Business

Hyundai Mobis opens integrated R&D center in India

Hyundai Mobis, Korea's leading auto parts maker, said Monday it has opened an integrated research and development (R&D) center in India as a global strategic hub dedicated to automotive software. Hyundai Mobis has combined two existing R&D centers in India into one large-scale R&D base to participate in more R&D projects led by its parent Hyundai Motor Group and to supply mobility solutions for vehicles developed by the group and global carmakers, the company said in a press release. "Based on our nearly 20 years of experience in developing mobility solutions for production vehicles, we will promote the advancement of software and contribute to improving product competitiveness," Lee Jong-keun, head of Hyundai Mobis Technical Center of India, said in the release. Located in the center of Hyderabad, the new integrated R&D center is aimed at meeting a rising demand for automotive software solutions in the world's most populous country, it said. India's automobile market is expected to grow to 6.2 million vehicles by 2028 from the current 5.2 million units per year, the third largest in the

Samsung Electronics to overcome US tariff challenges through production allocation

Samsung Electronics said Monday it plans to leverage its global production network to navigate new U.S. tariff policies, including reciprocal duties that target goods from nearly all countries, including Korea. "We sell TVs, monitors and sound bars in the United States, with TVs making up the majority," Yong Seok-woo, president and head of the visual display business at Samsung Electronics, said in a press conference. "Most of those TVs are produced in Mexico." Last week, U.S. President Donald Trump announced plans to impose a minimum 10 percent baseline tariff on all imports to the United States and country-specific reciprocal tariffs that include 25 percent duties for Korea. Goods from Mexico and Canada are not subject to the new tariff schemes. "The impact of the new reciprocal tariffs is slim, but we are monitoring the situation closely as U.S. trade policies continue to evolve," he said. "With 10 production bases globally, we plan to overcome these challenges through strategic production allocation." Samsung currently produces TVs in several countries, including India and Vietnam. Wh

LG CNS secures W130 bil. AI system deal for Mirae Asset Life

LG CNS has clinched a 130 billion won ($88.46 million) deal to build an artificial intelligence (AI) system for Mirae Asset Life Insurance, the IT service company said Monday. LG CNS CEO Hyun Shin-gyoon and Mirae Asset Life Insurance CEO Kim Jae-sik recently signed a memorandum of understanding (MOU) on next-generation system establishment at the insurer’s headquarters in Seoul. Under the MOU, LG CNS will undertake projects over the next two years to build systems for Mirae Asset Life’s in-house generative AI platform and multi-hybrid cloud environment. The company will also upgrade IT systems related to insurance product development and other financial operations. Through the projects, LG CNS will build Mirae Asset Life’s in-house generative AI platform for its employees. LG CNS plans to train a large language model using the insurer’s internal data, enabling employees to find optimized data and results based on the company’s knowledge base by simply asking AI. The platform is also expected to expand into customer service, assisting insurance consultants in responding to clien

LG Electronics estimates new high in Q1 sales on growth in air conditioning

LG Electronics forecast Monday that its sales for the first quarter of this year will reach 22.75 trillion won ($15.53 billion won), estimating that it will set a new high in its first-quarter revenue on the back of solid growth in its heating, ventilation and air conditioning (HVAC) business. In its earnings guidance, LG Electronics estimated sales of 22.75 trillion won and an operating profit of 1.26 trillion won for the January to March period. Sales increased by 7.8 percent year-on-year while operating profit declined by 5.7 percent year-on-year. It is the largest first-quarter revenue, surpassing the previous high of 21.1 trillion won in the first quarter of 2024. The estimation stands in line with brokerages’ consensus that the company’s operating profit will likely close in on 1.25 trillion won. Since it is an earnings guidance, which discloses a company’s expected financial performance for an upcoming period, LG Electronics did not reveal breakdowns into its business segment. However, the company said in a statement that the company’s core businesses of home appliance show

LG Energy Solution Q1 operating profit up 138.2% to $255 mil.

