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  • Eight South Koreans Missing After Floods in Nepal
    Eight South Koreans Missing After Floods in Nepal Flooding in Nepal has left eight South Koreans unaccounted for.According to the Ministry of Foreign Affairs and Yonhap News Agency, the individuals, who are employees of Korea Southeast Power and Doosan Enerbility, lost contact on August 26 due to floods in the Rasuwagadhi area, where a hydroelectric power plant is under construction.The Nepalese government has dispatched rescue teams, including army and police personnel, to the affected areas to conduct search and rescue operations.Additionally, ten other South Koreans affiliated with Doosan Enerbility are stranded in the region and awaiting rescue, with the Nepalese government sending helicopters to assist them.The South Korean Embassy in Nepal promptly informed the Nepalese government about the missing individuals and requested swift and proactive search and rescue efforts. A consular official has been dispatched to the scene.The government has established a task force for the protection of overseas citizens, led by the Minister of Foreign Affairs, and plans to send a joint rapid response team composed of officials from the Ministry of Foreign Affairs, the National Fire Agency, and the National Police Agency to the area as soon as possible, following directives from President Lee Jae-myung to ensure public safety. 2026-08-26 19:32:00
  • Police to Review 310,000 Closed Missing Persons Cases Following False Closure Incident
    Police to Review 310,000 Closed Missing Persons Cases Following False Closure Incident The police will review approximately 310,000 missing persons cases that were closed in the past three years, following a false closure incident in Jeju. The review is expected to be completed by November. According to a report by Yonhap News on August 26, the National Police Agency has developed a "missing persons investigation team reform plan." This plan categorizes cases that are likely to have been falsely closed, particularly those closed without direct contact with the missing persons, to reassess the safety of the individuals and the appropriateness of the case handling. If any cases are found to have been inadequately or improperly handled during the review, immediate re-investigations will be initiated, and the findings will be reported to the provincial police agencies. These agencies will also conduct weekly checks on closed cases from their respective police stations and will order re-investigations if necessary. To prevent a recurrence of the issue where a police officer in Jeju closed a case without verifying the safety of missing individuals like Jang Mi-ran, the procedures for closing missing persons cases will be strengthened. The police will generally prohibit the practice of closing cases based solely on non-face-to-face verification methods, such as phone calls. In cases where the missing person is located far away and direct contact is difficult, the police station responsible for the area where the individual is believed to be will conduct the safety verification in person and notify the responsible department. A new approval process for case closures will also be introduced, requiring the head of the criminal division to review objective data, including whether the missing person was met in person, the verification of their identity, and confirmation of their safety before approving the case closure. The police plan to add this managerial approval function to their system next month and will manage closed cases through manual records until the system development is complete. They are also considering implementing an automatic notification feature to inform reporters at each stage of case reception, progress, and closure. Additionally, to enhance routine checks, daily meetings will be held under the supervision of police chiefs to review all missing person reports received the previous day. Police chiefs and criminal division heads will directly assess the appropriateness of case closures based on whether the missing person was met in person, reasons for non-face-to-face processing, and other methods used to confirm safety. The police will also revise their missing persons investigation personnel and work systems. Currently, 111 out of 148 dedicated missing persons teams (75.0%) have only one officer on duty at night, raising concerns about inadequate responses during peak reporting times. The police will analyze missing persons investigation personnel and establish a system where at least two officers are on duty during nights and holidays, while also adjusting the distribution of personnel in the violent crime and criminal investigation teams. Future improvements will be based on the findings from the comprehensive review and inspections. 2026-08-26 19:16:10
