AJU PRESS ASIA FIRST NEWS AGENCY

Journalist

Oh Joo-Seok
  • Survey: 75% of South Korean new-car shoppers are open to EVs, wary of Chinese brands
    Survey: 75% of South Korean new-car shoppers are open to EVs, wary of Chinese brands Consumers say trust and safety matter most when buying an electric vehicle, a survey found. Chabot Mobility said on Monday that 75.1% of 450 people planning to buy a new car this year expressed interest in purchasing an EV. The largest share, 41.9%, said an EV is among the options they are considering. Another 18.4% said they are actively considering an EV, and 9.4% said they have decided on one. By age group, interest was highest among people in their 20s, at 100%, and those in their 30s, at 85.4%. Rates were lower among people in their 50s and those 60 and older. Cost was the top reason for considering an EV. Savings on charging compared with fuel costs led responses at 62.5%, followed by government subsidies at 41.3% and tax benefits at 32.7%. The biggest factors holding buyers back were infrastructure and safety concerns: lack of charging infrastructure (45.3%), worries about safety such as fires (34.9%) and charging time (32.8%). Asked how government EV subsidies affect vehicle choice, 37.9% said they have some influence and 29.6% said they have a very large influence, meaning about 67% view subsidies as a key factor. Views of Chinese EV brands showed both interest and caution. The most common response, at 38.6%, was that respondents are interested but still do not trust them. Price competitiveness was cited as the biggest attraction, at 64.3%. For advanced driver-assistance features such as full self-driving, 76.5% said they would pay extra. The most preferred price range was 3 million to under 5 million won, at 40.5%. Looking ahead, the most common expectation for how autonomous-driving advances will affect buying decisions was a greater emphasis on safety standards, at 26.7%. "EVs are now a practical purchase alternative, evaluated beyond an eco-friendly image in terms of lower running costs and total cost of ownership," a Chabot Mobility official said. The official added that Chinese EV brands are drawing interest on price, but said building trust in quality and safety will be key to gaining a foothold in the market.* This article has been translated by AI. 2026-02-10 16:19:56
  • K Car Posts Record 2025 Operating Profit of 76 Billion Won
    K Car Posts Record 2025 Operating Profit of 76 Billion Won K Car, a South Korean used-car platform that sells vehicles directly, said it set record highs in both revenue and operating profit last year. The company said Monday it posted preliminary full-year revenue of 2.4388 trillion won and operating profit of 76 billion won. Revenue rose 6% from a year earlier and operating profit increased 11.5%. K Car said it lifted sales 1.4% despite a 2.2% year-over-year drop in used-car registrations amid financial-market volatility and worries about a slowing economy. Annual used-car sales totaled 156,290 vehicles, raising its market share to 12.7%. Retail sales came to 114,496 vehicles, with online transactions accounting for 55.9%. Auction sales totaled 41,794 vehicles, up 6.5% from a year earlier and a record, the company said. K Car said it plans to launch new businesses this year, including a service that supports safer direct transactions between individuals, as it aims to broaden its platform across different types of deals. CEO Jung In Guk said the company has continued to expand its share steadily as the market shifts toward corporate operators, citing brand trust and diversified buying and selling channels. He said K Car will respond quickly to market changes and pursue sustainable growth.* This article has been translated by AI. 2026-02-10 16:19:23
  • Hyundai Motor CEO unveils massive Korea, US investment plans
    Hyundai Motor CEO unveils massive Korea, US investment plans SEOUL, February 10 (AJP) - Hyundai Motor plans record investments in South Korea and major spending in North America while seeking renewed growth in emerging markets including India and China, CEO Jose Munoz said in a message to employees. In an internal email sent Monday, Munoz said Hyundai Motor would invest 125.2 trillion won in South Korea over the next five years, marking the company’s largest-ever domestic commitment. The automaker also plans to invest about 35 trillion won in North America. For this year, the company targets global sales of 4.16 million vehicles, revenue growth of 1 to 2 percent, and an operating profit margin of 6.3 to 7.3 percent, Munoz