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    Chinese EV makers gain traction in Korea's import car market despite uphill battle

    When Choi, a 35-year-old office worker living in Korea, started looking for her next car, she did not expect BYD, a Chinese electric vehicle (EV) brand, to make her shortlist. “I've wanted an electric vehicle, but domestic models are just too expensive,” Choi said, adding that rising fuel prices first sparked her interest in EVs. Her attention later turned to Chinese brands after reading about China's rapid adoption of EVs and how it helped cushion the country from recent oil-price shocks linked to the conflict in the Middle East. “I still have some biases against Chinese products, but with so many people driving them in China, I figured they can't just be cheap junk,” she said. “They’ve probably spent years developing the technology and gone through plenty of trial and error.” Choi’s case reflects a subtle shift underway: Chinese EV makers are stepping up their presence in Korea, one of the world’s most competitive automotive markets, and are now gaining traction. The push comes as Chinese-made vehicles overtook Japanese brands in Korea’s import market for the first t

    3 MIN READBy Yulu Ao
    Chinese EV makers gain traction in Korea's import car market despite uphill battle
  • Companies

    Watchdog launches review on Google's alleged fair trade violation

    1 MIN READBy Yonhap
    Watchdog launches review on Google's alleged fair trade violation
  • Companies

    Temu boosts IP protection for K-brands

    2 MIN READBy Ko Dong-hwan
    Temu boosts IP protection for K-brands
  • Business

    National Growth Fund to scale up investment in physical AI sector

    1 MIN READBy Yonhap
    National Growth Fund to scale up investment in physical AI sector
  • Companies

    Samsung, SK chip investment timelines leave room for adjustment

    4 MIN READBy Nam Hyun-woo
    Samsung, SK chip investment timelines leave room for adjustment
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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.

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Companies

Mercedes, BMW dealers see earnings drop on promotions

Major dealerships from Mercedes-Benz Korea and BMW Korea have suffered drastic falls in earnings due to an excess of promotional campaigns, data and industry officials said Wednesday. Han Sung Motor, the largest dealer of Mercedes-Benz Korea, reported an operating loss of 64.9 billion won ($45.5 million) last year, 18.1 billion won more than the previous year. Deutsche Motors, the most influential dealership for BMW Korea and MINI Korea, is in a similar situation. Their operating profit also fell to 25 billion won, down more than 40 percent from the previous year. Industry officials argued the earnings decline for luxury carmakers can be attributed to promotional campaigns. “Major dealerships for German carmakers here hold excessive promotional campaigns to remove inventory,” an official from a local carmaker said. “Things will not take a turn for the better unless luxury carmakers’ dealerships stop responding to pressure from carmakers by using cutthroat sales techniques.” According to data from the Financial Supervisory Service, sales for Mercedes-Benz Korea fell by 28.4 perce

Apr 23, 2025By Lee Min-hyung
Mercedes, BMW dealers see earnings drop on promotions
Banking & Finance

Blackstone considers expanding presence in Korea

Financial Services Commission (FSC) Chairman Kim Byoung-hwan encouraged Blackstone to expand its presence in Korea during a meeting with its Chairman Stephen Schwarzman in New York on Tuesday (local time). Schwarzman, who leads the world's largest private equity firm, responded positively, stating that Blackstone is "actively considering expanding into the Korean market." The meeting took place during Kim's official visit to the U.S., aimed at highlighting the Korean government’s progress in capital market reforms, such as improved access to foreign exchange and capital markets, the reinstatement of short selling, and efforts to boost corporate value. The timing is notable, as the FSC is preparing to authorize global asset managers to broker funds through local subsidiaries. There is growing anticipation that global players like Blackstone will become more actively engaged in the Korean market following the change. Blackstone has been operating a Seoul office since 2022. Kim also highlighted to Schwarzman the maturity and resilience of the Korean economy. He said, "Korea is addressing

Apr 23, 2025By Lee Yeon-woo
Blackstone considers expanding presence in Korea
Banking & Finance