  • Dairy Industry Negotiates Milk Production Cuts Amid Declining Consumption
    Dairy Industry Negotiates Milk Production Cuts Amid Declining Consumption As declining birth rates and changing dietary habits exacerbate the drop in milk consumption, negotiations between dairy farmers and the dairy industry over the scale of production cuts for drinking milk set to take effect next year are facing significant challenges. Both sides agree on the need for reductions, but they have been unable to narrow their differences regarding the standard production amounts, leading to ongoing discussions as the end of the month deadline approaches.According to the Korea Dairy Promotion Association, a subcommittee involving producers and the dairy industry is currently negotiating adjustments to the milk production amounts for various uses for 2027-2028. The negotiations, which began on June 30, were initially expected to conclude by the end of July, but have been extended to the end of this month due to a lack of consensus.The crux of the negotiations centers on how much to reduce the drinking milk production amount. Under the differentiated pricing system, raw milk is categorized into drinking milk and processed milk, which includes cheese and powdered milk. The current standard production amount for drinking milk is set at 1.941 million tons annually. While both the dairy industry and farmers agree on the necessity of reducing this amount, they differ on the baseline for calculating the reductions.The dairy industry argues that reductions should be based on the current standard amount of 1.941 million tons. In contrast, dairy farmers contend that the baseline should be the approximately 1.89 million tons actually purchased by dairy companies last year. This creates a discrepancy of about 50,000 tons between the standard amount and actual purchases.Applying the proposed reduction rates discussed by both sides would widen this gap even further. If the excess production amount (1.797 million tons) is excluded, and the excess reduction rate (10-30%) is applied, the dairy industry’s proposed baseline would require a reduction of approximately 14,400 to 43,200 tons. Under the farmers' proposed baseline, the reduction would be about 9,300 to 27,900 tons. Depending on the reduction rates, the difference in the amounts each side advocates could reach as high as 15,300 tons.The need for production cuts has become more pressing due to a prolonged decline in milk consumption. According to the Korea Dairy Promotion Association, the per capita consumption of milk in the country fell to 22.9 kg last year, down 2.4 kg from 25.3 kg the previous year. Compared to 27 kg in 2016, this marks a decrease of 4.1 kg over the past decade. The decline is attributed to a decrease in the primary consumer demographic of infants and school-age children due to low birth rates, coupled with changing dietary habits.The dairy industry argues that, given the actual decrease in consumption, the mandatory purchase amounts for drinking milk should be adjusted to reflect market conditions. Purchasing more raw milk than demand necessitates converting excess amounts into powdered milk, which incurs losses and inventory burdens. Additionally, the increasing market penetration of relatively cheaper imported sterilized milk and dairy products adds to the industry's challenges.Farmers, however, have a different perspective. They argue that with actual purchases already about 50,000 tons below the standard production amount, further reductions based on the 1.941 million tons would be excessive. They point out that the price for drinking milk is 1,084 won per liter, which is higher than the price for processed milk at 882 won. As the quota for drinking milk is significantly reduced, the payments farmers receive for raw milk will inevitably decrease. There are concerns that drastic production cuts could further weaken the domestic raw milk production base, especially as production costs rise and the number of dairy farmers declines.In the previous negotiations, the drinking milk production amount was reduced once. In the 2024 negotiations, the drinking milk amount for 2025-2026 was cut from 1.95 million tons to 1.941 million tons, a reduction of 9,000 tons. In exchange, the processed milk amount was increased from 100,000 tons to 109,000 tons, also by 9,000 tons.This time, the ongoing decline in milk consumption has heightened the need for additional cuts, but the conflicting interests surrounding the reduction standards have prolonged the negotiations. If the subcommittee reaches an agreement by the end of this month, the proposal will be subject to approval by the board of the Korea Dairy Promotion Association, with new production amounts expected to take effect in January. 2026-08-26 19:12:00