said. Hyundai plans to sustain momentum through the launch of a Genesis hybrid model and a range-extended electric vehicle (EREV), which is scheduled to enter the market next year. Munoz cited solid performance across major markets, saying South Korea achieved stable growth following successful launches of models including the Palisade and Ioniq 9, while North America recorded sales growth for a fifth consecutive year. Munoz said the company’s recent share-price gains reflect not only its future mobility vision — including advances in robotics and physical artificial intelligence showcased at CES — but also strong operating performance and consistent financial results. He also emphasized Hyundai’s internal management approach, urging employees to “move fast, prepare ahead, respond nimbly to change, and work as one global team.” Hyundai Motor reaffirmed its long-term goal of selling 5.55 million vehicles annually by 2030, including 3.3 million eco-friendly models, equivalent to about 60 percent of total sales. The company also aims to achieve an operating profit margin of 8 to 9 percent and plans to expand its hybrid lineup to at least 18 models by the end of the decade. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-10 14:55:23
  • Hanwha Aerospace, KAI to jointly develop long-range air-to-air missile
    Hanwha Aerospace, KAI to jointly develop long-range air-to-air missile SEOUL, February 10 (AJP) - South Korean defense firms Hanwha Aerospace and Korea Aerospace Industries (KAI) said on Monday they will jointly develop a long-range air-to-air missile and cooperate on overseas marketing to expand exports of South Korean aircraft and air-launched weapons systems. Under a memorandum of understanding they signed a day earlier at the World Defense Show in Riyadh, Saudi Arabia, they will cooperate on integrating air-launched weapons into South Korea’s KF-21 fighter jet and FA-50 light combat aircraft. Hanwha Aerospace said it is conducting preliminary research with the agency on next-generation air weapons, including long-range air-to-air missiles powered by solid-ramjet engines, as well as supersonic air-to-surface and air-to-ship missiles. Demand for comprehensive defense packages has been rising as overseas customers increasingly seek integrated solutions covering aircraft platforms, weapons systems and operational support, KAI Chief Executive Cha Jae-byung said. “Korean defense products are gaining credibility, and customers are asking for packages that include not only aircraft but entire operational systems,” Cha said in a press release, adding domestic defense firms would work together to expand exports through joint marketing. Hanwha Aerospace Chief Executive Son Jae-il said combining Hanwha’s missile development experience across air-to-air, air-to-surface and surface-to-air systems with KAI’s aircraft integration capabilities would support the development of indigenous air-launched weapons. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-10 11:11:21
  • Hanwha Aerospace, KAI to jointly develop weapons for South Korean aircraft
    Hanwha Aerospace, KAI to jointly develop weapons for South Korean aircraft Hanwha Aerospace and Korea Aerospace Industries, known as KAI, said they will work together to develop a domestically produced long-range air-to-air missile for installation on South Korean aircraft. The companies also plan joint marketing to expand exports of South Korean aircraft and air-launched weapons. Hanwha Aerospace said Tuesday that it signed a memorandum of understanding with KAI on Monday (local time) in Riyadh, Saudi Arabia, during the third World Defense Show. The agreement covers cooperation on aircraft-weapons business projects. Under the MOU, the companies will cooperate on systems integration of air-launched weapons for the KF-21 and FA-50 fighter platforms and pursue joint marketing aimed at exporting aircraft and aircraft weapons. They said they plan to carry out aircraft-weapons development projects led by the Agency for Defense Development to secure technology at a global top-tier level. Hanwha Aerospace said it is conducting preliminary research, overseen by the Agency for Defense Development, on advanced weapons including long-range air-to-air missiles and supersonic air-to-ground and air-to-ship missiles based on ducted solid-ramjet engines. KAI CEO Cha Jae Byung said that as confidence in South Korea’s defense technology has grown, overseas customers have recently been asking for Korean-made packages covering not only aircraft platforms but also broader operating systems. He said domestic defense companies will join forces through joint marketing to expand exports. Hanwha Aerospace CEO Son Jae Il said he is confident the company can meet its goals for developing domestically produced aircraft weapons by combining Hanwha’s experience in missile development — including air-to-air, air-to-ground and surface-to-air programs — with KAI’s capabilities in fighter integration.* This article has been translated by AI. 2026-02-10 09:45:00