Asset managers eye hotels amid inbound travel boom

Asset management companies are returning to the hospitality sector — specifically hotels — after avoiding it during the COVID-19 pandemic, as surging demand from foreign tourists now exceeds the available supply, industry officials said Wednesday. The number of international tourists visiting Korea is expected to reach 17.5 million in 2025, up from 16.37 million in 2024 — a figure that represented 93.5 percent of pre-pandemic levels, according to the Korea Culture and Tourism Institute. The institute said inbound tourism is recovering faster than domestic hotels can accommodate, noting that the current number of hotel rooms available in Seoul is less than half of what was available during the pandemic. Given the circumstances, several asset management companies have recently added hotels to their post-pandemic business portfolio restructurings. Some others, already involved in the hotel business, have decided to retain their buildings for accommodation purposes after initially converting them into office space. BlueCove Investment, a real estate management firm, is in the final stag

Apr 23, 2025By Yi Whan-woo
Asset managers eye hotels amid inbound travel boom
Companies

Not a Whopper fan? Burger King says 'no problem'

Burger King, the fast food franchise giant known for its Whopper burgers, has launched a new lineup tailored to meet the demands of Korean consumers, according to BKR, the operator of Burger King, on Wednesday. Krispper, a lineup of chicken burgers, is the company’s new platform for its expanded menu options. The company launched two Krispper burgers during a press conference at one of its Seoul locations and will offer them at all restaurants nationwide on Thursday. The company also unveiled the campaign phrase, “I don’t like Whopper, but I love Krispper.” The company said it launched the new burgers after confirming the rising demand for chicken burgers among consumers in Korea. It launched Krispper for the first time in Asia after its headquarters in Florida approved the region-specific menu options. “Compared to other countries, Korea showed higher demands for chicken burgers,” Park Jin-a from BKR’s external affairs division said. “We started developing the new platform last year ahead of other countries. Because of Korea’s unique global position in food markets, we

Apr 23, 2025By Ko Dong-hwan
Not a Whopper fan? Burger King says 'no problem'
Banking & Finance

KakaoBank CEO vows to lead innovation through AI at global fintech conference

KakaoBank CEO Yun Ho-young, also known as Daniel Yun, shared the bank’s strategic direction and vision with global fintech leaders at a major conference in Thailand, emphasizing the company’s commitment to becoming a comprehensive financial platform driven by a user-centric approach, officials said Wednesday. As the sole Korean speaker at the three-day Money 20/20 Asia in Bangkok, Yun delivered a keynote address, exploring how artificial intelligence (AI) is set to reshape the future of financial services. “In the AI era, having AI-optimized user interfaces (UI), user experiences (UX) and data is no longer optional but a key determinant of survival. Industrial ecosystems will increasingly center around companies with strong AI capabilities,” Yun said. “However, finance is a sector that cannot be transformed by AI technology alone. Only financial institutions that possess unique data, trust and a user-centric mindset will be able to exert overwhelming influence.” He noted that Korea’s largest internet-only bank is “going all in” on transforming its UI and UX based on AI,

Apr 23, 2025By Jun Ji-hye
KakaoBank CEO vows to lead innovation through AI at global fintech conference
Tech & Science

InterviewKorea's user-driven, viral digital pop culture ideal for AI development: Blockchain expert

Korea is known for highly enthusiastic retail investors. It has one of the most active retail investment communities, and Koreans are optimistic and willing to support innovative projects. This culture fosters early adoption and significant traction for new blockchain and digital asset initiatives, a blockchain expert based in the United Arab Emirates said Wednesday. Also of significant note is Korea’s community-driven spread of trends, as evidenced by the unmatched power of its digital communities. Further bolstering this is Korea’s creator-driven culture, where platforms like Cyworld, AfreecaTV and Kakao have long thrived. “Korea’s viral digital culture aligns perfectly with gamified and social elements,” said Ani, head of global marketing at SNPIT, a blockchain tech firm with a focus on photography, in a recent interview with The Korea Times. “When a project gains momentum, communities amplify its reach organically, leading to rapid adoption and mainstream visibility. This aspect is critical," he said. Creator-driven culture Korea has a long-standing history of creator-driven

Apr 23, 2025By Lee Kyung-min
Korea's user-driven, viral digital pop culture ideal for AI development: Blockchain expert
Tech & Science