  • Dairy Industry Seeks Growth Beyond Declining Milk Sales
    Dairy Industry Seeks Growth Beyond Declining Milk Sales The dairy industry is accelerating efforts to secure new growth drivers as pressure mounts for production cuts due to declining white milk consumption. Companies are moving away from reliance on white milk sales and expanding their product lines to include bakery and dessert items made from cream and butter, as well as protein products. This shift is seen as a way to leverage existing processing capabilities and strong brand recognition.According to industry sources, Yonsei University’s Yonsei Dairy is continuously expanding its dessert product line in collaboration with convenience store CU. The 'Yonsei Milk Cream Bread,' which debuted in January 2022, surpassed cumulative sales of 100 million units in April. Following the initial success with cream, the company has diversified flavors to include chocolate and melon, and recently introduced matcha cream sandwiches, matcha pavé chocolates, and fresh chocolate pies.This initiative is regarded as a significant achievement in creating new demand by integrating the milk brand into desserts. Amid declining white milk consumption, the company is processing raw milk into higher-value finished products and expanding its reach to younger consumers through convenience store distribution.Seoul Milk Cooperative has also recently launched 'Seoul Milk Bread' and 'Seoul Milk Morning Rolls,' intensifying its focus on the B2C (business-to-consumer) bakery market. Both products contain about 10% domestic milk, emphasizing the unique flavor and soft texture of milk. Additionally, the company is expanding its dessert lineup using premium raw milk, including low-fat and A2 milk.Maeil Dairy is focusing on its bakery and dessert business through its affiliate, M's Bakers. The bakery brand 'Meal°,' operated by M's Bakers, recently opened a store at Lotte Department Store in Pyeongchon and is preparing to enter Lotte Mall at Gimpo Airport. The company is also expanding its B2B (business-to-business) operations by supplying milk and cream-based desserts to convenience stores and restaurants.Namyang Dairy is concentrating on restructuring its business around its premium dessert brand 'Baekmidang' and protein brand 'TakeFit.' Baekmidang, which specializes in ice cream and desserts made from organic raw milk, currently operates over 60 stores and reported first-quarter sales of 7.6 billion won, a 44% increase from the previous year.TakeFit has also established itself as a key growth pillar for Namyang Dairy. Launched in 2022 with protein powder, TakeFit has significantly expanded its product range to include ready-to-drink beverages, shakes, energy gels, and more, totaling 18 products across seven lines. As a result, sales in the first half of this year surged 76.1% compared to the same period last year.The dairy industry's shift towards bakery, dessert, and protein products is closely linked to the structural decline of the white milk market. According to the Korea Agro-Fisheries & Food Trade Corporation (aT), the domestic online bakery market size doubled from 320 billion won in 2021 to 625 billion won last year. The protein food sector, driven by health trends, is also expected to reach 800 billion won this year, representing a new opportunity for the dairy industry to leverage its raw materials and manufacturing technologies.Industry insiders predict that the prolonged decline in white milk consumption will accelerate the diversification efforts of dairy companies. A representative from the dairy industry stated, "With low birth rates and changing consumption patterns, it has become difficult to expect growth in the white milk market as in the past. The movement to expand into high-growth areas such as desserts and protein foods, based on existing raw milk processing technology and brand competitiveness, will continue in the future." 2026-08-26 19:12:00
  • K-Beauty Takes Flight at Incheon Airports Duty-Free Shops
    K-Beauty Takes Flight at Incheon Airport's Duty-Free Shops "In regular duty-free shops, you usually see luxury brands, but here, there are many quality Korean products. The prices are also reasonable, which I like," said Lee Sang-hoon, 53, who frequently travels from Vietnam for business. He was shopping for gifts at the 'K-Food' section of the policy duty-free shop located in Incheon International Airport's Terminal 2 (T2).Another foreign tourist mentioned, "I heard Korean cosmetics are good, so I came to buy products recommended by a friend," as they browsed K-Beauty items.The policy duty-free shops, operated by the Korea Small and Medium Enterprises and Startups Agency (HanYuwon), have established themselves as a global base for K-brands and outstanding small and