Journalist

Han Ji-yeon
  • Hyundai Motor Group’s Boston Dynamics IPO Seen as Catalyst for Governance Overhaul
    Hyundai Motor Group’s Boston Dynamics IPO Seen as Catalyst for Governance Overhaul Hyundai Motor Group’s U.S. robotics unit, Boston Dynamics (BD), is moving closer to an initial public offering, drawing attention to whether the listing could help the conglomerate tackle a long-discussed governance overhaul. With Boston Dynamics’ value estimated at about 120 trillion to 150 trillion won, Chairman Euisun Chung could secure up to 30 trillion won if the IPO succeeds, market watchers said. That could help unwind circular shareholding links cited as a key obstacle, potentially improving management stability and boosting corporate value. Industry sources said Monday that Hyundai Motor Group has begun work to commercialize robotics and artificial intelligence and to prepare Boston Dynamics for an IPO. The group recently formed a business-planning task force dedicated to robotics and AI under Vice Chairman Jang Jae-hoon, and placed strategy investment and mergers-and-acquisitions specialists on the team, the sources said. The move is seen as an effort to consolidate robotics and AI capabilities across the group and shift them toward revenue-generating models. Boston Dynamics is also undergoing a transition toward an operating-company structure. After Chief Technology Officer Aaron Saunders stepped down last year, Chief Executive Officer Robert Playter, who led technology development for seven years, resigned last month. Industry observers expect the company to move from a research-and-development focus toward a profitability-driven system capable of mass production, accelerating IPO preparations. Hyundai Motor Group, led by Jang, has begun preparations for a Nasdaq listing in the United States in early 2027, according to industry views. The company is expected to complete a preliminary review filing and select underwriters in the first half of this year, proceed with the offering process in the second half, and seek a listing early next year. A global market research firm projects the global humanoid robot market will reach 9.6 million units a year by 2035. Considering the technology and mass-production timeline of Boston Dynamics’ flagship humanoid robot, Atlas, the firm estimates a roughly 16% share, or about 1.5 million units. Reflecting such projections, KB Securities estimates Boston Dynamics’ value at 128 trillion won, while Hanwha Investment & Securities puts it at 145.77 trillion won. With the financial industry estimating that an IPO could raise 120 trillion to 150 trillion won, Chung is expected to secure up to 30 trillion won. When Hyundai Motor Group acquired Boston Dynamics in 2021, Chung invested about 240 billion won of personal funds to obtain a 20% stake. Hyundai Motor Group currently has three circular shareholding structures: “Hyundai Mobis → Hyundai Motor → Kia → Hyundai Mobis,” “Hyundai Mobis → Hyundai Motor → Hyundai Steel → Hyundai Mobis,” and “Hyundai Mobis → Hyundai Motor → Hyundai Glovis → Hyundai Mobis.” To resolve the circular structure, Chung would need to increase his stake in Hyundai Mobis, which sits at the top of the governance structure. Chung currently holds just 0.3% of Hyundai Mobis. The group also needs additional cash to cover taxes required when Honorary Chairman Chung Mong-koo’s stakes in affiliates are inherited or gifted. If Boston Dynamics lists successfully, industry observers said it could provide sufficient funds to unwind circular shareholding and finance inheritance and gift taxes, potentially speeding up succession-related work. “Boston Dynamics’ listing is central to Hyundai Motor Group’s long-standing task of governance restructuring,” an industry official said. “The more funding it secures through an IPO, the more options it will have.” 2026-03-02 11:51:08
  • Hyundai Motor Group, Veterans Ministry to Renovate Korean War Memorial Sites in the Philippines
    Hyundai Motor Group, Veterans Ministry to Renovate Korean War Memorial Sites in the Philippines Hyundai Motor Group said it will work with South Korea’s Ministry of Patriots and Veterans Affairs to repair and improve two Korean War remembrance sites in Manila: the Korean War memorial monument at the Philippines’ National Shrine of Heroes and the Philippine Korean War Memorial Hall. The Philippines was the first Asian country and the third in the world to send troops to the Korean War, and it marks the 77th anniversary this year of establishing diplomatic relations with South Korea, the company said. The two sites were built to honor the Philippine Expeditionary Force to Korea, or PEFTOK — five combat battalions totaling 7,420 troops — and their families, it said. The monument at the National Shrine of Heroes was built in 1967 to express gratitude for veterans’ sacrifice and service. It was renovated in 2009 to mark the 60th anniversary of Korea-Philippines diplomatic ties under the ministry, then known as the Ministry of Patriots and Veterans Affairs. Hyundai Motor Group said it will now refurbish the site in cooperation with the ministry. The monument