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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

Porsche’s battery philosophy: A shining standard in safety

WEISSACH, Germany — Porsche is committed to every production process for electric vehicle (EV) batteries, spanning from its design to safety tests. This is a strict safety-first philosophy for the luxury carmaker. In a recent EV battery workshop, the automaker displayed an unwavering commitment to ensuring the safety of its EV batteries. Porsche Research & Development Centre handles the whole process under partnerships with global battery makers. The carmaker sources batteries for its Taycan EV from LG Energy Solution and does so for its Macan Electric from China’s CATL. However, Porsche teams up with the battery partners from the initial designing phase. After passing the requirement from Porsche, the battery makers start production for the Porsche-specific EV batteries. The carmaker then enters the next phase by placing the batteries into a durability test zone. Only after passing Porsche’s strict high-voltage battery system tests and a series of other safety tests can batteries be mass-produced for adoption into Porsche EVs. As batteries are connected with complex electric in-vehi

May 30, 2025By Lee Min-hyung
Porsche’s battery philosophy: A shining standard in safety
Companies

Leadership risk weighs on Hankook Tire

Hankook & Company, the holding firm of Korea’s largest tire maker Hankook Tire, faces increasing risks to its effective decision-making — particularly in its overseas business — following the imprisonment of Chairman Cho Hyun-bum. Cho was sentenced to three years in prison and taken into custody on Thursday on charges of embezzlement and breach of trust amounting to 20 billion won ($14.5 million). The leadership vacuum comes at a critical juncture, as Hankook Tire faces mounting business risks in the United States, which has imposed a 25-percent tariff on tire and auto part imports — a protectionist measure that poses a significant threat to the company. Under Cho's leadership, the tire company decided to double its production capacity in Tennessee to mitigate the impact of U.S. tariffs. However, his absence is expected to stall key decision-making at Hankook Tire, making it more difficult for the company to proactively deal with external risk factors. A spokesperson at Hankook & Company said the group will take legal steps. “We consider taking legal actions or lodging an appeal

May 30, 2025By Lee Min-hyung
Leadership risk weighs on Hankook Tire
Companies

TEST DRIVE Volkswagen Atlas SUV set to challenge Palisade with comfortable ride

YEONGJONG ISLAND, Incheon — Volkswagen Group Korea’s Atlas SUV aims to challenge the Hyundai Motor Palisade's stronghold in the local family vehicle market. The Atlas recently made its debut in Korea, seeking to capture the rising demand for three-row family SUVs. The vehicle was as comfortable and soft as typical sedans during a one-hour test drive from Seoul to the West Sea island. The Atlas looked to focus on ensuring driving comfort to appeal more to customers seeking a family vehicle. Unlike other common German vehicles, the Atlas exuded softer driving performance during drives both in a highway and a city. The SUV was equipped with a turbocharged 2.0-liter gasoline engine. Its maximum output reaches 273 horsepower. However, it felt like this was not sufficient for the huge SUV, with a length reaching 5,095 millimeters, the longest among vehicles available for sale in the same segment here. At some points along the highway, the Atlas displayed weak acceleration performance, which was the largest downside to the vehicle. Despite the shortcomings, it was still a decent option for t

May 30, 2025By Lee Min-hyung
[TEST DRIVE] Volkswagen Atlas SUV set to challenge Palisade with comfortable ride
Companies

GM Korea sells assets for sustainable business operations amid US tariffs

General Motors (GM) Korea has decided to sell its unprofitable assets to ensure profitability and maintain sustainable operations here amid ongoing tariff pressures from the United States, the carmaker said Thursday. As part of the decision, the company will gradually sell its nine after-sales service centers, as well as underused facilities and land at its main production site in Bupyeong, Incheon. The decision has fueled concerns that the carmaker may take additional steps toward withdrawing from the Korean market, given its sales structure's heavy reliance on exports to the U.S. GM Korea is also subject to a 25-percent tariff imposed by the Donald Trump administration. However, the company firmly denied rumors of a potential exit, stating that the latest measures are intended to "secure business efficiency" and support its sustainable operations here. “Our directly controlled service centers have remained unprofitable, so we decided to stop their operations and, instead, strengthen our ties with 386 partnered repair centers across the nation,” a GM Korea spokesperson said. "They of

May 29, 2025By Lee Min-hyung
GM Korea sells assets for sustainable business operations amid US tariffs
Companies

BMW Korea strengthens EV leadership for future mobility

BMW Korea continues to cement its leadership in electric vehicles (EVs), maintaining a top spot in sales for premium imported EVs here for the first four months combined, the carmaker said Tuesday. The local subsidiary of the German automaker sold a total of 1,880 EVs during the same period, the highest among luxury EV makers, extending its winning streak of last year when it reported robust EV sales of 6,353. This proves BMW’s unwavering determination for electrification in the period of a major auto paradigm shift. The carmaker preserved its core driving identity for its EVs while at the same time introducing new technologies to differentiate its premium electric identity. Commemorating its 30th anniversary last month, it started the nation’s first EV test drive membership program — BMW BEV Membership. Under the initiative, the carmaker will use 230 BMW EVs designed to let customers experience the brand’s slogan of “Driving Pleasure.” Starting in May, customers who purchase a new BMW vehicle can participate in the program. The carmaker offers test drives for its four major E