medium enterprises.According to HanYuwon, the policy duty-free shops opened two locations in T2 in January, adding to the two existing shops in Terminal 1 (T1) and bringing the total to six. These shops feature 3,313 products from 800 companies. Last year's sales reached 11.45 billion won, and cumulative sales for this year up to July totaled 5.59 billion won.The layout of the T2 policy duty-free shops is strategically designed. Located next to the T2 VIP lounge, the shops cater to premium customers traveling on early morning or late-night flights, offering products that meet their needs. By prominently showcasing representative Korean brands (K-BRAND), the shops serve as a platform for global promotion, featuring a range of products from fashion and beauty to food and traditional souvenirs.Products from small and medium enterprises sold in the policy duty-free shops are noted for their cost-effectiveness, aided by a reasonable commission structure. While large duty-free shops charge commissions of 50-60% of sales, the policy duty-free shops maintain a much lower rate of around 23%. A HanYuwon representative stated, "We supply excellent products sold at Olive Young and Coupang at affordable prices, and profits are reinvested into the stores for improvements such as renovations and promotional activities."In T1, a pink-themed 'K-Brand' pop-up store has drawn attention. This experiential space allows customers to sample products, attracting both locals and foreigners, often leading to purchases. The pop-up store is strategically placed in a high-traffic area of the airport's duty-free zone to maximize promotional impact, with plans to feature 200 companies by mid-October.The success of the companies in the policy duty-free shops is becoming evident. Kim Heung-tae, an executive at Ian Cosmetic, noted, "Thanks to the credibility gained from the policy duty-free shop, we secured a purchasing contract with a buyer in Osaka, Japan, and are in discussions for participation in a U.S. expo and expansion into Vietnam. Through promotions, we generated over 10 million won in sales within a month, significantly aiding our market development."However, challenges remain. There is a need to expand beyond simple airport shops to establish footholds in major overseas cities. A HanYuwon representative suggested, "We should expand the policy duty-free shops in collaboration with local governments at major regional airports, such as Gimhae and Jeju, not just Incheon Airport."* This article has been translated by AI. 2026-08-26 19:12:00
  • Weather Forecast: Strong Rain and Heat Expected on Thursday with Highs of 34°C
    Weather Forecast: Strong Rain and Heat Expected on Thursday with Highs of 34°C On Thursday, August 27, strong rain and heat will continue across the region. The Korea Meteorological Administration forecasted on the 26th that rain will fall along the southern coast and Jeju Island from morning until night, and in the Jeolla and Gyeongsang provinces from morning through the night. Showers are expected in the southern inland areas of Chungcheongnam-do, central and southern Chungcheongbuk-do, inland Jeollabuk-do, and Gyeongsangbuk-do from morning until evening. Rain may also occur in northern Gyeonggi and northern Gangwon inland and mountainous areas from morning until noon. In particular, the southern coast of Gyeongsangnam-do is expected to experience heavy rain of around 20 mm per hour, with total precipitation exceeding 80 mm. Temperatures are forecasted to be higher than usual. Morning lows will range from 21 to 26 degrees Celsius, while daytime highs are expected to be between 29 and 34 degrees Celsius. Key regional high temperatures include: Seoul 31°C, Incheon 30°C, Suwon 31°C, Chuncheon 31°C, Gangneung 30°C, Cheongju 31°C, Daejeon 33°C, Jeonju 33°C, Gwangju 33°C, Daegu 33°C, Busan 32°C, and Jeju 34°C. Key regional low temperatures include: Seoul 25°C, Incheon 24°C, Suwon 24°C, Chuncheon 23°C, Gangneung 24°C, Cheongju 24°C, Daejeon 24°C, Jeonju 25°C, Gwangju 26°C, Daegu 24°C, Busan 26°C, and Jeju 27°C. Waves in the East, West, and South Seas are expected to reach heights of 0.5 to 1.5 meters.* This article has been translated by AI. 2026-08-26 19:00:00
  • Controversy Grows Over Supreme Court Chief Justices Written Nomination Process