is a triangular pillar about 7 meters (23 feet) tall. At the top are the United Nations emblem and the national flags of South Korea and the Philippines. Below are the names of all 112 PEFTOK members who were killed in action, the company said. Hyundai Motor Group said it will begin work this month, repairing cracks and discoloration, replacing marble on nearby steps and flooring, and installing an information sign and a symbolic sculpture to make the site easier for veterans’ families and visitors to find. The group also plans repairs at the Philippine Korean War Memorial Hall, about 1.2 kilometers (0.7 miles) from the monument. Built in 2012, it includes a museum and library that display and store records and historical materials from the war. The company said it will replace furnishings and carry out a full building repair, and will also review whether additional remodeling is needed to increase use of the facility. Hyundai Motor Group said it will use the Philippines project as a starting point to work with the ministry on broader reviews of environmental improvements at Korean War memorial sites in other countries that sent troops. It also said it plans to cooperate on preserving and managing overseas sites tied to Korea’s independence movement, checking conditions at both types of locations and considering ways to build content and revitalize spaces using the group’s capabilities. “Preserving Korean War memorial sites and independence movement historic sites is a way to pass historical value to future generations,” a Hyundai Motor Group official said. “We will work with the Ministry of Patriots and Veterans Affairs to honor the noble spirit of overseas veterans and independence activists.” Separately, the group said it is running a range of community-focused programs in the Philippines. They include “Hyundai Wheels on the Go!” to support disaster victims by providing vehicles and supplies to help civil society respond directly to emergencies. It also cited the “Hope in a Bag Project,” which provides daily necessities to youths in vulnerable groups and to students in disaster-affected areas, and the “Hyundai Accelerate Program,” which offers technical training to youths seeking jobs in the auto industry. The group said it also supports vulnerable youths through the Chung Mong-Koo Foundation. Philippine daily Philstar was quoted as saying Hyundai Motor Group’s community programs in the country provide practical and effective help in disaster-hit areas.* This article has been translated by AI. 2026-03-02 09:51:19
  • Hyundai Launches EV Promotion After Ioniq 9 Wins 2026 Car of the Year Triple Crown
    Hyundai Launches EV Promotion After Ioniq 9 Wins 2026 Car of the Year Triple Crown Hyundai Motor Co. said Sunday it will run a series of special EV promotions starting in March to mark the Ioniq 9’s “2026 Car of the Year” triple crown. In South Korea, the three major “Car of the Year” awards are presented separately by the Korea Automobile Journalists Association, the Korea Automobile Expert Journalists Association and JoongAng Ilbo. Each group’s jury evaluates factors including price, performance and innovative technology to select what it considers the best vehicle each year. Under the promotion, customers who sign contracts in March and take delivery by April will receive a 1 million won discount on Hyundai passenger EVs, including the Ioniq 5, Ioniq 6, Ioniq 9 and Kona Electric. Small electric commercial vehicles, including the Porter Electric and the ST1 (excluding the chassis cab), will receive a 500,000 won discount. Hyundai will also hold an online customer event from March 1 to 15, offering daily vehicle discount coupons worth up to 10.4 million won. Customers can participate through a roulette event on Hyundai’s official website. Prizes include a 3 million won discount coupon for one winner per day, a 1 million won coupon for five winners per day, and a 100,000 won coupon for 24 winners per day. The coupons do not apply to buses, medium and large trucks, commercial vehicles or the Casper model. Hyundai said customers using its “Hyundai EV Burden Down Promotion” will receive additional benefits through a vehicle-care “STRESS-FREE” package. The program is a 36-month installment plan that allows customers to defer returning the vehicle, and it offers a 2.8% interest rate as of March, the company said. Customers who take delivery of an Ioniq 5, Ioniq 6 or Kona Electric in March through the program will receive three years of benefits, including body-care service covering up to 1.2 million won for repair and parts replacement (up to three total claims, once per area) and support for auto insurance deductibles (up to three claims, capped at 500,000 won per claim). Hyundai is also offering a “repeat purchase customer program” for existing EV finance customers. For customers currently using a Hyundai passenger EV or the Nexo through Hyundai Capital’s installment financing, rent or lease, Hyundai said it will offer a 2.3% interest rate — 0.5 percentage points lower — if they repurchase an eligible vehicle on installment using the “Hyundai EV Burden Down” program and take delivery in March. Customers who take delivery in March through the “Hyundai EV Rent/Lease Promotion” will receive a monthly payment discount equal to about 10% of the vehicle price, the company said. “The Ioniq 9’s Car of the Year triple crown shows that experts have validated Hyundai’s electrification technology,” a Hyundai official said. “We prepared a range of benefits so more customers can experience the value of EVs.” * This article has been translated by AI. 2026-03-02 09:36:19