LG Energy Solution on Monday estimated its first-quarter operating profit at 374.7 billion won ($255 million), up 138.2 percent from a year earlier. Revenue increased 2.2 percent to 6.26 trillion won. The data for net profit was not available. The operating profit was 318.9 percent higher than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The company will release its final earnings report later. (Yonhap)

Paldo to raise ramyeon prices on high costs next week

Korean food company Paldo said Monday it will raise the prices of its instant noodle and beverage products next week, citing recent hikes in raw material prices. Paldo plans to raise the retail prices of 31 ramyeon and 11 beverage products by an average of 7.8 percent and 7.6 percent, respectively, starting next Monday, the company said in a press release. The price of Paldo Bibimmyeon, the most popular among the company's ramyeon products, will rise to 1,150 won ($0.78) from the current 1,100 won, while that of Paldo Wang Ttu Keong is set to rise to 1,500 won from 1,400 won. "The price hike is inevitable to reflect rising raw materials, logistics and labor costs," the release said. Paldo last raised its product prices in October 2022. Dozens of local food and beverage companies have already increased the prices of their mainstay products due to higher costs. Paldo's bigger rival Nongshim raised the prices of 14 ramyeon products by an average 7.2 percent and three snack products by 7.4 percent on March 17. Samyang Foods Inc., renowned for its Buldak spicy ramyeon, has said it is not conside

Macan Electric to keep unique position, not threatened by Cayenne EV

GOYANG, Gyeonggi Province — Porsche Korea's Macan Electric will maintain its distinct position and not overlap with the upcoming electric version of the flagship Cayenne SUV, according to Jorg Kerner, vice president of product line for Porsche Macan, in an interview. The Macan is undeniably one of the best-selling SUVs worldwide for the German luxury automaker. However, in Korea, the larger Cayenne has consistently been more popular than the Macan. The Porsche executive expressed confidence that the Macan will solidify its position in the electric vehicle (EV) market, even after the launch of the Cayenne Electric, which could come in the next couple of years. “The Macan Electric’s positioning will not overlap with the upcoming electrified Cayenne,” Kerner said during the interview on the sidelines of the Seoul Mobility Show Thursday. “Customers who display a preference for a compact size will opt for the Macan Electric,” he said. “I am confident that demand for the Macan Electric will not fall behind that from the all-electric Cayenne.” According to data from Porsche Korea

Czech nuclear deal faces uncertainty after Yoon's impeachment

The impeachment of President Yoon Suk Yeol has created uncertainties about Korea's ongoing negotiations with the Czech Republic regarding Korea Hydro & Nuclear Power's (KHNP) construction of two nuclear reactors in the European country's village of Dukovany. After the Constitutional Court upheld Yoon's impeachment on Friday, calls have been growing from the liberal Democratic Party of Korea (DPK) to reconsider the ousted president's overall energy policies, highlighted by Yoon's much-hyped nuclear reactor export plans. The calls have also followed the indefinite delay of the main contract for the $17 billion project, which was initially expected to be signed by the end of last month. The DPK is reportedly planning to convene a meeting to review the Czech nuclear deal's profitability. Even before Yoon was suspended from duty last December over his martial law declaration, the party claimed that KHNP may have offered an excessively low bid to defeat France's EDF and become the preferred bidder for the project. Doubts over the deal's profitability have grown further as the Czech opposition

Kia supports children of multicultural families

US tariffs to test resilience of Samsung Electronics

The tariff pressures from the Donald Trump administration are testing the resilience of Samsung Electronics' supply chain across its various business segments. Given the anticipated impact of tariffs on its global manufacturing operations, Samsung faces several evolving scenarios across its smartphone, semiconductor and home appliance businesses. As a result, it is becoming increasingly crucial for the company to reassess and realign its manufacturing strategy. Among the company’s businesses, its smartphone division is feared to suffer the greatest impact as a consequence of the tariffs. Currently, it is estimated that around half of Samsung’s Galaxy smartphones are produced in Vietnam, with approximately 30 percent manufactured in India. The rest are produced in facilities in Brazil, Korea and Indonesia. Trump last week announced sweeping “reciprocal” tariffs on U.S. trading partners, imposing 46 percent for Vietnam. The tariffs mostly targeted Asian nations, levying 26 percent for India, 25 percent for Korea and 32 percent for Indonesia. This could lead to a price increase of up