  • KGM to Offer Lunar New Year Vehicle Inspection Service at 321 Centers
    KGM to Offer Lunar New Year Vehicle Inspection Service at 321 Centers KG Mobility, or KGM, said Monday it will offer a Lunar New Year vehicle inspection service ahead of the holiday. The service will run for three days, from Feb. 11-13, at 321 service centers nationwide, including the Gunpo Regional Service Center. It applies to all KGM models except large commercial vehicles. Checks will cover batteries, various oils, antifreeze, lights, air-conditioning, brakes and pads, tires, coolant, and heater and filters. The company said it will focus on services needed for safe long-distance driving and will also top off windshield washer fluid. For electric vehicles, KGM will add a special safety inspection, including checks of the battery, heater-cabin coolant and drive-motor coolant, to support proper maintenance and safe driving. KGM said it will also operate emergency roadside assistance throughout the holiday period and plans to ensure drivers can get quick support at nearby service centers if an emergency occurs. A KGM official said drivers should have their vehicles checked at a service center before heading out, including for issues that can arise from temperature swings or icy roads, and review safe-driving tips before traveling. * This article has been translated by AI. 2026-02-10 09:00:19
  • Korean Air, Asiana Hang Lucky Brooms for Lunar New Year at Major Sites
    Korean Air, Asiana Hang Lucky Brooms for Lunar New Year at Major Sites Korean Air and Asiana Airlines hung traditional “lucky brooms” at major sites in South Korea ahead of the Lunar New Year holiday, wishing health and happiness for passengers. The airlines said Monday they placed the decorations at eight locations, including each carrier’s check-in counters at Incheon International Airport’s Terminal 2, Korean Air’s headquarters in Seoul’s Gangseo District and Asiana’s headquarters. The brooms will remain on display through Feb. 23. Hanging a new broom on the first day of the lunar year is a traditional custom meant to gather good fortune, like collecting rice in a sieve. Korean Air has held the annual event since 2008 to mark the holiday and help preserve traditional customs. This year, Asiana employees joined the event, adding significance as the companies prepare for full integration. “Ahead of the integration of Korean Air and Asiana Airlines, we hope our customers enjoy health and happiness and that this year will be one of powerful leaps, like a red horse,” a Korean Air official said.* This article has been translated by AI. 2026-02-10 08:48:00
  • Chevrolet Opens New Haeundae Showroom in Busan
    Chevrolet Opens New Haeundae Showroom in Busan Chevrolet said Tuesday it has opened a new showroom in Haeundae-gu, Busan. The Chevrolet Haeundae showroom covers 334.8 square meters and can display up to seven vehicles at once. Featured models include the Trax Crossover and Trailblazer. At an opening ceremony on Monday, Hector Villarreal, president of GM Korea, attended with employees, local Chevrolet dealership representatives and partner companies. About 25 people took part, the company said. Chevrolet said it provides service through a network of more than 380 partner service centers nationwide, using GM headquarters-certified technology and standardized procedures. The company said it is running a special promotion this month with enhanced financing and discount benefits across its lineup. It is also offering various prizes to mark the launch of the Trailblazer Midnight Black Edition. "The opening of the Haeundae-gu showroom is a meaningful step to strengthen customer touchpoints at a key hub in the Busan and South Gyeongsang region and to boost brand competitiveness in a strategic area with a high-income and global customer base," Villarreal said. * This article has been translated by AI. 2026-02-10 08:39:00
  • Hyundai Motor Group Expands U.S. Presence as Rivals Cut EV Spending
