AJU PRESS - ASIA NEWS HUB

Journalist

Han Ji-hyun hanji@ajunews.com

Hanwha Aerospace takes command of Korea's first privately led rocket launch SEOUL, November 17 (AJP) - South Korea is gearing up for the launch of its fourth Nuri rocket on Nov. 27, a milestone that marks the country’s transition from government-led space projects to a growing private-sector ecosystem. Officials say the shift is expected to open new export opportunities for domestic defense and aerospace companies as global demand for launch services accelerates. The Korea Aerospace Research Institute said the rocket is scheduled to lift off between 00:54 a.m. and 1:14 a.m. from the Naro Space Center in Goheung, South Jeolla Province. For the first time, the mission will be led not by the government but by Hanwha Aerospace, underscoring the private sector’s expanding role in South Korea’s space ambitions. The upcoming mission features major upgrades from the third launch, including a payload increase to 960 kilograms. Nuri will carry the next-generation satellite along with 12 CubeSats from universities, research institutions and private firms. Engineers have also modified the rocket to carry more satellites, reduce vibration and broaden camera coverage. Hanwha Aerospace — working with more than 300 companies, including Korea Aerospace Industries and Hancom InSpace — is at the center of efforts to build a domestic launch-vehicle supply chain. “We aim to lead the private space economy by securing core technologies and operational know-how through the fourth to sixth launches,” a company official said. The commercial potential is substantial. McKinsey & Company forecasts the global space industry will surge from $600 billion in 2023 to $2 trillion by 2035, driven by satellite services, launch demand and new applications in communications and defense. Industry analysts say South Korea must establish a competitive value chain to capture a share of that growth, citing the cost-cutting achievements of SpaceX and Blue Origin as models. Defense officials view Nuri’s fourth flight as a critical test of South Korea’s ability to secure a foothold in the commercial launch market. “This year marks the beginning of the private space economy,” one industry insider said. “Hanwha Aerospace and domestic defense companies are positioning themselves to push Korea into the next space age.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-17 09:59:35
BMW overtakes Tesla as top-selling imported car brand in South Korea SEOUL, November 05 (AJP) - BMW has overtaken Tesla to become South Korea’s best-selling imported car brand, as demand for foreign-made vehicles continued to rise this year despite a slowdown in October sales. According to data released Wednesday by the Korea Automobile Importers & Distributors Association (KAIDA), registrations of new imported passenger cars totaled 24,064 in October, up 13.2 percent from a year earlier. The figure, however, marked a 26.7 percent decline from September’s 32,834 units, a drop attributed largely to fewer business days due to the long Chuseok holiday period. Cumulative sales from January through October reached 249,412 vehicles, a 15.5 percent increase from the same period last year. BMW led the pack with 6,177 units sold in October, followed by Mercedes-Benz with 5,838 and Tesla with 4,350. The top 10 brands also included Volvo, Lexus, BYD, Toyota, Audi, Mini, and Porsche — underscoring the continued dominance of European automakers in the market. The Tesla Model Y Long Range was October’s best-selling individual model, with 2,424 units sold, trailed by the Mercedes-Benz E 200 and the BMW 520. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-05 11:10:55
Kia's profit plunges as US tariffs, strong dollar weigh on margins SEOUL, October 31 (AJP) - South Korean automaker Kia reported a steep drop in quarterly profit despite record revenue and global sales, Friday, as higher tariffs and currency fluctuations eroded margins in key markets. The company said its operating profit for the third quarter fell 49.2 percent from a year earlier to 1.46 trillion won ($1.06 billion), even as revenue climbed 8.2 percent to 28.69 trillion won. Net profit declined 37.3 percent to 1.42 trillion won. “Despite record sales and revenue driven by rising global demand for hybrid and electric vehicles, profits were affected by U.S. tariffs, higher global incentives and exchange rate volatility,” Kia said in a press release. Global sales rose 2.8 percent from a year earlier to 785,137 vehicles. Domestic sales jumped 10.2 percent, led by high-margin recreational vehicles such as the Sorento and Carnival and the new EV4. Overseas deliveries increased 1.4 percent, supported by strong hybrid demand in the United States and higher sales in emerging markets in Asia and South America. In western Europe, production adjustments at Kia’s Slovakia plant offset solid demand for the EV3, while sales in India fell as buyers delayed purchases in anticipation of a possible reduction in the goods and services tax. Eco-friendly vehicles accounted for more than a quarter of total sales, rising 32.3 percent to 204,000 units. The company sold 118,000 hybrids, up 40.9 percent; 17,000 plug-in hybrids, down 2.6 percent; and 70,000 fully electric vehicles, up 30 percent. Kia said it plans to expand its hybrid lineup and introduce new electric models to reinforce its position in the global market amid trade and policy uncertainties. In South Korea, the company will focus on high-margin hybrid RVs and the upcoming EV5, while in the United States it plans to broaden its hybrid offerings to meet shifting regulatory and consumer trends. In Europe, Kia aims to strengthen its EV portfolio with new models, and in India, it intends to grow its dealer network and introduce additional vehicles, company officials said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-31 14:36:32
