The Korea Times

Genesis to boost profits via Hyundai Motor Group ties

SAN FRANCISCO — Genesis will shore up profitability against tariffs from the United States by deepening engineering and manufacturing ties with Hyundai Motor Group, key executives from the Korean auto brand said Thursday (local time). Hyundai Motor CEO Jose Munoz pointed to what he described as long-running technical cost reduction programs, which he said allow the group’s auto brands — Hyundai Motor, Kia and Genesis — to standardize parts and improve quality while lowering expenses at the same time. Munoz outlined a broad list of areas where the carmakers are pursuing shared savings — engineering, manufacturing, design, production, supplier contracts and distribution. "It is fair to say that the group has done way better than most of our competitors (despite the tariff shock)," Munoz told reporters during a press conference, a day after the Genesis GV90 world premiere. He cited continued growth of Hyundai Motor sales to back up the strategy. The carmaker reported record quarterly sales of 49.21 trillion won ($35.28 billion) between April and June. The sales include those from

Aug 21, 2026By Lee Min-hyung

Genesis to boost profits via Hyundai Motor Group ties

Companies

Genesis unveils GV90 top-of-the-line electric SUV

SAN FRANCISCO — Genesis unveiled its first ultra-large flagship electric SUV — the GV90 — on Wednesday (local time), showcasing the culmination of the carmaker’s luxury philosophy and electrification expertise. The luxury brand of Hyundai Motor Group held a world premiere of its long-anticipated GV90 luxury SUV and its higher-end GV90 Neolun at the Palace of Fine Arts. The GV90 is built on Genesis’ dedicated electric mobility prime platform for flagship models. “The GV90 is not simply a new vehicle, but a new vision for luxury mobility that brings together inspiring design, artificial intelligence (AI)-powered software, connectivity and industry-leading safety," Hyundai Motor Group Executive Chair Chung Euisun said during the event. “True luxury is human freedom, and true luxury is beauty, expressed through craftsmanship, authenticity and commitment to excellence,” he said. “Genesis will embrace these innovations to provide customers with differentiated value and experiences of distinction." Genesis chose San Francisco as the global launch site for its new luxury flagsh

Aug 20, 2026By Lee Min-hyung

Genesis unveils GV90 top-of-the-line electric SUV

Companies

Nexen Tire's weak product mix widens profit gap with Hankook, Kumho

Nexen Tire’s weaker product mix is widening its profitability gap with Hankook Tire and Kumho Tire, as the company lags behind its rivals in the shift toward higher-margin, high-inch tires, according to data and industry officials, Monday. Nexen Tire was the only one of Korea’s three major tiremakers to report a decline in operating profit in the April-June period from a year earlier. Hankook Tire’s operating profit jumped 58 percent, while Kumho Tire posted a 24 percent increase. Industry officials said differences in product mix are emerging as one of the main reasons behind the widening gap. The shift toward larger tires is closely linked to changes in the global auto market. SUVs and large vehicles have continued to gain popularity, and automakers are increasingly equipping premium models and electric vehicles (EVs) with larger wheels. EVs particularly tend to require tires capable of handling greater vehicle weight and higher torque, creating opportunities for manufacturers to sell more technologically advanced and higher-value products. High-inch tires, generally referring to

Aug 18, 2026By Lee Min-hyung

Nexen Tire's weak product mix widens profit gap with Hankook, Kumho

Companies

How SK chief can raise cash for property settlement

SK Group Chairman Chey Tae-won has secured critical breathing room in his decade-long divorce saga after filing a last-minute appeal to the Supreme Court against a 944 billion-won ($668 million) divorce settlement. But the move leaves him with a fresh question: how to raise the cash. Chey's side filed the appeal Friday, shortly before the midnight deadline, extending the legal battle that began in 2017 into what could become a decade-long dispute. The appeal also shields Chey from late-payment interest of about 130 million won a day, which would otherwise add another significant financial burden. In July, the Seoul High Court ordered Chey to pay 944 billion won to his former wife, Roh Soh-yeong, in cash, as part of their property division. Chey's most immediate option is a stock-backed loan. Chey owns a 17.9 percent stake in SK Inc., the group's holding company, making him its largest shareholder. At a recent share price of 585,000 won, the stake is valued at roughly 7.6 trillion won, providing substantial collateral for financing. The problem is that borrowing against the shares could exp

Aug 17, 2026By Lee Min-hyung

How SK chief can raise cash for property settlement

Companies

Korean Air-Asiana merger puts LCCs' long-haul business model to test

The viability of Trinity Airways and Air Premia’s long-haul businesses remains in doubt, as both budget carriers struggle to build stable profit structures to keep their expanded operations afloat, industry officials said Thursday. The two airlines had been widely seen as major beneficiaries of remedies imposed by competition authorities to address concerns stemming from Korean Air’s acquisition of Asiana Airlines. The measures required Korean Air and Asiana to make room for rival carriers on routes where regulators are concerned the merger could reduce competition. Under these measures, Trinity Airways, formerly T’way Air, took over four European routes, flying from Incheon to Paris, Rome, Barcelona and Frankfurt. Air Premia was also selected to operate an Incheon-Honolulu route under measures aimed at preserving competition following the merger. The expansion has given the low-cost carriers (LCCs) access to major international markets, but it has also exposed them to a heavier cost structure than traditional budget airlines. Long-haul operations require wide-body aircraft, higher

