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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.

LG Electronics ready for US production expansion amid tariff concerns: CEO

LG Electronics Chief Executive Officer (CEO) Cho Joo-wan said Tuesday his company is fully ready to expand production facilities in the United States as a way to deal with Washington's tariff policies. "We have secured building sites for refrigerator and oven production at our Tennessee plant as a last option when the U.S. tariff on Mexican goods takes effect," Cho told reporters after a general shareholders meeting in Seoul. "We are currently maintaining the site and constructing some temporary buildings. If such policies come into effect, we will be able to move forward without delay." LG Electronics, which produces washers and dryers at its Tennessee plant, has been considering relocating part of its home appliance manufacturing from Mexico to the U.S. to avoid potential tariffs. Regarding the possible resumption of operations at LG Electronics' production plant in Moscow, Russia, Cho remained cautious, citing the ongoing Russia-Ukraine war. "We are closely watching the situation as the war is not over yet," he said. "We are not taking any aggressive actions. We can start operations wh

Mar 25, 2025By yonhap
LG Electronics ready for US production expansion amid tariff concerns: CEO

Hyundai, Kia's European sales down 7.4% in February

Combined vehicle sales of leading Korean automaker Hyundai Motor and its sister Kia in Europe fell 7.4 percent from a year earlier in February, industry data showed Tuesday. According to the data from the European Automobile Manufacturers' Association (ACEA), Hyundai and Kia sold a combined 73,294 units in Europe last month. ACEA data showed Hyundai Motor's sales dropped 7.2 percent on-year to 37,210 units, while those of Kia dropped 7.7 percent to 36,084 units. The Korean automakers sold 156,526 units combined in Europe during the January-February period, down 5.5 percent from the same period last year. The combined market share of Hyundai and Kia in Europe during the first two months of the year was tallied at 8 percent, down 0.3 percentage point from last year. (Yonhap)

Mar 25, 2025By yonhap
Hyundai, Kia's European sales down 7.4% in February

Hanwha Group showcases next-gen defense tech at Australian Int'l Airshow

Korea's Hanwha Group said Tuesday it is taking part in the 2025 Australian International Airshow, the largest international aerospace and defense exhibition in the Oceania region, under way at Avalon Airport in Australia's port city of Geelong. Marking its second appearance following its debut in 2023, Hanwha has opened a 240-square-meter booth to showcase its advanced defense technologies at the biennial exhibition. Hanwha Systems is exhibiting a next-generation ultra-connected tactical communication system, designed to enable rapid and secure battlefield communications. The system is based on tactical 5G and low Earth orbit (LEO) satellite communication technology. Hanwha Aerospace has presented a full-scale model of the Chunmoo multiple launch rocket system (MLRS), which has gained positive feedback recently from Poland. The Chunmoo is a next-generation precision strike system capable of engaging key enemy targets from beyond the range of long-range artillery, minimizing risks to friendly forces. In addition, Hanwha Aerospace also introduced its long-range surface-to-air missile (L-SAM

Mar 25, 2025By yonhap
Hanwha Group showcases next-gen defense tech at Australian Int'l Airshow

Lotte chairman returns to shopping division to revamp retail business

Lotte Group Chairman Shin Dong-bin has returned to his former role at the conglomerate's shopping division to strengthen the group's competitiveness in the retail sector at home and abroad. At a board meeting on Monday, Lotte Shopping's directors approved a motion to reappoint Shin as the new chief executive following the company's shareholders' meeting in Seoul earlier that day. This marks Shin's return to the position after a 12-year absence. With Shin's return, Lotte Shopping now has four CEOs, including Kim Sang-hyun, who also serves as its vice chairman. The reshuffle is expected to streamline the company's decision-making process and strengthen its leadership as it seeks to expand its market presence both domestically and internationally. At the shareholders' meeting, the company expressed regret over its 2024 sales and operating profit, which declined from the previous year. Kim said, "Regrettably, our performance in 2024 was weaker than in 2023, with sales totaling 13.99 trillion won ($9.5 billion) and an operating profit of 473.1 billion won." He added that the company expects "cha

Mar 25, 2025By Ko Dong-hwan
Lotte chairman returns to shopping division to revamp retail business

LG Energy Solution wins landmark ESS contract in Poland

LG Energy Solution has secured a battery supply deal with Poland’s state-run utility firm Polska Grupa Energetyczna (PGE) to build a massive energy storage system (ESS) facility, the Korean company announced Tuesday. Under the agreement, starting next year, the global battery leader will supply lithium iron phosphate (LFP) batteries for the 1-gigawatt-hour ESS facility, which is scheduled to begin operations in 2027. This contract marks the first time LG Energy Solution will supply ESS LFP batteries produced in Europe, leading industry analysts to note that the company's local production capabilities played a key role in securing the deal. In response to the evolving global electric vehicle (EV) market and diverse customer demands, the company has been optimizing its operations by partially converting EV battery production lines to ESS manufacturing. The Wroclaw plant is also in the process of transitioning some EV production lines to ESS production, and this contract ensures a stable supply channel for its products. LG Energy Solution has built a strong reputation by operating the worl

Mar 25, 2025By Park Jae-hyuk
LG Energy Solution wins landmark ESS contract in Poland