    Controversy Grows Over Supreme Court Chief Justice's Written Nomination Process The controversy surrounding Chief Justice Cho Hee-dae's submission of written nominations for new Supreme Court justices has sparked calls for his resignation, particularly from the ruling party.Following Democratic Party leader Kim Min-seok's official demand for Cho's resignation, voices advocating for his impeachment have emerged. Some party members suggest that this is an opportunity not only to impeach Cho but also to push for judicial reform, even discussing constitutional amendments. "Abolish the Court Administration Office and Downgrade to Court Affairs Office"Previously, Cho had not nominated successors for Supreme Court Justices Noh Tae-ak, whose term expired in March, and Lee Heung-gu, who is set to retire in September, for over five months. The Supreme Court's Candidate Recommendation Committee had recommended four candidates to Cho in January, including Kim Min-ki, a judge at the Suwon High Court, Park Soon-young, a judge at the Seoul High Court, Son Bong-ki, a chief judge at the Daegu District Court, and Yoon Sung-sik, a chief judge at the Seoul High Court.However, on August 18, Cho unexpectedly submitted a written nomination to President Yoon Suk-yeol for Son and Kim as successors to Noh and Lee, breaking the previous practice of in-person nominations.Cho's actions have drawn criticism from the ruling party, especially following a previous conflict with the government and ruling party over a Supreme Court ruling that overturned a conviction against President Yoon for election law violations.During a Supreme Council meeting in Busan on August 19, Kim demanded Cho's resignation, stating, "Historically, nominations have been made in consultation with the president, and Cho's actions represent a lawless judicial act. We can no longer refer to him as Chief Justice but rather as the head of legal technicalities."Kim also directed party members to review legal amendments to prevent loopholes that allow the formation of recommendation committees for each nomination. Senior party members, including floor leader Han Byung-do, have consistently called for Cho's resignation. The Blue House has also criticized the written nomination as an infringement on the president's constitutional authority to appoint justices.Additionally, some members of the Democratic Party are advocating for the abolition of the Court Administration Office and pushing for Cho's impeachment. Kim Seung-won, the ruling party's representative on the National Assembly's Legislation and Judiciary Committee, has suggested downgrading the Court Administration Office to a Court Affairs Office, while Seo Young-kyo, a Democratic Party lawmaker, has mentioned the possibility of impeaching Cho.The Legislation and Judiciary Committee is set to summon Cho as a witness for a hearing on August 31, intensifying scrutiny on the Supreme Court. Impeachment Requires Majority Support in National AssemblyImpeaching the Chief Justice requires the National Assembly's involvement. A motion for impeachment can be initiated with the signatures of at least one-third of the members, and it must be approved by a majority in a plenary session.Once passed, the Chief Justice's duties are suspended, and a senior justice assumes the role temporarily. The Constitutional Court then conducts an impeachment trial, and if at least six of the nine justices agree, the Chief Justice is removed from office.While there have been resignations of Chief Justices, none have been impeached. Former Chief Justice Cho Yong-soon stepped down amid political turmoil following the April 19 Revolution, while former Chief Justice Lee Young-seob resigned during the military regime in 1981. Former Chief Justice Kim Yong-cheol resigned in 1988 amid controversies over judicial independence, and former Chief Justice Kim Deok-joo left office in 1993 due to scandals involving public officials' asset disclosures and real estate speculation. "Impeachment Efforts May Backfire... Not Beneficial for Democratic Party"The Democratic Party leadership, concerned about potential backlash from an unprecedented impeachment, has recently shifted its focus from impeachment to demanding Cho's resignation, while also seeking judicial reforms such as the abolition of the Court Administration Office.Legal experts predict that if the Democratic Party pursues impeachment against Cho, it could result in negative consequences for the party.A lawyer who previously worked in the National Assembly told Aju Economy, "Passing the impeachment motion would ultimately not benefit the Democratic Party or South Korea."He added, "While the judiciary has made questionable decisions, and Cho has acted in ways that conflict with the current administration, pursuing impeachment based on written nominations is excessive. There is no legal precedent for impeaching a Chief Justice on such grounds."He further emphasized the need for the judiciary to maintain its independence, especially given the historical context of military dictatorship in South Korea. He noted, "The judiciary should be held accountable for its decisions, and the public's awareness and education levels have evolved, necessitating a degree of democratic legitimacy in the judiciary."Another lawyer advised that judicial reforms should consider the systems of advanced countries, suggesting that citizens should have a role in the judicial process, such as through jury participation or electing judges. He urged the National Assembly to establish a Judicial Reform Committee to begin research on necessary reforms immediately.* This article has been translated by AI. 2026-08-26 18:48:00
