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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.

Hyundai Motor, union reach tentative wage deal

Hyundai Motor Co. and its labor union have reached a tentative wage agreement that includes a 100,000 won ($72) increase in monthly basic pay, representatives from both the company and the union announced Tuesday. Under the agreement, unionized workers will also receive performance-based bonuses equivalent to 450 percent of their monthly wages and an additional 15.8 million won in cash, as well as 30 shares of Hyundai Motor stocks and traditional market gift certificates worth 200,000 won. The agreement came nearly three months after the two sides held 21 rounds of official negotiations, including one held Tuesday. This year's negotiations had faced difficulties, with the union staging a strike for the first time in seven years last week. The deal will be finalized after a vote by union members, scheduled for next Tuesday. (Yonhap)

Sep 9, 2025By Yonhap
Hyundai Motor, union reach tentative wage deal

IAA 2025 Hyundai Motor to overcome Europe’s toughening regulation with 'multi-energy' strategy

MUNICH — Hyundai Motor seeks to overcome Europe’s toughening auto regulation by launching a full-fledged multi-energy vehicle lineup, Xavier Martinet, head of the carmaker’s European business, said during a media interview, Tuesday. The remark came amid growing pessimism over the sales of internal combustion engine vehicles in Europe. This year, the European Union introduced a rule mandating that any new cars registered in the region should emit 15 percent less carbon dioxide from the 2021 figure. “In 2025, there is a summarized target in terms of the carbon reductions for all carmakers in Europe and this has an impact on the market,” he told reporters on the sidelines of this year’s IAA Mobility fair. The toughening regulatory outlook, however, will come as a major opportunity for the carmaker to expand its sales for eco-friendly cars in Europe, according to him. “Our market share is stable so far in Europe,” he said. “We have a market share of 3.8 percent in Europe and we believe we will be able to gain more share in the next few years with planned launches of new mod

Sep 9, 2025By Lee Min-hyung
[IAA 2025] Hyundai Motor to overcome Europe’s toughening regulation with 'multi-energy' strategy

WeMakePrice faces liquidation as court ends rehabilitation proceedings

E-commerce platform operator WeMakePrice was poised to face liquidation as a Seoul court decided to terminate the company's rehabilitation proceedings. Last September, WeMakePrice, along with its then sister company TMON, entered court-led rehabilitation proceedings after they struggled to make payments to vendors due to liquidity issues. The Seoul Bankruptcy Court said it would terminate the proceedings for WeMakePrice as it failed to submit a rehabilitation plan by last Thursday's deadline. The decision will be confirmed if an appeal is not made within 14 days. If rehabilitation proceedings are terminated due to a company's inability to carry out a rehabilitation plan, insolvency is effectively the only option left. WeMakePrice has sought for a swift acquisition to pay off its liabilities but has struggled to find a buyer. Meanwhile, TMON was acquired by grocery delivery platform Oasis in June after the court approved its rehabilitation plan.

Sep 9, 2025By Yonhap
WeMakePrice faces liquidation as court ends rehabilitation proceedings

IAA 2025 Hyundai Motor premieres electric hatchback concept to crack European market

MUNICH — Hyundai Motor unveiled Tuesday a prototype of its first all-electric hatchback at IAA Mobility 2025 in Munich, expressing a strong commitment to European customers who prefer compact eco-friendly vehicles. During the auto exhibition, the carmaker held a world premiere of the Concept THREE, positioning the car as the smallest among its IONIQ electric vehicle (EV) series. The Concept THREE features minimalist exterior design with sculpted surfaces. It was inspired by the carmaker’s design language, “Art of Steel.” The vehicle is characterized by clean intersections and distinctive lines, both of which are aimed at emphasizing its symbolic identity of motion and precision, the carmaker said. The vehicle’s side view was also designed with a concept of what the carmaker calls the “Aero Hatch,” which highlights its remarkable aerodynamic performance. Since 2019, the carmaker has unveiled a series of electric concept cars and subsequently launched a family lineup of its IONIQ series, including the IONIQ 5 compact SUV and the IONIQ 6 mid-sized sedan. The company said the la

Sep 9, 2025By Lee Min-hyung
[IAA 2025] Hyundai Motor premieres electric hatchback concept to crack European market

IAA 2025 Kia confident it can lead European EV market

MUNICH — Kia has returned to this year’s IAA auto fair after a four-year hiatus with renewed confidence in electric vehicles (EV), showcasing a full-fledged lineup to the European market. Kia is among the few automakers offering a full lineup of EVs, ranging from compact models to large SUVs. With Europe standing as one of the fastest-growing EV markets alongside China, Kia’s return to the show is seen as a strategic move to capitalize on the event as an opportunity to strengthen its electric foothold in the region. Designed with an exhibition concept of “Windows of Inspiration,” Kia’s event hall was set up over a 650 square meter space. Kia expressed confidence in leading the European EV market with a display of seven EV lineups during the exhibition. They include its best-selling EV3 compact SUV, the EV4 sedan and the EV9 large SUV. The carmaker also brought its much-touted PV5 electric van to the event venue. Kia made public its EV5 mid-sized electric SUV for the first time to European customers. The carmaker expects the vehicle to help make deeper inroads into the Europea

Sep 9, 2025By Lee Min-hyung
[IAA 2025] Kia confident it can lead European EV market

