my timesThe Korea Times
mhlee

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.

Go to Email

Read more

Companies

Incheon airport achieves 1 bil. passengers milestone

Incheon International Airport has achieved a historic milestone in global aviation by recording 1 billion cumulative passengers in the shortest period among the world's major hub airports, the airport operator said Tuesday. According to Incheon International Airport Corp. (IIAC), the airport crossed the 1 billion passenger mark just 25 years and three months after its opening in March 2001. Spanning exactly 9,232 days of operations, this achievement reflects an unprecedented growth trajectory within the international aviation industry, outpacing all historic rival global hubs. The airport’s timeline for reaching 1 billion passengers was significantly shorter than other major transit hubs across Europe, Asia and the Middle East. Germany’s Munich Airport required 33 years and 10 months to hit the same metric, while Singapore’s Changi Airport took 35 years and five months. Japan’s Narita International Airport reached the milestone in 39 years and two months, and Dubai International Airport in the United Arab Emirates required 58 years and two months. To contextualize the scale of 1 b

Jul 7, 2026By Lee Min-hyung
Incheon airport achieves 1 bil. passengers milestone
Companies

Hanwha Ocean defeated by Germany’s TKMS in Canada submarine deal

Hanwha Ocean has lost its bid to supply Canada’s next-generation submarine fleet, after Ottawa selected Germany’s TKMS as the preferred bidder for the megaproject, Canada’s Prime Minister Mark Carney said Monday. The decision marks a major setback for the Korean shipbuilder in Canada's 60 trillion won ($39.2 billion) project to replace the Royal Canadian Navy's aging fleet of four Victoria-class submarines with 12 new 3,000-ton diesel-electric vessels. The program also includes long-term maintenance, repair and overhaul (MRO) services. Carney formally announced the selection of TKMS before his departure for the North Atlantic Treaty Organization (NATO) leaders' summit in Turkey. "This was a difficult, close decision between two highly qualified suppliers. Both the TKMS and Hanwha platforms met the capabilities of the Royal Canadian Navy, and both put forward strong proposals,” he said in his speech in Halifax, Canada’s largest Atlantic coastal city. Hanwha Ocean pitched a variant of its 3,000-ton KSS-III Batch-II submarine. The vessel, developed for the Korean Navy, features fu

Jul 7, 2026By Lee Min-hyung
Hanwha Ocean defeated by Germany’s TKMS in Canada submarine deal
Companies

Audi Korea to host FC Bayern Munich friendly in August

Audi Korea said Monday it will host German football powerhouse FC Bayern Munich in Korea as part of the club's global preseason Audi Summer Tour 2026. The annual preseason program, jointly organized by Audi and Bayern Munich since 2014, combines football with customer engagement events and brand experiences. Celebrating its 10th edition this year, the tour will take place from Aug. 1 to 8 in Korea and Hong Kong. The Korea leg of the tour will feature a friendly match between Bayern Munich and Jeju SK FC at Jeju World Cup Stadium on Aug. 4. Bayern Munich, Germany's most successful Bundesliga club, is expected to attract local football fans with a rare appearance in Korea. Audi, which has been a key partner of Bayern Munich since 2002, said the tour reflects its strategy of strengthening customer engagement in Korea through global sports marketing. "We are very pleased to present a match featuring one of the world's top football clubs here in Jeju," said Steve Cloete, executive director of Audi Korea. "Through the Audi Summer Tour 2026, we look forward to offering a more special and memorabl

Jul 6, 2026By Lee Min-hyung
Audi Korea to host FC Bayern Munich friendly in August
Companies

Innocean names former Apple Korea executive as CEO of digital marketing arm

Advertising firm Innocean has appointed Lee Il-sup, former director of Apple Korea, as the new CEO of its digital marketing subsidiary, D-Plan360. Lee is a digital marketing specialist with more than 25 years of experience, leading marketing and advertising businesses at major global companies. His expertise spans brand strategy, performance marketing and advertising technology. At Apple Korea, Lee led the firm’s search advertising business, overseeing the launch and expansion of the relevant business here. Previously, as chief marketing officer at GM Korea, he spearheaded large-scale brand campaigns and the carmaker's digital transformation initiatives. He has also held leadership positions at WiderPlanet and Yahoo Overture where he gained extensive experience in advertising platforms, performance marketing and sales organization management. Innocean said Lee's broad industry experience and data-driven marketing expertise are expected to strengthen D-Plan360's competitiveness and accelerate the firm’s expansion into new growth areas in media, data and artificial intelligence (AI). "L

Jul 6, 2026By Lee Min-hyung
Innocean names former Apple Korea executive as CEO of digital marketing arm
Companies

PHOTO Atlas makes World Cup debut

Atlas, the humanoid robot developed by Boston Dynamics, delivers the match ball to referee Ismail Elfath before the second half of the 2026 FIFA World Cup Round of 16 match between Brazil and Norway in East Rutherford, N.J., Monday. The Atlas performance is part of Hyundai Motor's "Next Starts Now" global brand campaign, marking the automaker's role as an official FIFA partner since 1999. Courtesy of Hyundai Motor