  • Korean Air to Open Renovated Flagship Lounge at LAX
    Korean Air to Open Renovated Flagship Lounge at LAX Korean Air said Saturday it will open a next-generation flagship lounge on March 6 (local time) at Los Angeles International Airport in California. The new lounge is in the Tom Bradley International Terminal. Ahead of the opening, the airline held a two-day preview event starting Feb. 26 (local time), drawing about 200 guests for an introduction and tour. Korean Air said it invested about 65 billion won and completed the lounge after 22 months of construction. The facility consists of two lounges: a first-class lounge on the sixth floor and a Miler Club and Prestige lounge on the fifth floor. With a total area of 1,675 square meters — 1.27 times larger than before — it is the largest overseas lounge directly operated by Korean Air, the company said. The lounge sits on an upper level of the terminal and includes a balcony terrace and an open layout with floor-to-ceiling windows, designed to provide a more spacious environment and broad views of the terminal interior. Korean Air said the interior was designed to bring in natural light and reflect Los Angeles’ energy. It combines warm wood textures and premium stone to express what it called “Modern Korean Luxury,” blending Korean restraint with a contemporary feel. The airline said it also installed artworks inspired by Korean aesthetics throughout the space, including pieces referencing buncheong ware, brushstroke-style ink work and the curved form of a moon jar. The first-class lounge includes two private rooms and will offer personal a la carte dining service, the airline said. The Miler Club and Prestige lounge will feature an open-kitchen live station where chefs prepare food, along with local craft beer and a signature blended coffee available only on site, Korean Air said. The Miler Club will offer both a buffet and a dedicated special menu, with ordering available by scanning QR codes at seats. Beyond dining, the lounge includes a business zone, a family zone and shower rooms, the airline said. Korean Air said LAX, California’s largest airport, is a key North American hub for the carrier, linking Asia, Central and South America, and the U.S. mainland. The airline said it plans to continue expanding and upgrading lounge infrastructure at home and abroad to meet customer demand after the launch of an integrated airline. Following LAX, it plans to proceed with lounge expansion and renovations at major overseas hub airports, including New York’s John F. Kennedy International Airport, with openings to be announced within the year. A Korean Air official said the new lounge will strengthen the airline’s standing at LAX and deliver “a new level of premium service,” adding that the company will continue investing to improve the travel experience. * This article has been translated by AI. 2026-03-01 10:12:17
  • Samsung Chairman Lee Jae-yong’s Stock Holdings Near 40 Trillion Won as KOSPI Surges
    Samsung Chairman Lee Jae-yong’s Stock Holdings Near 40 Trillion Won as KOSPI Surges After the KOSPI broke above 6,000 for the first time and then cleared the 6,300 level just one day later, Samsung Electronics Chairman Lee Jae-yong’s stock holdings were valued at nearly 40 trillion won, according to a report. Corporate analysis firm Korea CXO Institute said on the 26th that Lee’s stock valuation totaled 38.7738 trillion won, based on the Feb. 25 closing prices. If treated as a single listed company, that value would rank about 23rd by market capitalization in South Korea. Lee holds shares in seven issues: Samsung Electronics, Samsung C&T, Samsung Life Insurance, Samsung SDS, Samsung E&A, Samsung Fire & Marine Insurance, and Samsung Electronics preferred shares. His Samsung Electronics stake totals 97,414,196 shares. Using a common-share price of 203,500 won per share, that holding alone was valued at 19.8237 trillion won. The institute said Lee’s other major holdings were valued at 12.3840 trillion won in Samsung C&T, 5.1363 trillion won in Samsung Life, and 1.2721 trillion won in Samsung SDS. Hong Ra-hee, honorary director of the Leeum, Samsung Museum of Art, was valued at 17.9336 trillion won in stock holdings. Hotel Shilla President Lee Boo-jin held 16.1991 trillion won, and Samsung C&T President Lee Seo-hyun held 13.9079 trillion won, the report said. Together, the four members of the Samsung family had combined stock holdings valued at 86.8146 trillion won, it said. Hyundai Motor honorary chairman Chung Mong-koo’s stock wealth also topped 10 trillion won, reaching 10.3024 trillion won. Hyundai Motor Chairman Chung Euisun was valued at 9.9973 trillion won, near the 10 trillion won mark. Their combined holdings totaled 20.2998 trillion won, exceeding 20 trillion won, the institute said. The report also listed Celltrion Chairman Seo Jung-jin, valued at 16.7744 trillion won, and Meritz Financial Group Chairman Cho Jung-ho, valued at 13.0492 trillion won, as members of the 10 trillion won stock-wealth club. * This article has been translated by AI. 2026-02-26 16:21:24
