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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

KGM secures $75 mil. strategic investment from China's Chery

KGM has secured a $75 million strategic investment from China's Chery Automobile for the Korean carmaker’s new vehicles and future mobility technology, the companies said Sunday. The investment marks the latest step in an alliance that has evolved beyond product collaboration into a long-term strategic partnership focused on future growth, KGM said. The agreement follows a platform licensing deal signed by the two companies in October 2024 and a joint development pact for mid-sized and large SUVs reached in April 2025. Both carmakers also plan to deepen cooperation across software-defined vehicles (SDVs), electrical and electronic architecture, autonomous driving and electrification. KGM Chairman Kwak Jea-sun described the strategic alliances as indispensable for automakers seeking sustainable growth. "Global cooperation has become essential for securing future growth engines," Kwak told reporters during a press conference. "By combining KGM's 70 years of engineering expertise with Chery's outstanding technological capabilities, we will further strengthen our competitiveness and grow int

Aug 3, 2026By Lee Min-hyung
KGM secures $75 mil. strategic investment from China's Chery
Companies

PHOTO Hyundai Motor chief inspects IONIQ 3 line in Turkey

Hyundai Motor Group Executive Chair Chung Euisun, second from left, speaks as he inspects the carmaker’s production line in Izmit, Turkey, Thursday. The facility is key to the assembly of the carmaker’s Europe-focused IONIQ 3 all-electric hatchback. Courtesy of Hyundai Motor Group

Aug 2, 2026By Lee Min-hyungphoto
[PHOTO] Hyundai Motor chief inspects IONIQ 3 line in Turkey
Companies

Korea approves KORAIL-SR merger

Korea's antitrust regulator has approved the merger of state-run rail operators — Korea Railroad Corp. (KORAIL) and SR — clearing the way for the country's first integrated high-speed rail system and a broad overhaul to lower fares, expand capacity and improve passenger services. The Fair Trade Commission (FTC) said Sunday it found little risk that the transaction would substantially lessen competition in the high-speed rail passenger market. The approval allows KORAIL to acquire SR's business and a controlling stake previously held by the government, with the integration scheduled to be completed in September. The decision ends a decade-long dual-operator structure under which KORAIL operated KTX services while SR ran the lower-fare SRT network. The antitrust watchdog conducted a full assessment for the transaction, citing the high-speed rail sector's importance to the national economy and consumers. The regulator concluded that competition concerns would remain limited because fares, service schedules and operational plans are already subject to extensive government oversight. Any fa

Aug 2, 2026By Lee Min-hyung
Korea approves KORAIL-SR merger
Companies

Hyundai Motor chief doubles down on Brazil

Hyundai Motor Group Executive Chair Chung Euisun has reaffirmed Brazil's strategic importance to the automaker's long-term global expansion, pledging to garner group-wide support for another major milestone in the country. He outlined plans to strengthen the company's position through localized electrification, a broader SUV lineup and future hydrogen businesses, as competition intensifies in South America's largest automotive market. Chung visited Hyundai Motor's manufacturing plant in Piracicaba, Sao Paulo, Monday, while accompanying the Korean business delegation during President Lee Jae Myung's state visit to Brazil. The separate stop underscored Hyundai's intention to reinforce its presence in one of its most important overseas production hubs amid rapid changes in the country's automotive industry. Brazil has emerged as a key pillar of the carmaker’s South American operations, housing both its regional headquarters and manufacturing facility. Since opening in 2012, the plant has reached an annual production capacity of 200,000 vehicles. The visit comes as Brazil gains increasing st

Jul 30, 2026By Lee Min-hyung
Hyundai Motor chief doubles down on Brazil
Companies

Hankook Tire brings safety campaign to beach with experiential pop-up

Hankook Tire is expanding its customer engagement efforts beyond traditional retail channels, launching an interactive safety campaign at a beach in Gangwon Province. The Tire Boy campaign, held at Mangsang Beach, offers complimentary tire pressure and tread wear inspections along with hands-on brand experiences. The event runs for six days, from Friday to Sunday, and again from Aug. 7 to 9. The campaign is designed to promote safe driving during Korea's peak summer vacation season, when millions of motorists hit the road. By bringing tire safety services directly to one of the country's busiest beaches, Hankook Tire aims to encourage drivers to pay greater attention to tire maintenance even while on holiday. The initiative has become one of Hankook Tire's signature safety campaigns. After seeing significant participation at professional baseball stadiums in cities like Changwon, South Gyeongsang Province, Busan and Daegu earlier this year, the company is expanding the program to beach destinations to reach more consumers during the summer travel season. Participants using the Tire Boy s

Jul 30, 2026By Lee Min-hyung
Hankook Tire brings safety campaign to beach with experiential pop-up
Companies

