Business - The Korea Times

Kia, BMW, Hyundai to recall over 16,000 vehicles for defective components

Kia, BMW Korea and Hyundai Motor will voluntarily recall over 16,000 vehicles due to manufacturing defects, the transport ministry said Wednesday. According to the Ministry of Land, Infrastructure and Transport, a total of 16,577 units across 14 models will be subject to recalls. Kia will recall 12,949 units of two models, including the Seltos, due to a defect in the high-pressure fuel pipe that may lead to fuel leakage and increase the risk of fire. BMW will recall 2,213 units of 11 models, including the 520i, as improperly installed components in the 48V starter-generator may cause battery charging failure. Hyundai will take corrective measures on 1,390 units of its Elec City hydrogen fuel cell buses due to inadequate design of the hydrogen discharge port cap.

May 21, 2025By Yonhap

Kia, BMW, Hyundai to recall over 16,000 vehicles for defective components

Trying China's robotaxi in Wuhan

On a quiet morning in Wuhan, China, a white, driverless vehicle slows to a stop in front of a waiting passenger. A cheerful voice announces, “Welcome aboard Luobo Kuaipao. Please fasten your seatbelt and tap ‘Start’ on the screen.” With no driver inside, the doors unlock after a quick QR scan, and the backseat welcomes its new occupant — no steering wheel, no human, just software and sensors. This is Baidu’s fully autonomous robotaxi service, known as Luobo Kuaipao locally and Apollo Go in English, which has become a common sight on the streets of Wuhan — now China’s largest autonomous driving test zone. The name Luobo Kuaipao literally means “robots run fast.” The service operates about 400 vehicles locally, part of a state-backed pilot initiative to bring self-driving technology into daily life. Autonomous tech takes hold in Wuhan In Wuhan, one of China’s most overpass-laden cities, the robotaxi glided seamlessly from Donghu High-Tech Development Zone to the bustling banks of the Yangtze River, covering 19 kilometers. It navigated elevated expressways, tight roundab

May 21, 2025By KTimes

Hyundai Motor seeks major rebound in China

Hyundai Motor is rapidly reducing its losses in China, fueling hopes for its rebound with the upcoming launch of the Elexio electric vehicle (EV) exclusively designed for the world’s second-largest economy. According to a business report from the Korean carmaker, Beijing Hyundai — a joint venture between Hyundai Motor and China’s BAIC — is seeing a sharp turnaround. It reported a loss of 994.1 billion won ($714 million) in 2023, but the figure dropped significantly to 42.3 billion in the first quarter of this year. This was driven by Beijing Hyundai’s move to reduce unprofitable operating costs by selling its assets, such as factories. The company used to operate five factories in China, but it has sold two over the past few years, including facilities in Beijing and Chongqing. Beijing Hyundai is also shifting its strategy with a focus on exports. The number of exported vehicles from the company reached some 15,000 between January and March, marking a more than 2,300 percent increase compared to the same period last year. Hyundai Motor Group enjoyed its heyday in China with its

May 20, 2025By Lee Min-hyung

Hyundai Motor seeks major rebound in China

Global business leaders come to Doha seeking answers to US policy uncertainties

DOHA, Qatar — Global policymakers and CEOs joined the fifth Qatar Economic Forum in the Middle Eastern country's capital on Tuesday (local time), to address the looming threats of a new trade war under the leadership of U.S. President Donald Trump. Taking place just a week after Trump's visit to Qatar, the three-day forum, powered by Bloomberg, began to explore how global businesses are tapping into the Middle East's economic trajectory amid an unpredictable U.S. administration. Under the theme "The Road to 2030: Transforming the Global Economy," the event also provides a venue for discussion on how the Gulf nations' 2030 visions will impact the global economy. Among Korean companies, Samsung C&T sent Oh Se-chul, CEO of the company's construction division, to discuss how companies and governments should cope with geopolitics and technological advancements that have reshaped foreign direct investment and global supply chains. The Korean firm has carried out various mega-size energy infrastructure development projects in Qatar, including construction of solar power plants, facilities to

May 20, 2025By Park Jae-hyuk

Global business leaders come to Doha seeking answers to US policy uncertainties

Conglomerates reluctant to hire amid zero-sum labor market

Korea’s four largest conglomerates — Samsung, SK, Hyundai and LG — have shown a pattern of hiring fewer younger workers, as aged employees are increasingly reluctant to leave their workplaces amid rising life expectancy, according to data and experts Tuesday. This trend persisted despite the companies reporting significant growth in assets and revenues between 2022 and 2024, according to data from Leaders Index. Data from the corporate market tracker found that the four conglomerates’ value of total assets jumped by 15 percent to a record high of 1,444.7 trillion won ($1,037 billion) during the same period. Their combined net profits also soared with a bigger margin of 30.8 percent between 2023 and 2024, while their sales increased merely 0.5 percent during the same period. However, they have not grown their workforce accordingly. Their combined employees reached 746,486 in 2024, a slight increase from 745,691 in the previous year. The four conglomerates were more reluctant to hire new employees compared to the top 30 companies in Korea. The total number of employees at the 30 lar

May 20, 2025By Lee Min-hyung

Conglomerates reluctant to hire amid zero-sum labor market

Dongsuh Foods’ Kanu coffee sales to exceed $71 mil. this year

Just two years after its launch, Dongsuh Foods’ coffee capsule brand Kanu Barista is on track to exceed 100 billion won ($71.77 million) in sales this year. Now valued at 400 billion won, the coffee capsule market in Korea is booming as more consumers seek convenient and cost-effective ways to enjoy coffee at home. Reflecting this trend, Dongsuh Food launched Kanu Barista in February 2023, drawing on 50 years of coffee manufacturing expertise. The brand is hoping to provide extra quality and quantity, with each capsule containing 9.5 grams of coffee — 1.7 times more than that of typical coffee capsules. "Premium coffee capsule Kanu Barista incorporates Dongsuh Foods’ long-standing coffee manufacturing expertise, allowing local consumers to enjoy the rich, cafe-quality taste of their favorite drink, the Americano," a company official said. "We will continue to introduce various types of coffee, allowing consumers to choose and enjoy coffee based on their individual preferences." Kanu Barista offers 13 different types of coffee, ranging from light and medium roast to dark roast, as we