Jul 6, 2026By Lee Min-hyungphoto
[PHOTO] Atlas makes World Cup debut
Companies

Samsung, SK, Hyundai's investment plans fuel US trade pressure concerns

Samsung Electronics and SK hynix’s unprecedented 800 trillion won ($522.8 billion) investment plan for Korea's southwestern semiconductor belt is emerging as a critical test of their relationship with the United States, as experts and industry officials warn that Washington could intensify pressure on the Korean firms to expand manufacturing on U.S. soil. They said the Donald Trump administration, which has consistently used tariffs and trade policy to encourage foreign companies to invest in the U.S., is unlikely to view such massive domestic investment plans by the Korean chipmakers favorably. Earlier this year, Trump warned that memory chipmakers that failed to build manufacturing facilities in the U.S. could face tariffs of up to 100 percent, a remark widely interpreted as targeting Samsung Electronics and SK hynix. Although the proposed semiconductor tariffs have since been put on hold and have yet to be implemented, the measure remains a potential source of leverage in future trade negotiations between Seoul and Washington. Samsung Electronics is currently investing $37 billion t

Jul 5, 2026By Lee Min-hyung
Samsung, SK, Hyundai's investment plans fuel US trade pressure concerns
Companies

Tesla’s price hike sparks call for regulatory framework

Tesla Korea’s decision to raise electric vehicle (EV) prices shortly after qualifying for the government subsidy program has sparked calls for tougher safeguards to prevent automakers from exploiting public incentives and undermining their intended purpose. Critics argue that carmakers receiving subsidies should be required to maintain stable pricing for a certain period to ensure that taxpayer-funded benefits reach consumers instead of boosting corporate profits. The controversy erupted Wednesday after Tesla Korea increased its prices across several models. A day earlier, the government announced the automakers and models eligible for this year's EV subsidy program. The Model 3 Long Range increased by 7 million won ($4,575), while prices for other models rose by about 3 million won to 5 million won. The timing triggered an immediate public backlash with consumers criticizing Tesla for raising prices as soon as subsidy eligibility was confirmed. This year’s subsidy program evaluates manufacturers on a broad range of criteria, including technological competitiveness, contributions to

Jul 5, 2026By Lee Min-hyung
Tesla’s price hike sparks call for regulatory framework
Companies

BYD Korea looks to offset subsidy exclusion with PHEV sales

BYD Korea is expected to pivot its strategic focus toward plug-in hybrid electric vehicles (PHEVs) to offset its exclusion from the government’s electric vehicle (EV) subsidy program. The Chinese EV maker recently rose to the fourth spot in the nation’s imported car sales, behind Tesla, BMW and Mercedes-Benz, but the momentum has hit an unexpected snag, as its all-electric models became ineligible for subsidies starting Wednesday. However, the carmaker is widely forecast to counter the disadvantage by aggressively expanding its PHEV lineup, anchored by its strategically priced Sealion 6 PHEV. According to the Ministry of Climate, Energy and Environment, BYD Korea failed to win the subsidy for its passenger car business here due to its weak profile in supply chain contribution, a category given greater weight under the government's revised evaluation criteria. Having entered Korea's passenger vehicle market only in January last year, the company scored poorly in that category. Under the government’s updated EV subsidy rule, the climate ministry scores automakers across five categori

Jul 2, 2026By Lee Min-hyung
BYD Korea looks to offset subsidy exclusion with PHEV sales
Companies

Hyosung wins $200 mil. power equipment deal in Australia

Hyosung Heavy Industries has secured a power equipment supply contract worth 310 billion won ($200 million) with Australia's AusNet, strengthening its position as a key supplier in one of the world's fastest growing energy transition markets. The company said Thursday that it signed a five-year agreement with AusNet, the sole transmission network operator in the state of Victoria, to exclusively supply Hyosung’s ultra-high-voltage transformers, reactors and other critical power equipment for the region's transmission grid. The deal marks another major win for Hyosung in Australia, following the 142.5 billion won energy storage system project it secured in Queensland in March. With projects spanning Victoria, Queensland, New South Wales and South Australia, the company has further solidified its standing as a top-tier supplier across the country. Under the agreement, Hyosung will provide ultra-high-voltage power equipment to support Australia's expanding transmission infrastructure, as the country accelerates its transition toward renewable energy. The company currently holds the largest

Jul 2, 2026By Lee Min-hyung
Hyosung wins $200 mil. power equipment deal in Australia
Companies

Hyundai Motor’s Namyang R&D Center drives software-defined vehicle transformation

HWASEONG, Gyeonggi Province — Inside a dimly lit studio at Hyundai Motor Group’s Namyang R&D Center, a researcher sits in a carbon-fiber cockpit surrounded by a massive 270-degree curved screen. As he hits the accelerator, the simulated road rushes past, and the entire rig tilts and vibrates, mimicking subtle asphalt textures of a real test track. Building countless physical prototypes for every design iteration is no longer viable. Instead, Hyundai Motor relies on a high-performance driving simulator operating on a six-degrees-of-freedom (6DOF) motion system. The simulator translates linear and rotational movements — including roll and pitch — into an ultra-realistic driving experience. To achieve maximum fidelity, the carmaker scanned its Namyang proving grounds down to the millimeter, capturing specific slopes, speed bumps and surface roughness. To prevent massive rendering files from lagging, the company deployed a world-first "Terrain Server" system that streams topographical data in real time based on the virtual car’s location. The simulator is highly versatile. Researcher

Jul 2, 2026By Lee Min-hyung
Hyundai Motor’s Namyang R&D Center drives software-defined vehicle transformation
previous page
23456
next page

Top 5 stories

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.