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Park Jae-hyuk

Korea Times Business Reporter

Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.

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Companies

Volkswagen denies role in Canadian submarine bid

Volkswagen has made it clear that it has no involvement in the ongoing competition between shipbuilders from Korea and Germany to secure an order for 12 patrol submarines for the Canadian military, valued at 60 billion Canadian dollars ($43 billion). The carmaker specifically denied any cooperation with TKMS or any intent to help the German shipbuilder win the bid. “We want to clarify our position and prevent our investment in Canada’s battery plant from being misinterpreted as an attempt to help TKMS win the submarine contract,” Volkswagen’s German headquarters told The Korea Times Monday in an email sent via its local PR agency. “Volkswagen Group’s investment in the Ontario battery plant is an independent decision made as part of the group’s electrification strategy.” The statement came after it was revealed that Ottawa referenced Volkswagen’s planned investment when trying to persuade Seoul to have Hyundai Motor invest in Canada’s automotive industry in exchange for the massive submarine contract. Presidential chief of staff Kang Hoon-sik confirmed earlier this mont

Jan 13, 2026By Park Jae-hyuk
Volkswagen denies role in Canadian submarine bid
Companies

Canadian sub deal hinges on carmaker cooperation

Carmakers Hyundai Motor and Volkswagen have emerged as key players in the ongoing competition between Hanwha Ocean and TKMS to secure Canada’s order for 12 patrol submarines worth 60 billion Canadian dollars ($43 billion), which would be the largest single order in Korea’s defense export history if it were to win the bid. Amid Ottawa’s request for Korea and Germany to invest in Canada’s automotive industry in exchange for the massive submarine deal, market watchers are now focusing on whether Hyundai Motor will play its part in the project, which has already been elevated to a government-to-government initiative. According to sources familiar with the matter Friday, senior executives from Hyundai Motor and Hanwha Ocean will accompany presidential chief of staff Kang Hoon-sik and industry minister Kim Jung-kwan on their trip to Canada later this month to meet with Canadian Prime Minister Mark Carney and other top officials. Kang has served as Korea’s special envoy for strategic economic cooperation, tasked with visiting countries interested in purchasing Korean defense product

Jan 9, 2026By Park Jae-hyuk
Canadian sub deal hinges on carmaker cooperation
Companies

Online platform law doesn't 'target' US tech firms, antitrust chief says

Fair Trade Commission (FTC) Chairman Ju Biung-ghi dismissed the U.S. Congress’ claim that Korea’s proposed online platform law “targets” major American tech firms. Reaffirming the antitrust watchdog’s commitment to regulating monopolistic online platforms, he also emphasized the need to impose heavier fines on Coupang and other dominant market players if they are found to have engaged in unfair business practices. Speaking at a dinner with reporters Thursday, Ju clarified that the proposed online platform law would serve as an ex-post regulation to correct unfair transactions involving online platform operators. Under the previous administration in 2024, Korea dropped its plan to predesignate dominant platforms, shifting its focus to regulating them after instances of misconduct. “Not only Coupang but also Naver and several other domestic platform operators will be subject to the law, which follows the principle of nondiscrimination against foreign companies,” Ju said. “It is not an ex-ante regulation that designates monopolistic operators or restricts their abuse of mar

Jan 9, 2026By Park Jae-hyuk
Online platform law doesn't 'target' US tech firms, antitrust chief says
Business

Korea to reduce reliance on Japanese materials affected by China's export control

Korea has begun efforts to reduce its dependence on Japanese materials affected by China’s recent export ban on dual-use goods that could enhance Japan’s military capabilities, effectively helping Beijing achieve one of its intended goals with the measure. Despite President Lee Jae Myung’s cautious stance on intervening in the conflict between Korea’s two neighbors, the economic relationship between Seoul and Tokyo shows signs of weakening in the wake of Beijing’s export controls — the move appeared to be a retaliatory response to Japanese Prime Minister Sanae Takaichi’s stated willingness to get involved in a potential military clash between China and Taiwan. “The government will preemptively review whether it is possible to replace imported Japanese items subject to China’s export curbs on dual-use goods in order to minimize negative impacts on supply chains,” the Ministry of Trade, Industry and Resources said Thursday, following a ministerial meeting with officials from the semiconductor, display, battery and automotive industries. The meeting was held two days af

Jan 8, 2026By Park Jae-hyuk
Korea to reduce reliance on Japanese materials affected by China's export control
Tech & Science

LG Energy Solution vows safer ESS, creation of LFP ecosystem

LG Energy Solution (LGES) said Thursday it signed a memorandum of understanding with the Korea Electrical Safety Corp. (KESCO) to strengthen the safety of energy storage systems (ESS) and foster an ecosystem for lithium iron phosphate (LFP) batteries in Korea. Under the agreement signed Wednesday, the two sides will work together to develop safety management policies for ESS and share their data, expertise and technologies. They also plan to establish a new safety management system for facilities that will use LGES’ LFP batteries in ESS projects. “With this agreement, we will apply the highest safety standards to ESS sites using our batteries,” LGES CEO Kim Dong-myung said. “We will do our utmost to ensure the safety and build a strong ecosystem for LFP batteries used in domestic ESS.” Among Korea’s three major battery makers, only LGES can mass produce LFP batteries. The company is also preparing to begin local production of LFP batteries at its plant in Cheongju, North Chungcheong Province. According to energy market tracker SNE Research, more than 90 percent of ESS worldwi