  • South Korean Foreign Minister Calls for Japanese Lawmakers Support on Historical Issues
    South Korean Foreign Minister Calls for Japanese Lawmakers' Support on Historical Issues South Korean Foreign Minister Park Jin met with Akihisa Nagashima, secretary-general of the Japan-Korea Parliamentary Union, and other Japanese lawmakers visiting South Korea on August 26, according to the Ministry of Foreign Affairs.Minister Park assessed that shuttle diplomacy between South Korea and Japan has been fully restored since the government took office, leading to active exchanges based on mutual trust between the leaders of both countries.He emphasized the increasing importance of close cooperation between South Korea and Japan amid serious international circumstances, expressing hope for enhanced collaboration to ensure peace and stability in Northeast Asia.Park also highlighted the crucial role of political leaders in advancing historical issues to further develop South Korea-Japan relations, urging Japanese lawmakers to take an interest and play a role in this matter.In his opening remarks, Nagashima stated, "I believe the strategic environment surrounding Japan and South Korea is the most challenging since the end of the war," noting that relations with China are becoming increasingly difficult.He added, "Due to the relationship with the Korean Peninsula, especially North Korea, and the policy changes under President Trump, we have faced many shocks daily," stressing that there has never been a more critical time for Japan-South Korea relations in areas such as security, diplomacy, energy, and science and technology.Nagashima assessed that the relationship between the two countries is developing steadily based on trust between their leaders and pledged to actively pursue parliamentary efforts to deepen cooperation in various fields amid the current international situation.Members of the Japan-Korea Parliamentary Union, known for their pro-South Korea stance, visited South Korea to attend a joint meeting with the Korea-Japan Parliamentary Union.* This article has been translated by AI. 2026-08-26 18:40:00
  • Struggling Stock Prices Lead to Early Redemption of Convertible Bonds in Pharma and Bio
    Struggling Stock Prices Lead to Early Redemption of Convertible Bonds in Pharma and Bio Recent trends show that pharmaceutical and biotechnology companies listed on the stock market are increasingly buying back convertible bonds (CBs) before their maturity due to poor stock performance. As stock prices fall significantly below the conversion price, investors are opting for early redemption instead of converting to shares. Many of these companies are already facing losses, and the additional cash outflow from early CB redemption is exacerbating their financial burdens.According to the Financial Supervisory Service's electronic disclosure system, there have been a total of 60 announcements regarding 'self-redemption of convertible bonds before maturity' by listed companies in the past three months. Among these, 12 announcements were made by pharmaceutical and biotechnology firms, representing the largest share.Convertible bonds allow investors to convert them into shares at a predetermined price after a certain period. If the stock price exceeds the conversion price, investors can convert their bonds to take advantage of capital gains. Conversely, if the stock price falls below the conversion price, the incentive to convert diminishes. In such cases, investors may exercise their early redemption rights (put options) to recover their principal and interest, or companies may negotiate with bondholders to buy back the CBs before maturity.The largest early redemption of CBs was made by Samsung Pharmaceutical. On August 12, the company decided to buy back 20.225 billion won of its 32nd series of CBs, which were issued for 26.9 billion won last year. This buyback occurs just one year after issuance. Of the total amount, 5.2 billion won was due to the exercise of the put option by bondholders, while the remaining 15.025 billion won was acquired through negotiations with bondholders.HLB BioStep also redeemed CBs early in July, with a total buyback amounting to 15.75 billion won, making it the second-largest after Samsung Pharmaceutical. On July 14, the company negotiated to buy back 9.75 billion won, and on July 21, it repurchased 6 billion won due to put option exercises. Sharperon, facing a delisting crisis, is in an even worse situation. The company