Aug 14, 2026By Lee Min-hyung

Korean Air-Asiana merger puts LCCs' long-haul business model to test

Companies

BYD's EV edge comes from battery prowess

Many consumers see BYD primarily as a Chinese electric vehicle (EV) maker that has recently emerged as one of the world’s top EV sellers. In Korea, BYD surpassed 10,000 units in cumulative sales less than two years after entering the market in January 2025. BYD’s rise, however, is rooted in its long-standing battery expertise, with the company building electrification capabilities for nearly two decades before becoming widely known as a major EV maker. BYD began in 1994 as a small battery manufacturer in Shenzhen, China. It later expanded into solar power and energy storage systems, developing into a broader clean technology company. The company entered the automotive industry in 2003 after acquiring Chinese automaker Qinchuan Automobile. In 2008, BYD unveiled the F3DM, the world’s first mass-produced plug-in hybrid EV. The model drew significant attention because of its approach of making the electric motor the primary source of propulsion while using the engine when greater efficiency was required. The system, dubbed Dual Mode (DM), was distinctive enough, and some media outlets

Aug 13, 2026By Lee Min-hyung

BYD's EV edge comes from battery prowess

Companies

Incheon airport tops international passenger traffic

Incheon International Airport handled the highest number of international passengers in the first half of this year globally, surpassing long-standing international hubs in Dubai and London, the airport operator said Thursday. This also marks the first time it has topped the ranking since opening in 2001. The airport welcomed 38.39 million international passengers in the January-June period, up 6.3 percent from a year earlier, according to Incheon International Airport Corp. (IIAC). The figure put Incheon ahead of London Heathrow Airport, which serviced 37.79 million passengers, and Singapore Changi Airport’s 34.53 million. The ranking is based on international passenger traffic compiled by Airports Council International. Incheon’s rise to the top underscores the airport’s growing role as a global aviation hub and highlights the impact of Korea’s long-term policy of developing Incheon as a Northeast Asian gateway. The airport ranked 10th globally shortly after its opening, climbed to fifth in 2018 and reached third in 2024 before claiming the global top spot this year. Its performa

Aug 13, 2026By Lee Min-hyung

Incheon airport tops international passenger traffic

Companies

EU's 'battery passport' policy: Trade barrier or fresh opportunity for Korean players?

The European Union's (EU) battery passport regulation is set to reshape the competitive landscape in Europe’s battery market, potentially giving Korean manufacturers an edge over Chinese rivals with weaker supply-chain transparency, experts and industry officials said Monday. Starting from Feb. 18, 2027, a new EU law will require batteries on the European market to carry detailed digital information covering their identity, technical characteristics, performance, durability, sustainability and recycling-related data. The policy is designed to improve transparency across the battery’s entire life cycle, from production and use to reuse and recycling. The upcoming rule comes at a critical time, when Korean battery firms are rapidly losing shares in the global electric vehicle (EV) battery market due to the rapid rise of Chinese manufacturers. According to recent data by SNE Research, battery usage for EVs, plug-in hybrid electric vehicles and hybrid vehicles outside China reached 269 gigawatt-hours (GWh) in the first half of this year, up 26.3 percent from a year earlier. However, the c

Aug 13, 2026By Lee Min-hyung

EU's 'battery passport' policy: Trade barrier or fresh opportunity for Korean players?

Companies

Korean Air-Asiana merger enters final phase

Asiana Airlines shareholders approved its high-profile merger with Korean Air on Wednesday, clearing a key final hurdle ahead of the official launch of an integrated national flag carrier in December. The approval concludes the corporate combination process that began in November 2020, when Korean Air decided to acquire its smaller rival. The deal has since undergone regulatory reviews by authorities in Korea and abroad. Asiana shareholders voted in favor of the merger at an extraordinary shareholders' meeting, with 81.9 percent of shareholders in attendance and 99.3 percent voting in favor of Asiana’s integration with Korean Air. The two airlines plan to officially launch the integrated Korean Air on Dec. 17. Asiana Airlines will be dissolved the same day. “This marks the first step toward writing a new chapter in Korea’s aviation industry as a megacarrier,” Asiana Airlines CEO Song Bo-young said. “All employees will come together to ensure the successful launch of the integrated airline while bringing Asiana Airlines’ final chapter to a meaningful close.” The merger ratio h

Aug 12, 2026By Lee Min-hyung

Korean Air-Asiana merger enters final phase

Companies

Hanwha expands KAI stake, deepening aerospace ambitions

Hanwha Group is deepening synergy across the space, aviation and defense sectors by raising its stake in Korea Aerospace Industries (KAI) beyond the 15 percent threshold. Its increased stake in KAI and the potential for closer business cooperation between the two companies are expected to boost Hanwha's global competitiveness in the sectors, with the aerospace industry now requiring more scale and integration. According to a regulatory filing, Hanwha Systems bought an additional 3.45 percent of KAI shares over the past month, bringing Hanwha Group’s combined stake to 15.89 percent. The stake exceeding 15 percent requires Hanwha to undergo a business combination review by the Fair Trade Commission (FTC). Hanwha is expected to file for the review and is considering taking a greater role in KAI’s key decision-making processes. The closer ties would allow Hanwha to take advantage of KAI’s systems integration capabilities in fighter jets, helicopters and unmanned aircraft, while KAI could tap Hanwha’s strengths in aircraft engines, guided weapons, radar and satellites, as well as in l

Aug 11, 2026By Lee Min-hyung

Lee Min-hyung

Read more

Genesis to boost profits via Hyundai Motor Group ties

Genesis unveils GV90 top-of-the-line electric SUV

Nexen Tire's weak product mix widens profit gap with Hankook, Kumho

How SK chief can raise cash for property settlement

Korean Air-Asiana merger puts LCCs' long-haul business model to test

BYD's EV edge comes from battery prowess

Incheon airport tops international passenger traffic

EU's 'battery passport' policy: Trade barrier or fresh opportunity for Korean players?

Korean Air-Asiana merger enters final phase

Hanwha expands KAI stake, deepening aerospace ambitions

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