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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.

Renault Korea's June sales plunge 45 % on weak demand

Renault Korea Motors, the South Korean unit of France's Renault S.A., said Wednesday its June sales plunged from a year earlier due to weak demand in both the domestic and overseas markets. The automaker sold 4,651 vehicles last month, down 45.7 percent from a year earlier, the company said in a release. Domestic sales dropped 32.2 percent on-year to 3,400 units last month, while overseas sales tumbled 45.7 percent to 4,651 units. Renault Korea's cumulative sales in the first half of this year reached 33,384 units, down a sharp 29 percent from a year earlier. Domestic sales fell 24.5 percent on-year to 21,187 units in the first six months of this year, while exports dived 35.7 percent to 12,197 units.

Jul 1, 2026By Yonhap
Renault Korea's June sales plunge 45 % on weak demand

GM Korea's June sales rise 6.6% on robust overseas demand

GM Korea, the Korean unit of General Motors, said Wednesday its global sales rose in June from a year earlier, driven by strong overseas demand for sport utility vehicles (SUVs) The automaker sold 48,134 vehicles worldwide last month, up 6.6 percent from a year earlier. Overseas sales rose 7.3 percent on-year to 47,085 units last month, while domestic sales dropped 18 percent to 1,049 units. The Trax Crossover SUV was the company's bestselling model overseas, with 30,503 units sold, followed by the Trailblazer SUV at 16,582 units. In the first half of the year, GM Korea's cumulative global sales increased 10.5 percent from a year earlier to 275,523 units. Domestic sales declined 35.1 percent to 5,271 units, while overseas sales shot up 12.0 percent to 270,252 units.

Jul 1, 2026By Yonhap
GM Korea's June sales rise 6.6% on robust overseas demand

Hyundai Motor's global sales down in June on weaker demand

Hyundai Motor said Wednesday its global sales declined from a year earlier in June, weighed down by weaker demand both at home and overseas. Korea's largest automaker sold 338,313 vehicles worldwide in June, down 5.9 percent from the same month last year. Overseas sales fell 5.8 percent on-year to 280,081 units, while domestic sales declined 6.2 percent to 58,232 units. In the first half of the year, Hyundai Motor sold 1.96 million vehicles globally, down 4.9 percent from a year earlier. The company said sales are expected to gradually recover, supported by the launch of the facelifted Grandeur flagship sedan last month and the planned release of the redesigned Avante compact sedan in the second half of the year.

Jul 1, 2026By Yonhap
Hyundai Motor's global sales down in June on weaker demand

JoongAng Ilbo puts controlling rights up for sale amid creditor workout

JoongAng Ilbo, one of Korea's largest newspapers, is preparing to put its management rights up for sale as part of a workout plan aimed at stabilizing operations and restoring its finances. The publisher reportedly told its creditors that it is considering a sale of its controlling stake as part of its plan submitted to the workout committee. The plan also includes selling off real estate assets and subsidiaries, as well as cutting costs, with the aim of securing about 66.4 billion won ($43 million) in liquidity. JoongAng Ilbo's largest shareholder is JoongAng Holdings, which owns 64.73 percent of the paper. Chairman Hong Seok-hyun holds a 15.63 percent stake as the second-largest shareholder, while CJ Olive Networks holds a 9.24 percent. The move comes after JoongAng Ilbo failed to meet an early repayment request on corporate paper worth 22 billion won on June 19, prompting the company to file for a workout with Hana Bank. Under Korea’s workout regime, troubled firms pursue restructuring and a return to normal operations by negotiating debt adjustments with creditors to avoid court-le

Jul 1, 2026By Jung Min-ho
JoongAng Ilbo puts controlling rights up for sale amid creditor workout

Kia's global sales rise 9.5 %in June on robust overseas demand

Kia said Wednesday its global sales increased nearly 10 percent in June from a year earlier, driven by strong demand for its sport utility vehicles (SUVs). The Korean automaker sold 295,720 vehicles worldwide last month, up 9.5 percent from a year earlier. The Sportage SUV remained the company's best-selling model, with 54,058 units sold, followed by the Seltos SUV with 35,007 units and the K4 compact sedan with 22,373 units. Overseas sales rose 7.6 percent on-year to 240,259 units in June, while domestic sales jumped 18.6 percent to 54,508 units. For the first half of the year, Kia sold a record 1.63 million vehicles globally, marking its highest-ever first-half sales.