Jan 8, 2026By Park Jae-hyuk
LG Energy Solution vows safer ESS, creation of LFP ecosystem
Tech & Science

PHOTO Musk's gas turbine pick

Doosan Group Chairman Park Jeong-won, right, and Vice Chairman Park Gee-won examine a scale model of Doosan Enerbility's 380-megawatt gas turbine at the group's exhibition booth for CES 2026 in Las Vegas, Wednesday (local time). Earlier this week, Elon Musk confirmed that xAI, an artificial intelligence startup he founded, bought five gas turbines from the Korean conglomerate to power its data center. Courtesy of Doosan Group

Jan 8, 2026By Park Jae-hyukphoto
[PHOTO] Musk's gas turbine pick
Tech & Science

CES 2026 Nvidia, Siemens CEOs highlight HD Hyundai's use of digital twin tech

HD Hyundai's use of digital twin technology in ship and shipyard construction was highlighted as a "perfect example" of collaboration between Nvidia and Siemens during a conversation between their CEOs at CES 2026 in Las Vegas, Tuesday (local time). "It's incredible," Nvidia CEO Jensen Huang said in his keynote speech, introducing the Korean shipbuilder’s application of digital twin technology to an entire vessel, modeling it down to "every nut and bolt." A digital twin is a virtual replica of a physical asset that helps reduce costs, save time and mitigate risk through simulations. HD Hyundai has used Siemens' industrial software and Nvidia's graphics technology to create digital twins of its shipyards. "Talking about what we achieved, I brought an example: HD Hyundai," Siemens CEO Roland Busch said. "They build ships — huge ships — and shipyards, and they use our technology." Busch emphasized that the technology allows workers to simulate every process involved in shipbuilding. "You optimize it in the digital world and then you build it," he added. Huang noted that a digital twin e

Jan 7, 2026By Park Jae-hyuk
[CES 2026] Nvidia, Siemens CEOs highlight HD Hyundai's use of digital twin tech
Companies

Doosan chair heads to US as Elon Musk confirms xAI's gas turbine purchase

Doosan Group Chairman Park Jeong-won’s visit to the United States this week is drawing attention, as it comes after Tesla CEO Elon Musk confirmed the widespread rumor that xAI, an artificial intelligence (AI) startup he founded, is the U.S. tech firm that placed orders with the Korean conglomerate for five gas turbines. On Tuesday, Musk commented “True” on a social media post by SemiAnalysis that read, “BREAKING: Elon Musk's xAI has bought five additional 380 megawatts of natural gas turbines from South Korea's Doosan Enerbility.” “The first two units are scheduled for delivery by the end of 2026. This will power an additional 600,000+ GB200 NVL72 equivalent size cluster (or 350,000+ VR200 NVL144 equivalent size cluster),” the U.S. analysis firm wrote on X, formerly Twitter, adding that Ross Nordeen, Elon Musk and Brent Mayo are "singular" in terms of their ability to build the largest data center in the world. Doosan Enerbility, the group’s equipment and plant construction arm, announced last October that a major U.S. tech company had ordered two 380-megawatt gas turbin

Jan 7, 2026By Park Jae-hyuk
Doosan chair heads to US as Elon Musk confirms xAI's gas turbine purchase
Companies

HD Hyundai wins another US Navy order to overhaul auxiliary ship

HD Hyundai Heavy Industries (HHI) has secured another order to overhaul a U.S. Navy auxiliary ship, challenging Hanwha Ocean’s lead in contracts for the maintenance, repair and overhaul (MRO) of American naval vessels. The Ulsan-based shipbuilder said Wednesday that it recently won an order for a regular overhaul of the USNS Cesar Chavez, a 41,000-ton dry cargo ship assigned to the U.S. 7th Fleet. The 210-meter-long vessel will undergo a comprehensive overhaul of about 100 components starting Jan. 19, with delivery to the U.S. Navy set for March. “Building on our unmatched technology and expertise, we successfully completed our first MRO project for a U.S. Navy vessel,” said HD HHI President Joo Won-ho, who heads the Naval and Medium-Size Shipbuilding Business Unit. “Since launching the unit, we have continued to strengthen our capabilities and efficiency to lead the U.S. naval ship MRO market.” This marks HD HHI’s second MRO contract with the U.S. Navy. Rival shipbuilder Hanwha Ocean has so far secured three such orders. HD HHI completed a four-month overhaul of the USNS Alan

Jan 7, 2026By Park Jae-hyuk
HD Hyundai wins another US Navy order to overhaul auxiliary ship
Tech & Science

CES 2026 Doosan Bobcat introduces AI voice control for compact equipment

Doosan Bobcat held a Media Day event during the CES 2026 in Las Vegas on Monday (local time), unveiling its next-generation compact construction equipment technologies designed to simplify equipment control, minimize downtime and adapt to challenging site conditions. At the center of its announcement was the Bobcat Jobsite Companion, the compact construction equipment industry's first voice control system powered by artificial intelligence (AI). The technology responds through voice and display interactions, allowing operators to automate more than 50 functions — including attachment settings, engine speed, lights and radio controls — by simply asking questions or issuing voice commands. Powered by the company’s proprietary large language model, the system runs entirely aboard the machine, enabling real-time responsiveness without reliance on cloud connectivity. This ensures full functionality even in remote or connectivity-limited jobsites, a critical requirement for construction environments. "Jobsite Companion lowers the barrier to entry for new operators while helping experienc

Jan 6, 2026By Park Jae-hyuk
[CES 2026] Doosan Bobcat introduces AI voice control for compact equipment
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