    Hyundai Motor Group Expands U.S. Presence as Rivals Cut EV Spending Global automakers are slowing electric vehicle investment and trimming production in North America, but Hyundai Motor Group is moving in the opposite direction, expanding investment and leaning more heavily on hybrids. Industry watchers say the strategy is helping Hyundai and Kia stay competitive as the pace of the EV transition cools. According to the auto industry on Monday, Stellantis, which has operations in Europe and the United States, has entered a restructuring phase as it revises its EV strategy. It has begun running restructuring programs, including large-scale voluntary retirement, in major markets such as South Korea. The shift follows losses of 22.2 billion euros (about 38.4 trillion won) tied to its EV business reset. In October, the U.S. government tightened requirements for EV tax credits under the Inflation Reduction Act, prompting automakers to slow EV rollouts and focus more on profitability. General Motors last month reduced a Canadian plant from three shifts to two and cut about 500 jobs. Ford is estimated to have absorbed losses of US$19.5 billion while adjusting its EV investment plans. Hyundai Motor Group, meanwhile, has continued to expand in North America, boosting sales and investment as rivals pull back. The group has been increasing hybrid output to raise market share. At its 2025 CEO Investor Day, Hyundai said it would expand its hybrid lineup from 14 models to at least 18. Kia lowered its 2030 target for EVs as a share of sales to 30% from 38% and said it would raise hybrids to 26% from 20%. The approach has supported results. Last year, Hyundai Motor Group sold a record 1,836,172 vehicles in the United States, up 7.5% from a year earlier. Its U.S. market share rose to 11.3% from 10.8%. In January, combined sales by Hyundai (including Genesis) and Kia rose 7.7% from the same month a year earlier to 125,296 vehicles, helped by strong demand for hybrid models such as the Palisade. Hyundai plans to keep increasing investment to match sales growth. By 2028, it plans to invest US$26 billion in the United States and expand capacity at its Georgia Metaplant (HMGMA) to 500,000 vehicles a year from 300,000. A Hyundai-LG Energy Solution joint venture battery cell plant is also targeting completion and start of operations in the first half of this year. As Hyundai Motor Group increases local production, the industry expects South Korean parts suppliers to step up expansion of their North American manufacturing bases as well. A Hyundai official said expanding hybrids and local production in line with U.S. sales trends has strengthened the group’s competitiveness in North America.* This article has been translated by AI. 2026-02-09 18:03:26
  • Jeju Air Returns to Profit After Five Quarters, Citing More Next-Gen Jets
    Jeju Air Returns to Profit After Five Quarters, Citing More Next-Gen Jets Jeju Air returned to an operating profit for the first time in five quarters. The airline said Monday it posted fourth-quarter 2025 revenue of 474.6 billion won and operating profit of 18.6 billion won. Revenue rose 5.4% from a year earlier, and operating results swung to a profit. For all of 2025, revenue fell 18.4% from the previous year to 1.5799 trillion won. The company reported an operating loss of 110.9 billion won. Jeju Air attributed the fourth-quarter improvement to a larger share of next-generation aircraft. In the fourth quarter, it added two purchased Boeing 737-8 jets and returned one older aircraft, lowering the fleet’s average age. The shift helped cut fuel costs. Cumulative fuel expenses for the first through third quarters of 2025 were about 19% lower than in the same period of 2024, the company said. Jeju Air said it will focus this year on strengthening fundamentals. It plans to introduce seven next-generation aircraft, continue reducing older planes, and sell assets to manage liquidity and financial ratios. The airline expects solid results to continue in the first quarter. According to the Transport Ministry’s aviation information portal, Jeju Air carried about 1.176 million passengers in January, up 33.5% from about 881,000 a year earlier and 2.6% higher than January 2024’s roughly 1.146 million. A Jeju Air official said the company is centering its strategy on disciplined management to respond to growing uncertainty, including wider swings in oil prices and exchange rates, a reshaping aviation market and intensifying competition. The official said Jeju Air will work to improve operational stability and efficiency to build a sustainable profit structure and boost performance.* This article has been translated by AI. 2026-02-09 17:51:33