Hyundai Motor expands ties with Japan's Toray to develop future mobility technologies SEOUL, October 27 (AJP) - Hyundai Motor Group said Monday it has signed an agreement with Japan’s Toray Group to collaborate on the development of advanced materials for next-generation mobility, from high-performance vehicles to lunar rovers and humanoid robots. The agreement was formalized at Hyundai’s headquarters in Seoul, with Kim Heung-soo, Hyundai’s head of global strategy, and Terada Miki, Toray’s senior executive vice president, in attendance. The partnership expands on the two companies’ existing collaboration, launched in April, to develop high-performance composite materials such as carbon fiber reinforced plastics — key to improving vehicle performance, safety, and efficiency. Under the new deal, Hyundai will oversee design and performance evaluation through its research and development center, while Toray will lead the development of next-generation carbon fiber composites. Together, the companies aim to accelerate innovation and open new market opportunities in future mobility technologies. “This agreement marks a significant milestone in our partnership, combining our strengths to innovate from research to commercialization,” Kim said in a statement. Toray’s Terada added that the company intends to enhance global competitiveness by creating innovative composite solutions with Hyundai. Hyundai officials said the collaboration underscores Hyundai’s broader push to expand beyond traditional carmaking and position itself as a leader in advanced mobility technologies — a strategy that now reaches from electric vehicles to aerospace and robotics. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-27 09:57:32
Korean Air partners with US startup to develop vertical takeoff, landing aircraft SEOUL, October 21 (AJP) - Korean Air said Tuesday it has signed a memorandum of understanding with the U.S.-based startup Archer Aviation to jointly develop advanced air mobility (AAM) aircraft. The agreement, signed Monday at the Seoul International Aerospace and Defense Exhibition (ADEX) 2025, outlines plans to adapt Archer’s electric vertical takeoff and landing (eVTOL) aircraft, known as Midnight, for government and defense applications. The model is designed for rapid personnel and cargo transport in short-range missions. Under the partnership, Korean Air will contribute its expertise in aircraft modification, maintenance, repair and overhaul — capabilities that could help accelerate the integration of eVTOL technology into both civilian and military operations. “This agreement is a significant step in securing next-generation aviation mobility technology for both civilian and military use,” said Lim Jin-kyu, head of Korean Air’s Aerospace Business Division. “We will work closely with Archer to meet the practical needs of our government and contribute to the development of the domestic aviation industry.” Archer Chief Executive Adam Goldstein called Korean Air “an ideal partner with aerospace expertise and strategic vision,” adding that the collaboration could produce “an AAM solution optimized for Korea.” The deal underscores growing interest among South Korean companies in electric and autonomous flight systems as governments worldwide race to commercialize AAM services. For Korean Air, the partnership signals a diversification beyond traditional aviation into emerging defense and mobility technologies that could define the next era of air transport. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-21 10:13:43
Top touring car drivers to compete in Inje of South Korea Oct. 18-19 SEOUL, October 14 (AJP) - Hyundai Motor will co-host the Inje World Touring Car Festival with Inje County in Gangwon Province this weekend, marking the first time South Korea will host the FIA TCR World Tour, one of the world’s premier touring car championships. The two-day event, set for Oct. 18–19 at the Inje Speedium, will combine three major races — the Hyundai N Festival, the FIA TCR World Tour, and TCR Asia — turning the circuit into a global stage for high-performance motorsports. The Hyundai N Festival, South Korea’s largest one-make racing series, features identical car models competing across three divisions: Gran Turismo eN1, Kumho N1, and Nexen N2. This year’s fourth round will showcase race cars based on the Ioniq 5 N and Avante N, underscoring Hyundai’s push to highlight both electric and combustion performance models. The FIA TCR World Tour’s South Korean debut will coincide with the sixth round of the global series and the fifth round of TCR Asia, bringing together elite drivers from across continents. Among the headline competitors are Hyundai BRC Team World Champion Norbert Michelisz, Mikel Azcona, and Nestor Girolami, alongside top Asian racers including South Korea’s Park Jun-ui, Park Jun-seong, and Choi Jung-won. Hyundai has been a key player in the TCR series since 2018, fielding the i30 N and Avante N TCR race cars, and claiming two team championships and five driver titles. The Avante N TCR most recently won the fifth round in Australia last September. Beyond the races, the festival will feature interactive programs for fans. Family-oriented attractions will also be available. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-14 14:30:13