Hyundai Motor Group to invest $21 bil. in US by 2028

Hyundai Motor Group unveiled a $21 billion (31 trillion won) investment plan in the United States on Monday, covering various aspects such as production lines for vehicles, auto parts and steel through 2028. This marks the first time a Korean company has announced such a large-scale investment initiative since U.S. President Donald Trump took office in January. Hyundai Motor Group Executive Chair Chung Euisun made the announcement at the White House, where he was accompanied by Trump. “I am pleased to announce an additional $21 billion in new investments over the next four years — our largest U.S. investment ever,” Chung said. “A key part of this commitment is our $6 billion investment to strengthen the U.S. supply chain from steel and parts to automobiles.” In particular, the carmaker will allocate $8.6 billion to building vehicle production infrastructure. Under the plan, the company aims to expand its annual production by more than 1.2 million cars. The initiative will pick up steam after the planned opening of its long-awaited Hyundai Motor Group Metaplant America in Georgia

Mar 25, 2025By Lee Min-hyung
Hyundai Motor Group to invest $21 bil. in US by 2028

INTERVIEW Qoo10 Japan chief sweeps Gen Zers with K-beauty

E-commerce platform operator eBay Japan has been connecting Korean beauty product makers with Japanese consumers. Its key platform, Qoo10 Japan, has grown into the leading destination for young, beauty-conscious shoppers in Japan. Koo Ja-hyun, vice president of eBay Japan, oversees Qoo10 Japan with both satisfaction and confidence in its continued growth. Megawari, the platform’s latest quarterly sales event which concluded earlier this month, set multiple record-breaking figures, highlighting its growing popularity. Boosted by the records, the Korean leader wants to grow the platform further by introducing more Korean beauty firms and their products to the platform for Japanese consumers. The VP, currently residing in Tokyo, believes people in the two countries have a lot in common in terms of culture. This allows him to understand the Japanese market and how to target it with Korean products. “I once went to a K-pop concert in Japan which was packed with thousands of fans. When the Korean artists asked in Japanese ‘are you having fun?’ people shouted ‘ne!’ instead of ‘ha

Mar 25, 2025By Ko Dong-hwan
[INTERVIEW] Qoo10 Japan chief sweeps Gen Zers with K-beauty

LG Innotek set to mass-produce parts for humanoid robots in 2026

LG Innotek will begin mass-producing key components for humanoid robots in 2026, with supply volume expected to increase tenfold each year starting next year, its CEO said Monday. “We are teaming up with multiple partners in camera and conducting joint development for robot hands and joints,” LG Innotek CEO Moon Hyuk-soo told reporters after the firm's regular shareholders’ meeting in Seoul. Even if just a few thousand components are to be mass-produced next year, the figure is expected to grow tenfold each year starting from 2027 or 2028, he said. The market for humanoid robots is expected to grow rapidly, as major overseas tech firms — such as Nvidia, Tesla and Meta — demonstrate their vision to tap into this emerging growth area. LG Innotek is also working to strengthen its position in the business, identifying it as one of its key growth engines. In January, the CEO said the company is already partnering with prominent humanoid robot firms and will announce details after achieving meaningful outcomes at the CES trade show in Las Vegas. Regarding concerns over U.S. President

Mar 24, 2025By Lee Min-hyung
LG Innotek set to mass-produce parts for humanoid robots in 2026

INTERVIEW Concerns over Alaska LNG project ‘outdated,’ says lead developer

Brendan Duval, CEO and founder of the Alaska liquefied natural gas (LNG) project’s lead developer Glenfarne Group, expressed his confidence in the feasibility of the $44 billion project advocated by United States President Donald Trump, asking Korean partners for greater engagement in the project. Duval is visiting Korea along with Alaska Gov. Mike Dunleavy and a number of key U.S. officials as part of their campaign to attract investments into the project. In an exclusive written interview with The Korea Times, Monday, Duval stressed that concerns over the feasibility of Alaska LNG are “outdated,” and advantages from the project will offset its one-time construction cost. “Alaska LNG will deepen the relationship between our countries by providing Korea with abundant, affordable and reliable LNG,” Duval said. “Korean companies also have investment and manufacturing expertise that can help develop Alaska LNG in a way that is financially beneficial for both nations.” The LNG project grabbed attention in Korea after Trump voiced his support for the project and specifically me

Mar 24, 2025By Nam Hyun-woo
[INTERVIEW] Concerns over Alaska LNG project ‘outdated,’ says lead developer

Kakao’s key affiliates under increasing regulatory pressure

Major affiliates of Kakao, the country's leading mobile platform operator, are facing growing regulatory pressure, which its labor union says stems from the company's excessive spin-offs of subsidiaries. The once-promising mobile startup is rapidly losing the trust of both investors and customers due to its ongoing involvement in multiple regulatory issues. On Monday, Kakao Entertainment was slapped with a 390 million won ($265,000) fine for deceptive advertising practices. The company promoted its music content through social media channels without officially disclosing its ownership of those accounts, according to the latest investigation by the Fair Trade Commission. Other Kakao subsidiaries are also being investigated for allegations of unfair business activities. Kakao Mobility, which operates the nation’s leading taxi-hailing service, is under investigation on suspicion of inflating the firm’s revenues. Last week, the prosecution launched a search and seizure into the firm’s office in Seongnam, Gyeonggi Province, as well as the residences of its key executives. Jung Joo-hwan,

Mar 24, 2025By Lee Min-hyung
Kakao’s key affiliates under increasing regulatory pressure
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