  • Toyota Korea Holds Awards for 19th Dream Car Art Contest National Qualifier
    Toyota Korea Holds Awards for 19th Dream Car Art Contest National Qualifier Toyota Korea said Wednesday it held an awards ceremony Feb. 25 at the CONNECT TO cultural complex for the national qualifier of the 19th Toyota Dream Car Art Contest. The Toyota Dream Car Art Contest is the automaker’s global social contribution program that invites children worldwide to freely depict their “Your Dream Car.” The Korean qualifier drew a record 3,396 entries this year, Toyota Korea said. Judging was conducted in three age groups: under 8, ages 8-11, and ages 12-15. Entries were evaluated on message delivery, originality and artistic quality, with 59 works selected as final winners. Nine gold, silver and bronze winners across the three divisions received certificates and prizes and advanced automatically to the global final, the World Contest. Winners also received one-of-a-kind keepsakes, including a snow globe trophy featuring their artwork and a custom calendar. Toyota Korea ran the ceremony as a brand experience program for customers. The 59 winning works were displayed at CONNECT TO for about two weeks starting Feb. 13, and videos of the artworks were shown on in-store digital screens, the company said. The venue also offered hands-on programs for award recipients, including a World Rally Championship-themed RC car experience, an LED mood light-making activity, and a guided Toyota Gazoo Racing tour highlighting the company’s philosophy of “making ever-better cars through motorsports.” Kim Hyeongjun, a director at Toyota Korea, said the contest was meaningful because it connected children’s imagination with Toyota’s values of individuality and diversity. He said the company will continue to support Korean children’s dreams and communicate with future generations as a brand that respects individuality beyond mobility. The winning works can be viewed on Toyota Korea’s official website.* This article has been translated by AI. 2026-02-26 16:03:41
  • Hanwha Aerospace Ships First Australia-Built AS9 Self-Propelled Howitzers
    Hanwha Aerospace Ships First Australia-Built AS9 Self-Propelled Howitzers Hanwha Aerospace has shipped AS9 self-propelled howitzers for the first time from its plant in Australia. The AS9 is an Australia-tailored variant of the K9, which holds more than 50% of the global self-propelled howitzer market. The company said on the 26th it held a shipment ceremony at H-ACE in Geelong, Australia, for three AS9 units produced locally. The first Australia-built AS10 ammunition resupply vehicle is also scheduled to leave the plant within the year. Hanwha Aerospace plans to supply the Australian Army with a total of 30 AS9 howitzers and 15 AS10 vehicles. H-ACE, completed in August 2024, is described as Korea’s first overseas production base for the defense industry. Built on a site of about 150,000 square meters, it includes 11 facilities, including a main building, production and assembly areas, a driving test track and a firing range. Hanwha Aerospace said it aims to use the successful operation of the Australian plant to respond more directly to defense demand in the Indo-Pacific, and to use the site as a production base not only for Australia but also for key allied countries. The company also said it will accelerate efforts to target markets tied to AUKUS, a U.S.-Australia-UK security partnership, and the Five Eyes intelligence alliance of the United States, Britain, Canada, Australia and New Zealand. A Hanwha Aerospace official said, “The first shipment of self-propelled howitzers made at an overseas production base means K-defense exports have entered a new stage,” adding, “We will develop the Australian plant into a core production hub for the Indo-Pacific region.” 2026-02-26 15:48:30
  • Hyundai Rotem CEO Lee Yong-bae elected head of Korea Space Technology Promotion Association