SK hynix expands into next-generation CXL business

SK hynix is expanding its business portfolio into compute express link (CXL) technology, a next-generation interface that will significantly improve the efficiency of accelerators, DRAMs and storage devices. The chipmaker said Wednesday it has completed client customer validation for its CMM (CXL Memory Module) DDR5 96-gigabyte, which is built on CXL 2.0 technology. CXL is an open standard interface that enables high-speed and high capacity connections between CPUs, memory chips and other components. CXL 2.0 builds upon existing CXL technologies by introducing a memory pooling feature, a technique that enables hosts to dynamically allocate memory from a shared pool, thus dramatically accelerating processing speed. Memory chips based on CXL technology are widely viewed as a promising solution to complement high-bandwidth memory (HBM). HBM has recently gained the global tech world’s attention due to its extensive use of artificial intelligence (AI) accelerators, but it has limitations in scalability due to its high costs and capacity. The company said that applying the CMM DDR 5 to serve

Apr 23, 2025By Nam Hyun-woo
SK hynix expands into next-generation CXL business
Companies

Kiehl’s launches on Coupang’s R.LUX to expand luxury beauty offerings

R.LUX, Coupang’s dedicated luxury platform, announced the official launch of global skincare brand Kiehl’s on Tuesday, expanding its premium beauty portfolio. To celebrate the debut, R.LUX is offering a special promotional event through Sunday. With over 170 years of heritage rooted in New York, Kiehl’s is renowned worldwide for its high-quality skincare products, including cult favorites like its Ultra Facial Cream and Lip Balm #1. The brand’s arrival on R.LUX underscores Coupang’s ongoing strategy to diversify and elevate its luxury beauty offerings. During the launch promotion, R.LUX is featuring a wide array of Kiehl’s signature skincare and body care products. Highlights include the alcohol-free Calendula Herbal-Extract Toner and the Clearly Corrective Dark Spot Solution Essence, which is designed to visibly improve uneven skin tone and reduce dark spots. Other standout products include Crème de Corps body lotion, Liquid Hand Soap and the classic Original Musk Eau de Toilette. Customers who purchase Kiehl’s products during the promotion will receive a complimentary Dai

Apr 23, 2025By Ko Dong-hwan
Kiehl’s launches on Coupang’s R.LUX to expand luxury beauty offerings
Companies

KT&G completes tobacco plant in Kazakhstan to supply Europe, CIS region

KT&G completed construction on its first manufacturing plant in Kazakhstan, bolstering its supply chain to better serve cigarette consumers across Central Asia and Europe, Korea’s largest tobacco maker said Wednesday. Located in Almaty Province, the new facility has a total floor area of 52,000 square meters and is equipped with three production lines capable of producing up to 4.5 billion cigarettes annually. KT&G described the plant as its “export outpost and core production base” tailored to meet growing demand from Europe, the Commonwealth of Independent States and the broader Eurasian markets. KT&G CEO Bang Kyung-man attended a completion ceremony at the site on Tuesday (local time), joined by Almaty Governor Sultangaziev Marat Eleusizovich, Korean Ambassador to Kazakhstan Cho Tae-ik and around 100 other guests. “KT&G, with completion of the new Kazakhstan factory, has laid the foundation of its global manufacturing network that will tow our global competitiveness,” Bang said during the ceremony. “KT&G will accept future challenges and expand our global direct business to

Apr 23, 2025By Ko Dong-hwan
KT&G completes tobacco plant in Kazakhstan to supply Europe, CIS region
Companies

Pope remembered for humble use of Korean cars, tech during papacy

The death of Pope Francis has drawn attention once again to the humility he showed through his use of various Korean products. When he came to Korea in 2014 for his first trip to Asia as pontiff, he chose Kia's unarmored Soul compact SUV as the popemobile, reportedly asking the Papal Visit Committee to provide the smallest Korean car available. Although Kia's Morning was smaller, the government recommended that he ride in the Soul or Avante (Elantra) of Hyundai Motor, Kia's sister carmaker, to ensure comfort in the back seat. The pope also declined to ride in a luxurious convertible during parades in Seoul and Daejeon. Instead, he opted for Hyundai's Santa Fe and Kia's Carnival, which were remodeled so the faithful could see him in the back seat. Last year, the pontiff traveled in Singapore with Hyundai's Ioniq 5 produced there. The electric vehicle targets drivers in the city state fighting air pollution. "As a Catholic myself, I found great inspiration in his leadership and humility," Hyundai Motor CEO Jose Munoz wrote on social media Tuesday, describing the pope as a true servant leade

Apr 23, 2025By Park Jae-hyuk
Pope remembered for humble use of Korean cars, tech during papacy
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