May 20, 2025By Lee Gyu-lee

Dongsuh Foods’ Kanu coffee sales to exceed $71 mil. this year

Macan Electric blends strong driving with top comfort

LEIPZIG, STUTTGART, Germany — The Porsche Macan Turbo Electric delivers a blend of sedan-like comfort and powerful driving dynamics, positioning itself as a refined and versatile electric SUV. The vehicle was test-driven from the Porsche Experience Centre in Leipzig to the Porsche Museum in Stuttgart, covering a distance of approximately 500 kilometers via Germany’s Autobahn. One of the most striking aspects of the drive was the cabin’s quietness, even at sustained speeds exceeding 150 kilometers per hour. Despite the SUV’s higher body profile, the electric powertrain's naturally quiet operation provided a high level of comfort that rivaled — if not surpassed — that of a premium sedan. In unrestricted speed zones, the Macan Electric was pushed beyond 200 kilometers per hour, yet it maintained its composure with only minimal wind noise perceptible inside the cabin. Despite alternation between high-speed cruising and slow traffic due to congestion along the route, driver fatigue was minimal — a testament to the Macan’s well-balanced suspension and ergonomic interior design.

May 20, 2025By Lee Min-hyung

Macan Electric blends strong driving with top comfort

Porsche committed to smarter EV production with modern factories in Leipzig, Stuttgart

LEIPZIG, STUTTGART, Germany — On a vast area of land in the populous German city of Leipzig stands Porsche’s iconic manufacturing facility for not only luxury cars with internal combustion engines, but also electric vehicles (EVs). The Leipzig plant is located near the 32-meter-long diamond-shaped Porsche Experience Centre, where newly produced Porsche vehicles are tested at an eye-catching racetrack. Porsche added the Macan Electric to its lineup of vehicles produced at the smart and automated production line, ensuring manufacturing flexibility in this period of auto paradigm shift toward the mass adoption of EVs. The facility was busy assembling the strategic electric SUVs and Panamera luxury sedans. The Leipzig factory is home to Porsche’s much-touted “marriage” manufacturing process. The marriage is a type of an all-automated assembly process, in which vehicles’ chassis and powertrains are integrated by robots without any help from a human labor force. Porsche undertook major renovations at the Leipzig factory for solid and speedy manufacturing of the Macan Electric. The

May 20, 2025By Lee Min-hyung

Porsche committed to smarter EV production with modern factories in Leipzig, Stuttgart

Porsche Taycan GTS: pinnacle of dynamic driving

LEIPZIG, Germany — The Porsche Taycan GTS, a high-performance electric vehicle (EV), displays an unarguably strong identity as one of the world's most powerful EVs, delivering a race car-like experience. The vehicle was delivered for a racetrack ride at the Porsche Experience Centre in the German city of Leipzig. The vehicle stood out for its agility, staying true to Porsche’s core identity. Taycan often places its name on top of many people's wish lists here. When sitting in the vehicle, the low seating position immediately gives any driver the feeling of being in a sports car. The vehicle welcomes drivers with a quiet electric motor, rather than a roaring engine typical of race cars. For five laps, I drove the track like a race car driver, going full throttle and braking hard in rapid succession. The thrill of intense acceleration and quick stops made it clear that car enthusiasts and potential buyers should experience it on a racetrack, not just on everyday roads. The Taycan GTS delivers a maximum output of 605 horsepower — enough to make one question whether more power is even

May 20, 2025By Lee Min-hyung

Porsche Taycan GTS: pinnacle of dynamic driving

Assets, profits of top 4 biz groups rise, but employment stays flat: data

Korea's top four biggest business groups — Samsung, SK, Hyundai Motor and LG — have seen significant growth in assets and net profits over the past three years but little change in employment levels, a market tracker said Tuesday. The combined assets of the top four business groups totaled 1,444.8 trillion won ($1,039 billion) in 2024, up from 1,360 trillion won in 2023 and 1,255.7 trillion won in 2022, according to the Leaders Index. Their assets have been on a steady rise since topping the 1,000 trillion-won mark in 2019. The big four's combined assets accounted for 53.1 percent of the total assets held by the country's 30 largest conglomerates in 2024. Their net profit also soared 30.8 percent over the 2022-2024 period, while the top 30's net profit edged up 0.8 percent. However, the Leaders Index noted that the increase in assets and profits has not led to a parallel rise in hiring. The number of employees in the top four groups remained nearly unchanged, rising from 745,000 in 2022 to 746,000 in 2024. The 30 largest groups, on the other hand, saw their total number of employees inc

May 20, 2025By Yonhap

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Companies

Kia, BMW, Hyundai to recall over 16,000 vehicles for defective components

Trying China's robotaxi in Wuhan

Hyundai Motor seeks major rebound in China

Global business leaders come to Doha seeking answers to US policy uncertainties

Conglomerates reluctant to hire amid zero-sum labor market

Dongsuh Foods’ Kanu coffee sales to exceed $71 mil. this year

Macan Electric blends strong driving with top comfort

Porsche committed to smarter EV production with modern factories in Leipzig, Stuttgart

Porsche Taycan GTS: pinnacle of dynamic driving

Assets, profits of top 4 biz groups rise, but employment stays flat: data

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