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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.

LS Electric to invest $168 mil. to expand US switchgear plant

LS Electric, a Korean electrical equipment manufacturer, said Wednesday it will invest 250 billion won ($168 million) to expand its switchgear production facility in the United States, as it seeks to strengthen its presence in the North American market. The company currently operates two switchgear plants in the U.S. — MCM Engineering II in Utah and the Bastrop Campus in Texas. The latest investment will be used to triple production capacity in the Utah facility by 2030, LS Electric said in a press release. The expansion project has enabled the company to secure property tax incentives from the Utah Inland Port Authority. Last year, LS Electric announced plans to invest a total of 350 billion won in its U.S. operations to establish a localized value chain spanning sales, planning, production and services. In addition to its existing offices in Chicago and Los Angeles, the company said it plans to open two new offices in Texas and Georgia within the first quarter to support sales and enhance customer service. "This plant expansion will help meet growing local demand for switchgear, parti

Mar 18, 2026By Yonhap
LS Electric to invest $168 mil. to expand US switchgear plant

Petrochemical firms desperate for Russian naphtha imports

Calls are growing for the government to permit imports of naphtha from Russia, as prolonged disruptions in the Strait of Hormuz have put Korea’s petrochemical companies at risk of operational disruptions. Although the government has pledged to diversify sources of the key petrochemical feedstock and restrict exports, industry officials argue the measures are insufficient for the current crisis. Briefing President Lee Jae Myung on countermeasures to deal with issues resulting from escalating tensions in the Middle East, Deputy Prime Minister and Finance Minister Koo Yun-cheol said Tuesday that naphtha will be designated as an item for economic security by the end of this week. “There has been a shortage of naphtha and other products that rely heavily on shipments through the Strait of Hormuz,” Koo said during a Cabinet meeting. “By restricting exports, the government will address the shortage.” Products designated as items for economic security are eligible for customized government support, including diversification of import markets, stockpile expansion and development of subs

Mar 18, 2026By Park Jae-hyuk
Petrochemical firms desperate for Russian naphtha imports

Kumho Tire launches high-end tire for SUVs, EVs

Kumho Tire has launched a new high-end tire — CRUGEN GT Pro — targeting growing demand for comfort tires specifically designed for premium SUVs, the company said Tuesday. The new model was developed to meet surging demand for highly durable tires compatible with not just SUVs powered by internal combustion engines, but electric vehicles (EVs). It features low noise and better mileage performance. According to data from the company, SUVs accounted for 47.6 percent of all newly registered vehicles in Korea in 2019, but the number soared to 67.7 percent in 2025. The tiremaker will start sales for CRUGEN GT Pro in Korea this month, with a United States rollout planned for September. The company will also gradually expand sales to other global markets down the road. “Our new CRUGEN tire boasts high treadwear ratings and offers quiet driving experiences for SUVs and EVs,” Kumho Tire CEO Jung Il-taek told reporters during a press conference. It took three years for the company to develop its newest premium tire, in response to the growing importance of SUVs and EVs here and abroad. In pa

Mar 17, 2026By Lee Min-hyung
Kumho Tire launches high-end tire for SUVs, EVs

SK chairman warns global memory shortage may last through 2030

SK Group Chairman Chey Tae-won said the global memory chip shortage is likely to continue for several more years, potentially lasting through 2030. On the sidelines of Nvidia GTC 2026 in San Jose, California, on Monday (local time), Chey said supply constraints remain structural and difficult to resolve in the near term. “The shortage stems from a lack of wafer capacity, and securing additional wafers takes at least four to five years,” he said. “We expect the industry-wide supply shortfall to persist at over 20 percent through 2030.” Chey added that the company will make efforts to stabilize prices, noting that SK hynix CEO Kwak Noh-jung is likely to unveil new measures aimed at stabilizing DRAM prices in the near future. Despite growing calls for semiconductor firms to expand production overseas, Chey emphasized that the group will continue to focus on its domestic manufacturing base. “Building capacity outside Korea takes the same amount of time, regardless of location,” he said. “Korea already has the infrastructure in place, allowing for a much faster response. That is

Mar 17, 2026By Lee Gyu-lee
SK chairman warns global memory shortage may last through 2030

Hyundai Motor, Kia expand strategic ties with Nvidia for autonomous driving

Hyundai Motor and Kia have decided to equip some of the carmakers' models with Nvidia's Level 2 and higher self-driving technologies in their latest strategic partnership, the companies said Tuesday. The broadened framework is aimed at activating the future autonomous vehicle ecosystem in the rapidly evolving global software-defined vehicle (SDV) industry. Under the partnership, Hyundai Motor Group will leverage Nvidia’s expansive data platforms and artificial intelligence (AI) technologies, while systematically integrating all accumulated data into a unified learning pipeline. This approach will enhance autonomous driving development maturity, enabling the carmaker to respond comprehensively to market dynamics and accelerate its internalization of data-driven autonomous driving technology, the automaker said. The group will also establish an integrated autonomous driving architecture scalable from Level 2 through to Level 4 by using Nvidia’s DRIVE Hyperion platform. The carmaker plans to advance discussions with Nvidia to leverage new technologies for its ultimate goal of successfull

Mar 17, 2026By Lee Min-hyung
Hyundai Motor, Kia expand strategic ties with Nvidia for autonomous driving