Hyundai Motor Group reports record US sales in Q3, driven by EVs, hybrids SEOUL, October 02 (AJP) - Hyundai Motor Group reported its best-ever third-quarter sales in the U.S. market, Thursday, signaling resilience despite trade tensions and the looming expiration of key electric vehicle tax credits. The surge was largely attributed to burgeoning demand for its environmentally friendly vehicles. The combined U.S. sales for Hyundai and its affiliate Kia reached 480,175 units in the third quarter, a substantial 12 percent increase compared to the same period last year. This performance outpaced most major rivals in the U.S., with only Toyota reporting a higher year-over-year sales increase. The engine of the sales growth was the group's accelerated push into the electric vehicle segment. In the quarter, sales of eco-friendly models — including both electric vehicles and hybrids — soared by 54.5 percent to 135,547 units. Sales of battery-electric vehicles alone climbed 54.4 percent to 45,488 units for the quarter, while hybrid sales also saw a robust gain of 54.6 percent. The momentum was particularly visible in September, where electric vehicle sales nearly doubled year-over-year, driven by models like the Hyundai Ioniq 5 and the Kia EV6. For the month of September, the group’s total sales reached 136,510 units, a 12.8 percent increase from a year earlier. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-02 15:21:17
[[South Korea-Japan Ties]] Seoul should forge strategic industrial alliance with Tokyo, KOTRA chief urges Editor's Note: Aju Business Daily is publishing a special series to mark the 60th anniversary of the normalization of diplomatic ties between South Korea and Japan. The series reflects on the renewed relationship between the two neighbors. SEOUL, October 1 (AJP) - "If South Korea becomes a reliable partner in Japan's major manufacturing projects including semiconductors, hydrogen, ammonia, secondary batteries, and shipbuilding, the country's competitiveness in advanced industry competitiveness can make a quantum leap," said Park Yong-min, head of the Korea Trade-Investment Promotion Agency (KOTRA)'s office in Tokyo. In an interview with Aju Business Daily on Sept. 16, he vowed, "KOTRA will be at the forefront of securing a competitive edge in exports." Park said that Japan increasingly recognizes the need to partner with South Korea amid the U.S.-China rivalry and its own focus on nurturing advanced industries. Reflecting on his career, Park said, "When I first started working in Japan about 30 years ago, there was skepticism about South Korea's technology and corporate resilience. Now, Japanese companies are actively seeking partnerships with South Korean firms." Since joining KOTRA in 1995, Park has worked in Japan, Canada, China, and the U.S.' Silicon Valley, supporting South Korean companies' global expansion. He now works in Japan, overseeing four trade offices while formulating strategies for South Korean firms seeking to expand into the Japanese market. Park explained that while the two neighbors were once competitors, they now complement each other, with South Korea focusing on manufacturing and Japan on materials and equipment. "For advanced industries to remain competitive, core technology, manufacturing, and component design must work seamlessly together, making the two countries ideal partners," he said. Japan serves as a perfect testbed for South Korean startups, offering a market 2.5 times larger than South Korea's, with geographic proximity and similar political and cultural backgrounds. Comparing Japan to Silicon Valley, he said, "While Silicon Valley teaches success, Japan is where business ideas can be turned into revenue." He highlighted promising sectors like artificial intelligence (AI), digital transformation, healthcare, and pet industries, where South Korean startups can address Japan's social issues like low birthrates and aging populations. Park cited Caplix, which launched an unmanned rental car solution in Okinawa in 2022, as an example. Caplix's facial recognition kiosks allow rental processes to be handled automatically, tackling labor shortages in Japan's aging society. Since Japan's Digital Agency was established in 2018, local governments have allocated significant budgets for digital transformation projects to address issues like automation, low birthrates, and aging populations. "KOTRA has supported South Korean startups and exporters by connecting them with local importers and helping them adapt to Japan's policy changes and relevant regulations," Park said. He emphasized that South Korea and Japan can form an effective value chain in advanced industries such as semiconductors, automobiles, batteries, and hydrogen, helping mitigate supply chain risks amid U.S.-China tensions and tariff disputes. "We are looking at sectors where South Korea and Japan can create a synergy through collaborative projects," he added. Park urged South Korean exporters to be proactive, stressing that many fail despite having high-quality products with competitive prices, due to a lack of understanding of Japan's customs procedures and distribution networks. "Without patience for lengthy administrative processes and bold local hiring and investment, success is difficult," he advised. "Now is the time to strengthen partnership as both South Korea and Japan seek new frameworks for cooperation," said Park, wrapping up the interview. "Within the broader framework of building a supply chain between the two countries, KOTRA is developing long-term projects such as expanding collaboration in research and development and forming joint ventures." * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-01 09:44:02