Toyota investment helps LG Chem comply with US regulations

LG Chem said Tuesday that Japan's Toyota Tsusho has become the second-largest shareholder in its cathode materials plant in Gumi, North Gyeongsang Province. Toyota Tsusho, a trading company and member of the Toyota Group, acquired a 25 percent stake from China's Huayou Cobalt, which previously held 49 percent. With Huayou Cobalt becoming the plant's third-largest shareholder — holding a 24 percent stake — LG Chem is now in compliance with the recently revised U.S. Inflation Reduction Act (IRA), which excludes companies from tax credits if prohibited foreign entities own more than 25 percent of their shares. "Toyota Tsusho's equity participation marks a pivotal turning point as LG Chem strengthens its cathode supply competitiveness under the U.S. IRA framework," LG Chem CEO Shin Hak-cheol said. "We will further solidify our leadership in the battery materials market on the strength of world-class products and powerful global partnerships." Toyota Tsusho plays a vital role in Toyota Motor's raw material procurement. According to LG Chem, the Japanese trading firm will supply a signific

Sep 9, 2025By Park Jae-hyuk
Toyota investment helps LG Chem comply with US regulations

Science ministry launches special probe into KT mobile payment breach

The science ministry on Tuesday launched a special team to probe a recent series of unauthorized mobile payments reported by users of KT, the country's No. 2 telecom carrier. The move came after a number of unauthorized transactions were reported among KT users in southwestern Seoul and the nearby Gyeonggi Province city of Gwangmyeong since late August, mostly during early morning hours. The science ministry said the investigation team will promptly look into the case and thoroughly analyze the attack methods amid concerns over additional damages. "In order to minimize damage to the public, we will seek to promptly identify the cause and contain the spread of the damage through the team joined by the country's top experts," Second Vice Science Minister Ryu Je-myung said. The ministry added it will also establish an advisory group of experts, which will provide technical consultations to investigators. A total of 45.8 million won ($33,000) in damages have been reported to authorities so far, with the Gyeonggi Nambu Provincial Police currently leading the investigation. KT said it officially

Sep 9, 2025By Yonhap
Science ministry launches special probe into KT mobile payment breach

Matica Bio inks AAV vector contract manufacturing deal with US firm Cirsium Biosciences

Matica Biotechnology, a U.S. affiliate of Korea’s CHA Biotech, said Tuesday that it has signed a contract development and manufacturing deal with Cirsium Biosciences, a U.S. biotech firm developing plant-based adeno-associated virus (AAV) technology. Under the deal, Matica Bio will develop processes and analytical methods needed for the AAV vector and manufacture the vectors for Cirsium Biosciences. Other details of the deal, such as upfront payment, were kept confidential by mutual agreement between the two companies, Matica Bio said. The AAV vector is an engineered virus designed to deliver genetic materials into target cells harmlessly. It is gaining market attention in the field of gene therapy, as it allows targeted and long-term delivery with a lower immune response compared to other viral vectors. With the cost and efficiency of AAV manufacturing remaining significant limitations, Matica Bio said the two sides expect their partnership to enable faster and broader access for patients. “Partnering with Cirsium means working alongside a company committed to advancing innovation i

Sep 9, 2025By Nam Hyun-woo
Matica Bio inks AAV vector contract manufacturing deal with US firm Cirsium Biosciences

Ceragem’s Master V11 completes premium massage chair lineup

Massage chair company Ceragem has launched the latest edition of its premium massage chair, the Master V11, completing its Master V Collection lineup tailored to each individual’s spine, lifestyle and living space. The company said Tuesday it is showcasing the Master V11 at its pop-up store set up at Hyundai Department Store’s Trade Center branch in southern Seoul. First unveiled to the public at CES 2025 in Las Vegas, the Master V11 was inspired by first-class airline seats to enable the maximum level of comfort and personalized features. The chair provides three-dimensional rotational massage that works from the neck to the pelvis. Its Dual Position System provides precise spinal care regardless of sitting posture, as its fine-tuned traction function covers each spinal region meticulously. The Master V11 scans not only the neck, back, waist and pelvis but also spinal length and curvature to provide personalized massage. Specific massage modes are tailored to conditions such as lumbar disc herniation, lumbar stenosis, cervical disc herniation and cervical stenosis. The Spinning Spine

Sep 9, 2025By Ko Dong-hwan
Ceragem’s Master V11 completes premium massage chair lineup

Beyond shopping: AliExpress pursues ‘all-in-one’ platform vision for Korea

AliExpress is gaining significant traction among Korean consumers by expanding into travel services and emerging lifestyle categories, establishing itself as a versatile player in the country’s highly competitive e-commerce market in Korea. The online shopping subsidiary of Alibaba International Digital Commerce Group recorded 9.2 million monthly active users in Korea last month, ranking the second among all peer companies in the market. According to app and retail analysis service WiseApp, AliExpress also led all cross-border e-commerce (C-commerce) platforms in Korea in June in terms of monthly active users, average monthly launches per user, and revisit rate — outperforming other C-commerce companies. Compared to the same period last year, its user base has expanded, reflecting Korean consumers’ growing interest in affordable and mobile-friendly shopping options. The standout category is AliExpress Travel, where users can book overseas trips. A key driver has been the “1+1 Travel Promotion,” offering 50 percent off multi-ticket purchases and perks like extra hotel nights or

Sep 9, 2025By Ko Dong-hwan
Beyond shopping: AliExpress pursues ‘all-in-one’ platform vision for Korea
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