    Hyundai Rotem CEO Lee Yong-bae elected head of Korea Space Technology Promotion Association The Korea Space Technology Promotion Association said Lee Yong-bae, CEO of Hyundai Rotem, was elected as its new chairman at a general meeting on the 26th. His term is three years. Lee graduated from Jeonju University with a degree in business administration and earned a master’s in business administration from Kyung Hee University. He has held senior planning roles at Hyundai Motor, served as a vice president in charge of planning at Hyundai Wia, and was CEO of Hyundai Motor Securities before becoming CEO of Hyundai Rotem in 2020. Hyundai Rotem has been strengthening its aerospace capabilities, including launching development last year of methane engine technology for the country’s first reusable space launch vehicle. In his inaugural remarks, Lee said he felt a “heavy sense of responsibility” to lead the association at a time when South Korea’s space industry is entering the NewSpace era in earnest. He said he would focus all efforts on building a globally competitive space ecosystem. He said he would pursue three key tasks: expanding government-private cooperation, identifying business models such as boosting investment, and strengthening international cooperation networks so Korean companies can compete in global markets. The association was established in May 2014 to foster the space technology industry. It has 118 member companies, including Hyundai Rotem.* This article has been translated by AI. 2026-02-26 13:45:07
  • MINI Korea Launches Limited-Run Paul Smith Edition Electric Cooper SE
    MINI Korea Launches Limited-Run Paul Smith Edition Electric Cooper SE BMW MINI is officially launching a limited-edition electric vehicle in South Korea that combines MINI styling with design elements from British fashion brand Paul Smith. The project is part of MINI’s new “Customization 2.0” strategy, aimed at reflecting customers’ tastes and lifestyles and strengthening the brand’s fan culture. Jeong Su-won, head of BMW MINI Korea, said at a Feb. 26 media event in Seoul’s Yongsan district that MINI entered the Korean market in 2005 with sales of 761 vehicles and has since sold a cumulative 134,103 units through last year — a 176-fold increase. “This year, through Customization 2.0, we will launch new models that actively reflect customers’ lifestyles across six areas — music, art, sports, travel, fashion and tech,” Jeong said. The first model under that push is the all-electric MINI Cooper SE Paul Smith Edition unveiled at the event. The collaboration incorporates Paul Smith’s design philosophy throughout the exterior and interior. The roof, grille, side mirror caps and wheels feature “Nottingham Green,” a signature Paul Smith color, while Paul Smith lettering is engraved on items including the door handles, wheel caps and front and rear design elements. Inside, the seats, dashboard and floor mats use Paul Smith’s 46-stripe signature pattern. When the door opens, a “Hello” projection appears on the ground. The model is offered in three colors: Inspired White, Statement Gray and Midnight Black. The Paul Smith Edition is limited to 100 units in South Korea and has sold out. Jeong said the full allotment was reserved within about a month of preorders opening last month, and the company has placed an order for additional units. “On the back of that support, we decided to add an internal-combustion Paul Smith Edition model around the second half of the year,” he said. He also said MINI plans to introduce 11 models this year that more closely align the brand with owners’ lifestyles. The vehicle uses an electric motor rated at 218 horsepower and 33.7 kg·m of maximum torque, reaching 100 kph from a standstill in 6.7 seconds. It carries a 54.2 kWh high-voltage battery and is rated at 5.3 km/kWh in efficiency. On a single charge, it is certified for 300 kilometers under Korean standards and up to 402 kilometers under the WLTP standard. With fast charging, the battery can be charged from 10% to 80% in about 30 minutes. The price in South Korea is 59.7 million won. With the national EV subsidy (3.96 million won) and local subsidies (9.14 million won, based on Haenam County in South Jeolla Province), the purchase price can fall into the 40 million won range. * This article has been translated by AI. 2026-02-26 13:36:44
  • Hyundai Motor to Add Car Rental Business to Corporate Purpose
    Hyundai Motor to Add Car Rental Business to Corporate Purpose Hyundai Motor Co. plans to add car rental services to its stated business purposes, a move widely seen as part of an effort to upgrade its in-house subscription service, Hyundai Genesis Selection. Industry officials said Feb. 26 that Hyundai Motor will hold its annual shareholders meeting on March 26 at its headquarters in Seoul’s Seocho district and is expected to approve an agenda item adding “car rental business” to its corporate purpose. A company official said the change reflects consideration of entering the car rental business. Hyundai Motor said it plans to push ahead this year with an upgrade of Hyundai Genesis Selection, a vehicle subscription program it has operated since 2019. Hyundai Genesis Selection allows customers to rent Hyundai and Genesis vehicles by the day or month. Hyundai Motor plans and operates the platform, while partner rental-car companies supply the vehicles. While Hyundai Motor has so far focused on running the subscription platform, it is expected to expand its role to directly renting vehicles alongside partner rental firms. That could significantly broaden the range of models available through the service, industry observers said. Models available for day-by-day subscriptions are reported to total about 10, including the Staria, Palisade, Ioniq 5 N, Ioniq 6, Avante N and Nexo.* This article has been translated by AI. 2026-02-26 10:16:30