May 28, 2025By Lee Min-hyung
BMW Korea strengthens EV leadership for future mobility
Companies

Renault Korea’s Arkana seen as ideal 1st car for young drivers

Renault Korea’s Arkana compact SUV is gaining attention as an ideal first car for young drivers, thanks to its impressive fuel efficiency, sleek coupe-like design and competitive pricing. The carmaker aims to boost sales of the upgraded 2026 Arkana by targeting consumers in their 20s and 30s. The Arkana is equipped with the French carmaker’s advanced safety systems, evidenced by its perfect score in the Korea New Car Assessment Program (KNCAP). These features make the vehicle more attractive to entry-level buyers. One of the standout features of the Arkana Hybrid E-Tech is its impressive fuel efficiency, delivering 17.4 kilometers per liter with 17-inch tires. According to real-world driving tests by some popular automotive YouTube channels, the figure was also seen approaching nearly 30 kilometers per liter under certain conditions. The gasoline-powered Arkana features a 1.6-liter engine that provides smooth, predictable acceleration by maintaining consistent engine revs in response to throttle input. Paired with a continuously variable transmission, the vehicle minimizes engine nois

May 27, 2025By Lee Min-hyung
Renault Korea’s Arkana seen as ideal 1st car for young drivers
Companies

Porsche ensures EV safety with strict battery testing at Weissach research center

WEISSACH, Germany — Porsche is dedicated to ensuring the safety of electric vehicle (EV) batteries, exposing them to various harsh climate conditions and use cases to develop the safest-ever luxury EVs. The Porsche Development Centre in Weissach is home to the carmaker’s innovation. For now, Porsche’s primary focus is on developing EVs with highly durable batteries under any conditions. The durability of Porsche’s EV batteries is designed for at least 15 years of life even in harsh climate conditions, which is the highest level in the industry. The figure differs from each carmaker, but a number of them go for 10 years, according to the German firm. “We plan that our batteries last for 15 years under all conditions that our customers put them into,” an engineer from the firm’s research center told reporters during a guided tour of the test facility. “It’s very important for us to give a high quality promise to our customers — that this is really high quality here, and it can be used in all use cases.” Porsche engineers expose the batteries to a number of extreme cond

May 27, 2025By Lee Min-hyung
Porsche ensures EV safety with strict battery testing at Weissach research center
Companies

Hyundai Motor speeds up relocation of production amid tariff risks

Hyundai Motor is accelerating the relocation of some of its production from Korea to the United States to mitigate mounting tariff risks. Starting on Tuesday, the carmaker will partially suspend operation for its production line in the southeastern city of Ulsan. The suspension will last for four days, during which period its production of the flagship IONIQ 5 electric vehicle (EV) and Kona Electric will be halted. The production decline will be offset by its increased production in the U.S., as vehicles assembled there will be exempt from the country’s 25-percent auto tariff. In particular, Hyundai Motor is ramping up EV production at its Hyundai Motor Group Metaplant America. According to company data, the factory produced more than 11,000 IONIQ 5 EVs in the first quarter of this year, following the start of vehicle assembly in October last year. Hyundai Motor Group’s key auto brands — Hyundai Motor and Kia — plan to expand their U.S. production to 1.2 million vehicles in the future to counter the tariff shock. The move is inevitable due to the carmakers’ heavy reliance on the

May 27, 2025By Lee Min-hyung
Hyundai Motor speeds up relocation of production amid tariff risks
Companies

Volkswagen Atlas family SUV arrives in Korea

Volkswagen Group Korea CEO Till Scheer poses with the three-row midsize SUV, the Atlas, at its launch event in Incheon, Monday. The head of the German carmaker's local subsidiary said the vehicle will be a game changer in Korea's large SUV market. The vehicle, introduced for the first time to the Korean market, features strong performance with a maximum output of 273 horsepower. Its price starts from 67.7 million won ($49,700). Yonhap

May 26, 2025By Lee Min-hyung
Volkswagen Atlas family SUV arrives in Korea
Companies

Mercedes-Benz Korea supports future talent, startups for local auto industry

Mercedes-Benz Korea is deepening efforts for sustainable growth of the local automotive industry by supporting future talent and startups here, the carmaker said Monday. The importance of nurturing auto specialists is growing rapidly as the industry undergoes rapid technological innovation. In response, the local subsidiary of the German automaker is widening its contribution to the industry through a range of academic-industry cooperation programs for young talent and startups. For instance, the carmaker operates the Mercedes-Benz Mobile Academy, which was launched in 2014 by the company’s Corporate Social Responsibility Committee. More than 2,400 university students majoring in automotive-related fields have completed the program, gaining exposure to the brand’s advanced technologies and global educational expertise. Those who display outstanding performance in the academy are given opportunities to experience cutting-edge production facilities and technology of the luxury automaker. In July 2024, the carmaker selected a group of students for a special tour of the German headquarte

May 26, 2025By Lee Min-hyung
Mercedes-Benz Korea supports future talent, startups for local auto industry
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