GM may reshape Korea strategy toward engineering hub

General Motors (GM) Korea's decision to defer a commitment to a new production model until 2027 is seen as a strategic shift toward repositioning Korea from a manufacturing base to an engineering hub. During this year's wage negotiations, the carmaker’s management stopped short of guaranteeing a new vehicle allocation sought by the labor union, saying only that it would provide a definitive answer by the third quarter of 2027. The timing is significant, as the decision comes shortly before the expiration of GM's 10-year commitment to maintain its Korean operations under a 2018 restructuring agreement backed by the state-run Korea Development Bank (KDB). The pledge was made after GM received a rescue package worth hundreds of billions of won from the Korean government and KDB following years of losses here. In return, the automaker agreed to remain in Korea for at least a decade while allocating new models and maintaining local operations. With that commitment nearing its end, observers say the question is no longer whether GM will leave Korea, but what role the country will play within

Jul 29, 2026By Lee Min-hyung
GM may reshape Korea strategy toward engineering hub
Companies

GS E&C completes key tunneling milestone in Australia

GS Engineering & Construction (GS E&C) has completed a major tunneling milestone for Australia’s North East Link (NEL) road project, proving the Korean builder’s growing capabilities in large-scale overseas infrastructure projects. According to GS E&C, the company finished excavation work using two tunnel boring machines (TBMs) for the 6.5-kilometer tunnel section of the NEL project in Melbourne, Victoria. The achievement marks a key step toward the project’s planned opening at the end of 2028. The breakthrough was completed by two 15.6-meter-diameter TBMs, each reaching its designated endpoint after excavating the planned tunnel sections. The completion demonstrates GS E&C’s expertise in precision construction, large-scale tunnel operations and project management, the company said. Tunnel excavation is considered one of the most technically demanding stages of road infrastructure projects, requiring advanced engineering capabilities and strict process control. The successful TBM breakthrough is expected to strengthen GS E&C’s track record in complex infrastructure projects in

Jul 29, 2026By Lee Min-hyung
GS E&C completes key tunneling milestone in Australia
Companies

Strike threats add to earnings woes for Korean carmakers

Korean carmakers are facing mounting labor unrest, as stalled wage negotiations raise the risk of widespread strikes that could further undermine their earnings already hit by slowing global demand and lingering tariff pressures from the United States. Following ongoing walkouts at Hyundai Motor, both Kia and Renault Korea have now secured the legal right to strike after government-led mediation efforts failed. The prospect of prolonged work stoppages comes as domestic automakers are reporting weaker second-quarter earnings and preparing for summer factory shutdowns. Additional production disruptions in the third quarter could weigh heavily on carmakers’ profitability and ripple through parts suppliers and logistics companies. Kia's labor union obtained the legal right to strike on Monday after the National Labor Relations Commission ruled that mediation had failed. If the union proceeds with industrial action, it would end the company's five-year streak of concluding annual wage negotiations without a strike. The union is demanding a 149,600 won ($102) increase in monthly base pay, a p

Jul 28, 2026By Lee Min-hyung
Strike threats add to earnings woes for Korean carmakers
Companies

Innocean leverages 'Night Fishing' success to launch global branded film platform

Innocean has launched Cinema by Brand, a global content platform which will pair brands with filmmakers to produce original films for theatrical release and global streaming platforms, the advertising firm said Tuesday. The company decided to initiate the new business after the international success of its Cannes Grand Prix-winning short film, "Night Fishing." The 13-minute piece was produced by Innocean and Hyundai Motor last year. The film became Korea’s first branded film to receive a paid theatrical release, and attracted about 46,000 moviegoers nationwide. The latest move marks Innocean's effort to diversify into content and intellectual property (IP) following the success of "Night Fishing" in demonstrating the commercial and creative potential of branded entertainment. "Night Fishing" won the top honor at the 2025 Cannes Lions International Festival of Creativity and later received the Best Editing Award at the Fantasia International Film Festival, reinforcing its reputation as a pioneering work that blurred the line between advertising and cinema. Unlike traditional branded film

Jul 28, 2026By Lee Min-hyung
Innocean leverages 'Night Fishing' success to launch global branded film platform
Companies

Hyundai Motor's AI push struggles to offset earnings concerns

Hyundai Motor Group's push into physical artificial intelligence (AI) is failing to offset mounting investor concerns, as weakening automotive earnings prompt brokerages to cut their target prices for Hyundai Motor and Kia. Despite Hyundai Motor Group Executive Chair Chung Euisun's high-profile campaign to position the group as a leader in physical AI and robotics, analysts are trimming their price targets for the two carmakers, as their disappointing second-quarter earnings underscored slowing profitability in their core vehicle business. Speaking at the San Francisco AI Summit on Friday, Chung outlined the group's long-term vision for physical AI, describing an ecosystem in which intelligent vehicles, robots, AI-powered factories and eventually entire urban infrastructure operate as an integrated network. The strategy extends beyond autonomous mobility to AI-driven manufacturing, logistics, energy management and smart cities. While the vision has strengthened Hyundai's long-term technology narrative, market analysts said AI alone is unlikely to support premium valuations without tangi

Jul 28, 2026By Lee Min-hyung
Hyundai Motor's AI push struggles to offset earnings concerns
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