[[South Korea-Japan Ties]] K-wave sweeps Osaka Expo and Koreatown Editor’s Note: Aju Business Daily is publishing a special series to mark the 60th anniversary of the normalization of diplomatic ties between South Korea and Japan. The series reflects on the renewed relationship between the two neighbors. SEOUL, September 30 (AJP) - Visitors queued for hours to enter the Korean Pavilion at Expo 2025 in Osaka, Kansai, featuring K-pop stars and entertainment, as it has turned into one of the hottest draws during the world fair running from April to October. "There is no official ranking, but the Korean section stands only next to Japan, the United Stets, France, and Italy in popularity," said Park Young-hwan, director of the Korean Pavilion, noting daily visitors, largely families and young people, have surged from 10,000 to 15,000 amid fever around the KPop Demon Hunters to top 2 million so far this month. The expo closes on Oct. 13. Korean dishes were the first to be sold out at the Expo food court. The renewed K-wave is visible beyond the fairgrounds, from the Tsuruhashi Station to Shin-Okubo, the Koreatown in Shinjuku's Ikuno ward. Fans of Korean culture and food fill the neighborhood packed with Korean stores and eateries including well-known Korean franchise names like Nene Chicken and Jaws Tteobokki. Within a 500-meter radius of Shin-Okubo Station, visitors can find a variety of Korean cultural products. Popular items include tteokbokki, chicken, kimbap, and kimchi pork belly, alongside trendier treats like yogurt ice cream and spicy hot dogs. The 'Jongno' hot dog shop and 'Gwangjang Market' restaurant, known for raw beef and octopus dishes, often demand long waiting. Most visitors are women in their 20s to 40s, drawn by K-pop and sweets. "Trying Korean style is a fad for my age, said Airi, 25, giggling with her friend Sukimo, 23. Local merchants say customers have grown more sophisticated, able to distinguish between different brands of seaweed and rice cakes and less needing shop assistance. According to the Shinjuku Korean Merchants Association, Korean-run shops in Shin-Okubo more than tripled from 396 in 2017 to 1,485 this year. The surge in consumer traffic has sent property values soaring, with commercial properties now fetching 850 to 880 million yen per 3.3 square meters, two to three times higher than in 2020. An S Real Estate representative, who has been in doing business in the town for 20 years, said landlords have become selective about tenants with soaring demand for ground-floor retail spaces. Commercial properties yield annual returns of 6.5% to 9%. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-30 11:02:03
[[South Korea-Japan Ties]] Korea, Japan explore power link as AI drives electricity demand Editor’s Note: Aju Business Daily is publishing a special series to mark the 60th anniversary of the normalization of diplomatic ties between South Korea and Japan. The series reflects on the renewed relationship between the two neighbors. SEOUL, September 30 (AJP) - As artificial intelligence drives a surge in global electricity demand, South Korea and Japan are positioning themselves as unlikely but pragmatic partners in rethinking the future of power infrastructure. Park Tae-geun, chief executive of LS Electric Japan, said the two countries’ complementary strengths could help overcome some of the most pressing challenges in energy efficiency. Japan brings more than a century of expertise in alternating current (AC) technology, while South Korea has emerged as a leader in high-voltage direct current (HVDC) systems. “AC technology is still dominated by the United States, Europe and Japan,” Park said in an interview in Tokyo. “But South Korea’s HVDC is highly competitive. Together, we can chart a path forward.” The stakes are rising quickly. The International Energy Agency projects that electricity consumption by data centers will double by 2030, a surge driven by the computing power needed for artificial intelligence. Direct current (DC) distribution systems — more than 10 percent more efficient than conventional AC — are increasingly seen as essential for powering next-generation data centers. South Korea has already notched key milestones, including the creation of international standards for medium-voltage DC and the localization of HVDC transformer technology. Japan, with its longstanding grid know-how, offers a foundation for scaling the systems across Asia. The collaboration is already taking shape. LS Electric is working with Kyudenko, a subsidiary of Kyushu Electric Power, to supply HVDC transformers for a 470-megawatt solar project on Ukujima Island. The companies also see opportunities in Japan’s growing market for battery energy storage systems. Perhaps the most ambitious idea is what some executives call a “Korea-Japan Energy Highway” — an undersea grid connection linking Busan to Kyushu via Tsushima Island. Such a project, if realized, could stabilize power prices, accelerate renewable energy adoption and serve as a regional model for cross-border cooperation. CEO Park acknowledged that the plan will require more than corporate initiative. “For this to succeed, political and diplomatic support is indispensable,” he said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-30 10:02:51