Jul 1, 2026By Yonhap
Kia's global sales rise 9.5 %in June on robust overseas demand

HS Hyosung marks 2nd anniversary, eyes next growth phase

HS Hyosung marked its second founding anniversary with a commemorative event on Tuesday, pledging to build on its industrial heritage while accelerating growth in advanced materials and future businesses. HS Hyosung is the conglomerate spun off from Hyosung Group in 2024. The anniversary ceremony, held at the company’s headquarters in Mapo District, Seoul, reflected on its achievements since spinning off from Hyosung Group and outlined its next phase of growth. In his keynote speech, Chairman Kim Kyoo-young, the group’s first non-owner chief in its 60-year history, called on employees to achieve a competitive edge across technology, quality, service and execution, while stressing that customer-centric innovation should remain the foundation of all business activities. “We must reflect on how far we have come while reaffirming the direction ahead. We need to fully embrace our slogan, ‘Value, Together,’ and achieve a decisive competitive edge through overwhelming depth and scale,” he said. “We must build customer trust by delivering clear differentiation across technology, qu

Jul 1, 2026By Lee Gyu-lee
HS Hyosung marks 2nd anniversary, eyes next growth phase

Chipmakers face pressure to share ‘excess profits’ despite investment pledge

Despite committing a combined 4,755 trillion won ($3.05 trillion) to semiconductor and artificial intelligence (AI) infrastructure investments in support of the government's balanced development agenda, Samsung Group and SK Group's chipmaking units are now expected to face fresh calls to share excess profits. Politicians are already floating profit-sharing proposals, such as establishing a national wealth fund financed by additional tax revenue, distributing public dividends or returning a portion of excess profits to underdeveloped rural areas. The government plans to begin public discussions on the issue within a month, with the labor minister describing chipmakers’ "astronomical excess profits" as "the aggregate gains created by society." In a Facebook post on Sunday, Kim Yong-beom, the presidential chief of staff for policy, said that how to distribute semiconductor companies’ “extraordinary profits between shareholders and workers” would be one of the key questions shaping the country's future. He wrote that excess liquidity should be channeled into overseas investments and

Jul 1, 2026By Nam Hyun-woo
Chipmakers face pressure to share ‘excess profits’ despite investment pledge

Petrochemical overhaul faces renewed urgency as margins slide again

The petrochemical sector is coming under renewed strain as naphtha and ethylene margins have slipped back below break-even levels following a brief wartime rebound, reinforcing calls for the government to accelerate its long-delayed industry restructuring. Margins briefly recovered during the U.S.-Iran conflict as feedstock shortage fears lifted petrochemical prices. The ethylene-naphtha spread, a key profitability gauge for naphtha cracking centers (NCCs), jumped to about $370 per metric ton in April from $90 in February, but fell back below $200 in June as supply concerns eased and buyers delayed purchases. The fading war premium comes as the industry's fundamental challenge remains unchanged, with aggressive capacity expansions in China, India and the Middle East continuing to drive a global oversupply. Ethylene demand is expected to grow by about 6 million tons this year, while new capacity additions, led by China and India, are projected to reach roughly 9 million tons, leaving supply growth outpacing demand. In light of this, Seoul has begun pushing industry restructuring, with a t

Jul 1, 2026By Lee Gyu-lee
Petrochemical overhaul faces renewed urgency as margins slide again

SK signs deal to form renewable energy JV with KKR

SK Inc., SK Group's holding company, said Wednesday that it has signed a deal with Kohlberg Kravis Roberts (KKR) & Co., a U.S. investment firm, to establish a joint venture for renewable energy as part of its business rebalancing efforts in response to rising energy demand. SK Group's three energy-related affiliates — SK Innovation, SK ecoplant and SK Discovery — are currently transferring their respective renewable energy assets to KKR through business and share transfers for the establishment of the new JV, according to SK Group. The new HoldCo, a 49:51 JV between SK and KKR, is scheduled to be launched by the end of this year. The JV will have a portfolio covering all sectors of renewable energy generation except hydrogen, including solar power, offshore and onshore wind power, fuel cells and energy storage systems (ESS). Its operating capacity will total about 1.7 gigawatts (GW), with plans to expand it to 10 GW by 2031. SK said the deal will provide an opportunity to strengthen the foundation of its renewable energy business while continuing to restructure its portfolio to enhanc

Jul 1, 2026By Yonhap
SK signs deal to form renewable energy JV with KKR

Will Homeplus liquidation decision be postponed again?

Homeplus has submitted an amended rehabilitation plan just three days before a court deadline, but its failure to secure a crucial 200 billion won ($129 million) capital injection is increasing uncertainty over whether the troubled retailer will face liquidation, industry sources said Wednesday. The Seoul Bankruptcy Court will now assess the feasibility of the revised proposal to determine whether to continue with rescue proceedings or dissolve the company. Although the current deadline expires this Friday, expectations are rising that the court will defer the date once more to review the new submission. The country’s second-largest retail chain, controlled by private equity firm MBK Partners, filed for corporate rehabilitation on March 4 last year after struggling with financial difficulties and facing credit rating downgrades. The original deadline for court approval of its rehabilitation plan was March 4 this year, but the court first extended it to May 4 before granting an additional extension until this Friday. Bankruptcy law dictates that a rehabilitation scheme must receive appr

Jul 1, 2026By Jun Ji-hye
Will Homeplus liquidation decision be postponed again?
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