Hyundai Motor Group introduces hydrogen vision at Japan expo

Hyundai Motor Group has introduced its hydrogen brand and business platform at Japan’s H2 & FC EXPO to promote the carmaker’s global leadership in the hydrogen value chain, the company said Tuesday. The carmaker showcased its HTWO hydrogen platform to highlight its commitment to delivering end-to-end solutions across the hydrogen value chain. Its introduction at the exhibition underscores the group’s dedication to advancing the global transition toward a sustainable hydrogen society, the company said. Visitors to the three-day event, which started Tuesday, can explore the carmaker’s fully redesigned, all-new NEXO fuel cell electric vehicle. Registered participants can also test-drive the model. The carmaker will also demonstrate its detailed hydrogen business vision, such as hydrogen refueling solutions and hydrogen trams, during the exhibition. Hyundai Motor Group plans to launch its Japan-specific NEXO model in the first half of this year. The model features vehicle-to-home capability, which enables the car to provide a stable power supply to a home during emergencies such as e

Mar 17, 2026By Lee Min-hyung
Hyundai Motor Group introduces hydrogen vision at Japan expo

K-luxury resale booms: Bunjang’s 2025 data shows 52% growth

The luxury resale market is entering a new phase of maturity, evolving from simple secondhand trading into a liquid luxury marketplace, according to a new report by Bungaejangter, a local secondhand marketplace also known as Bunjang. The company released its 2025 K-Luxury Secondhand Report on Tuesday, analyzing last year’s luxury goods transactions on the platform. The data showed a 52 percent jump in total luxury goods transactions year-over-year and 39 million newly listed items last year, signaling structural growth rather than a short-term trend. Change in consumer perception is a key driver as people increasingly see luxury goods as liquid assets that can be readily converted into cash rather than just as consumables. That shift is reflected in transaction speed. Bulgari’s B.Zero1 white gold necklace was the fastest-traded luxury item, selling about 53 seconds after its listing, while the second-fastest, a Saint Laurent shoulder bag, sold in about 70 seconds. High-value trades also soared, powered by Bunjang’s proprietary authentication solution Corelytics. The platform’s pri

Mar 17, 2026By Lee Gyu-lee
K-luxury resale booms: Bunjang’s 2025 data shows 52% growth

AMD chief to visit Samsung's chip plant this week: sources

Lisa Su, chief executive officer (CEO) of Advanced Micro Devices, is scheduled to visit Samsung Electronics' production line in Korea and meet senior semiconductor division officials, industry sources said Tuesday. According to the sources, Su plans to visit Samsung Electronics' chip production complex in Pyeongtaek, around 60 kilometers south of Seoul, on Wednesday for a meeting with co-CEO Jun Young-hyun, who oversees the chip division, and Han Jin-man, head of Samsung's foundry business. Su's scheduled visit will mark her first trip to Korea since taking office in 2014. Industry watchers said the two companies are expected to discuss cooperation in the foundry segment, expanding ties beyond memory chips. Since 2025, Samsung Electronics has been supplying HBM3E to AMD's latest artificial intelligence (AI) solutions, maintaining a close business relationship. The discussions may include measures to utilize Samsung Electronics' production capacity for AMD's next-generation AI chips. Samsung Electronics may gain momentum for its foundry business should it successfully secure AMD as a new cl

Mar 17, 2026By Yonhap
AMD chief to visit Samsung's chip plant this week: sources

FTC charges HDC chief for omitting subsidiaries in regulatory filings

The antitrust regulator said Tuesday it has charged Chung Mong-gyu, chairman of major construction company HDC Hyundai Development, for omitting multiple subsidiaries from filings subject to interaffiliate trading regulations. Chung is accused of submitting false information in annual filings from 2021 to 2023 that underreported the number of subsidiaries in his conglomerate, the Fair Trade Commission (FTC) said. After removing duplicates, the FTC said a total of 20 companies, mostly run by his family members, were omitted from the filing, adding that their combined assets exceeded 1 trillion won ($670 million). The FTC said that given Chung's long tenure as head of the group and ongoing family involvement in the business, it is highly likely he was aware of the false submissions. The FTC noted that some of the firms had been excluded from interaffiliate trading regulations for as long as 19 years, avoiding rules on private profit extraction and disclosure obligations. Under the law, large groups subject to monitoring are defined as those whose total domestic affiliate assets exceed 0.5 p

Mar 17, 2026By Yonhap
FTC charges HDC chief for omitting subsidiaries in regulatory filings

Samsung Electronics ends sales of Galaxy Z TriFold despite strong popularity

Samsung Electronics has ended sales of the Galaxy Z TriFold, its high-end foldable smartphone, in South Korea despite strong demand, due to high production costs, industry sources said Tuesday. The South Korean tech giant's first trifold smartphone, which features two folding hinges and a 10-inch display when fully unfolded, was released in December, with the model selling out on the first day of its launch. The device came with a local price tag of 3.59 million won ($2,400), and it was restocked more than 10 times in the South Korean market, although shipment volume was limited. Industry watchers said Samsung Electronics suspended sales of the trifold smartphone due to high production costs, with the recent hike in global memory chip prices further adding to the burden. Others said the Galaxy Z TriFold was launched to showcase Samsung Electronics' technological competitiveness rather than for mass production. Sales will continue in countries with remaining inventories, including the United States and China.

Mar 17, 2026By Yonhap
Samsung Electronics ends sales of Galaxy Z TriFold despite strong popularity
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