clay, New York. His remarks came immediately after Micron unveiled plans to invest approximately $250 billion (377 trillion won) through 2035 to expand its U.S. manufacturing capacity, underscoring the U.S. Donald Trump administration's push to strengthen domestic semiconductor production. Speaking at the event, Lutnick said he has been holding discussions with both Samsung Electronics and SK hynix regarding their U.S. operations, although he declined to provide specific details. The message is widely viewed as signaling Washington's desire for the two Korean companies to establish advanced memory wafer fabrication plants in the U.S., going beyond the investment plans

Jul 10, 2026By Lee Min-hyung
Samsung, SK face new pressure to expand investment in US
Companies

Mercedes-Benz Korea's new CEO tasked with recovering EV sales, corporate image

Mercedes-Benz Korea’s new CEO Shirin Emeera faces a dual challenge of reviving the carmaker’s slowing electric vehicle (EV) sales and rebuilding consumer confidence. Since assuming the role on July 1, Emeera has led Mercedes-Benz Korea at a pivotal moment as the German luxury carmaker rapidly loses ground to Tesla and BMW in Korea. A veteran executive with more than two decades of experience, she most recently oversaw dealer network strategy and market management at the company's headquarters in Germany. Industry officials expect her extensive expertise in retail operations and distribution strategy to play a key role in strengthening Mercedes-Benz Korea's newly introduced direct-sales system and restoring sales momentum. Before assuming her current role, Emeera led Mercedes-Benz's operations in Sweden and Denmark, where she successfully guided the brand to the top position in the premium vehicle segment. Her track record has raised expectations that she can successfully steer the Korean unit even amid one of the carmaker's most challenging periods in recent years. One of her immediat

Jul 10, 2026By Lee Min-hyung
Mercedes-Benz Korea's new CEO tasked with recovering EV sales, corporate image
Companies

Hyundai Motor Group builds Korea's 1st waste-to-hydrogen complex in Cheongju

Hyundai Motor Group has completed Korea’s first waste-to-hydrogen (W2H) production and refueling complex in Cheongju, North Chungcheong Province, marking a major step in its strategy to build a localized clean hydrogen ecosystem through resource recycling. The company held an opening ceremony Thursday for HTWO ENERGY Cheongju. The facility converts biogas extracted from sewage sludge generated in the city into clean hydrogen, which will be supplied for local consumption under a circular energy model. The carmaker said the project demonstrates a "local production for local consumption" approach by transforming municipal waste into carbon-free energy within the same region. The company plans to expand similar plants across the nation to accelerate the adoption of hydrogen and strengthen regional energy self-sufficiency. "HTWO ENERGY Cheongju represents a circular economy model in which local waste resources are converted into clean hydrogen and consumed within the same community," said Seo Gang-hyun, head of the corporate planning office at Hyundai Motor Group. "Hyundai Motor Group will a

Jul 9, 2026By Lee Min-hyung
Hyundai Motor Group builds Korea's 1st waste-to-hydrogen complex in Cheongju
Companies

Hyundai Motor's robotics momentum overshadowed by sales decline

Hyundai Motor’s stock has surrendered much of this year's robotics-driven gains, as the carmaker's steeply falling vehicle sales shift investor focus back to the firm's core business. The carmaker earned a spotlight from investors earlier this year on expectations that its robotics business — centered on humanoid robot development and physical artificial intelligence (AI) technologies — would become a new growth engine. However, Hyundai Motor's shares have retreated sharply, erasing much of the premium that investors had attached to the company's long-term technology ambitions. Market analysts and industry officials argue that the firm will be able to regain confidence from investors only after displaying a clear vision that its core automotive business can recover from the weakening sales. Hyundai Motor recorded weak performance in the Korean market in the first half of the year. Domestic sales plunged 10.8 percent between January and June from a year earlier. In April, Hyundai Motor temporarily surrendered the title of Korea's best-selling automaker to its sister carmaker Kia for

Jul 8, 2026By Lee Min-hyung
Hyundai Motor's robotics momentum overshadowed by sales decline
Companies

Hanwha Ocean's Canada setback boosts export prospects

Hanwha Ocean’s narrow defeat in Canada’s multibillion-dollar submarine procurement project has proven to be a strategic showcase for Korean defense technology, laying the groundwork for the firm’s future exports, experts and industry officials said Tuesday. The analysis came shortly after the Korean shipbuilder lost the Canadian Patrol Submarine Project, a program valued at up to 60 trillion won ($39.3 billion), to Germany’s TKMS. Experts attribute Hanwha Ocean's defeat not to technological shortcomings, but to geopolitical considerations, particularly Germany's longstanding alliance with Canada through NATO. While political factors are believed to have played a decisive role, they argue that the closely contested bidding process underscored Hanwha Ocean's ability to compete head-to-head with one of the world's most established submarine manufacturers. Moon Keun-sik, a professor at Hanyang University’s Graduate School of Public Policy and a former Korean submarine captain, said Korea had mounted a strong campaign, but was ultimately unable to overcome the political realities su

Jul 7, 2026By Lee Min-hyung
Hanwha Ocean's Canada setback boosts export prospects
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