issued its first series of CBs worth 8.6 billion won in April and decided to buy back the entire amount just four months later on August 11 through negotiations with bondholders.The increase in early CB redemptions among pharmaceutical and biotechnology companies is attributed to poor stock performance. On the payment date of August 21, Samsung Pharmaceutical's stock closed at 1,250 won, about 21% below the conversion price of 1,591 won for the 32nd series of CBs. HLB BioStep's stock prices on July 14 and August 13 were 1,852 won and 2,540 won, respectively, both significantly lower than the conversion price of 7,990 won, by 76% and 68%. Sharperon's stock closed at 614 won on August 11, less than half of the conversion price of 1,685 won.Industry analysts point out that these companies find themselves in a paradoxical situation where they sought to easily raise funds through CB issuance but are now forced to make substantial cash payments due to poor stock performance. The issue is compounded by the fact that most of these companies are in poor financial health. Sharperon reported only about 100 million won in revenue for the first half of the year, with an operating loss of 6.7 billion won and a net loss of 7.2 billion won. HLB BioStep also recorded operating and net losses of 4.5 billion won and 5.6 billion won, respectively, during the same period. Samsung Pharmaceutical reported a net loss of 47.8 billion won for the first half of the year.Given this situation, the early redemption of CBs could further strain their operations. An industry insider noted, "Due to the nature of pharmaceutical and biotechnology companies, which require continuous cash input for research and development, many seek external funding through CB issuance. If early redemption worsens cash flow, it will inevitably disrupt research and development efforts."* This article has been translated by AI. 2026-08-26 18:36:00
  • Hyundai to Boost Production Competitiveness Amid Chinese Price Competition
    Hyundai to Boost Production Competitiveness Amid Chinese Price Competition Hyundai Motor Company is expanding its partnerships with global firms to secure price competitiveness. As pressures mount to raise vehicle prices due to rising raw material costs and the introduction of advanced features, the company aims to achieve economies of scale.During a press conference following the '2026 Hyundai CEO Investor Day' at the Conrad Hotel in Yeouido, Seoul, Hyundai executives outlined this strategy.This approach is seen as a response to Chinese automakers, which have rapidly increased their global market share by emphasizing lower prices.Hyundai emphasized its intention to enhance cost competitiveness by leveraging its position as one of the world's top three automakers in terms of sales volume.Jose Munoz, President of Hyundai Motor, stated, "We believe we can continuously improve and significantly enhance our competitiveness by utilizing our economies of scale. We are already competing with various rivals, including those from China, in several markets, so we must continue to strengthen our market competitiveness."Munoz also addressed the recent controversy surrounding the price increase of the new Avante model. He explained that the rise in vehicle prices is influenced by a combination of factors, including the burden of raw materials and logistics costs, as well as the trend toward larger vehicles and the incorporation of advanced technologies and premium materials.He noted, "Price is one of the primary factors consumers consider when choosing a vehicle. The technology in vehicles today includes features that were unimaginable five years ago, and as vehicles have grown larger, we are using better materials."However, he emphasized that an increase in production costs does not automatically lead to a rise in vehicle sales prices. The final selling price is determined by market conditions and consumer choices.Munoz remarked, "It is clear that costs and prices are different. Prices are determined in the market." He added, "While price competitiveness is important to us, we must also consider profitability."Hyundai is also accelerating the introduction of new models and next-generation electrification technologies to enhance product competitiveness. The company plans to utilize existing platforms for extended-range electric vehicles (EREVs) to respond quickly to market changes, with an EREV model based on the Santa Fe set to launch next year.The technology from Hyundai Motor Group's autonomous driving software subsidiary, Atria AI, is expected to be gradually applied to vehicles starting in 2028. Atria AI will expand to mass-produced vehicles from 2029, building a lineup of autonomous driving capabilities from Level 2+ to Level 4.* This article has been translated by AI. 2026-08-26 18:24:00