Kia to retire 14-year-old K9 amid sagging demand for sedans SEOUL, July 07 (AJP) -Kia will retire its flagship K9 luxury sedan by the end of this year, industry officials and union sources said Monday, ending a 14-year production run as the automaker shifts investment toward electric vehicles, purpose-built vehicles and software-defined cars amid dwindling demand for large gasoline-powered sedans. The company has ruled out a facelift, a full redesign or even an annual model-year update, according to the sources, signaling that no successo July 7, 2026

Samsung Elec shines above peers with Q2, but spooks investors SEOUL, July 07 (AJP) - Samsung Electronics on Tuesday estimated second-quarter operating profit of 89.4 trillion won ($58.4 billion) on revenue of 171 trillion won, a bar-raising figure that, instead of sparking excitement, triggered panicky profit-taking on fears the AI heyday may have peaked. The guidance beat market consensus of around 85 trillion won, while revenue slightly fell short. Compared with the previous quarter, revenue rose 27.7 percent and operating profit increa July 7, 2026

The great shortfalls in the grand Honam chip project SEOUL, July 07 (AJP) - The devil is in the details, and South Korea's mammoth plan to create a second chipmaking epicenter in the industrially neglected southwest is drawing skepticism not only because of its astronomical 800 trillion won ($523 billion) price tag, but also because of the critical shortfalls money alone cannot solve. Samsung Electronics and SK hynix have announced plans to build two next-generation fabs each in the Honam region, investing 400 trillion won apiece July 7, 2026

S.Korea launches support center to boost domestic AI chip adoption SEOUL, July 07 (AJP) - South Korea's science ministry opened a dedicated support center aimed at helping local companies adopt domestically made artificial intelligence chips, part of a broader push to strengthen the country's semiconductor industry. The Ministry of Science and ICT said Tuesday the technical support center for AI and semiconductor held its opening ceremony in Gangnam, southern Seoul, at the Korea Association for AI & ICT Promotion. The government has July 7, 2026

Hyundai Motor Group maintains No. 7 in global EV sales SEOUL, July 7 (AJP) - Hyundai Motor Group ranked seventh globally in electric vehicle sales for the first five months of this year, according to data released by market researcher SNE Research on Tuesday. Hyundai Motor and its affiliate Kia sold a combined 303,000 electric vehicles including plug-in hybrids from January through May, up 24.3 percent from a year earlier to retain seventh place, narrowing the gap with sixth-ranked Chinese automaker Changan to 27,000 vehicles from 78, July 7, 2026

NATO family proves too tight for South Korea in Canadian bid SEOUL, July 07 (AJP) - South Korea's campaign to break into NATO's inner circle of submarine suppliers fell short as Canada chose Germany's TKMS over Hanwha Ocean, underscoring that alliance politics can outweigh technology and industrial advantages in major defense contracts. Ottawa on Monday designated TKMS as the preferred supplier for a program to procure up to 12 conventionally powered submarines. The acquisition is expected to cost at least $20 billion, while lifet July 7, 2026

LG Electronics Q2 profit beats estimates on HVAC growth, tariff gains SEOUL, July 07 (AJP) - LG Electronics' second-quarter operating profit came in at an estimated 1.58 trillion won $1 billion), above the market consensus of 1.02 trillion won, according to the company on Tuesday. The preliminary figure compares with operating profit of 1.67 trillion won in the previous quarter, representing a 5.7 percent decrease quarter-on-quarter. Revenue for the April-June period came to 23.83 trillion won, compared with 23.72 trillion won in the July 7, 2026

Naver, KAI join forces on Korean defense AI platform SEOUL, July 07 (AJP) - Naver and cloud affiliate Naver Cloud, collectively known as Team Naver, have agreed to build a domestically developed defense artificial intelligence platform in partnership with Korea Aerospace Industries (KAI), the companies said. The three firms signed a strategic memorandum of understanding on aerospace and defense AI cooperation on Monday at KAI's headquarters in Sacheon, South Gyeongsang Province. Naver chief executive Choi Soo-yeon, Naver Cloud July 7, 2026

Samsung Elec Q2 profit nears 90 trillion won even after bonus package SEOUL, July 07 (AJP) - Samsung Electronics on Tuesday estimated second-quarter operating profit at 89.4 trillion won ($58.4 billion) beating consensus of around 84.60 trillion won, as hot chip selling prices more than offset the cost of record performance bonuses for semiconductor employees. The preliminary figure compares with operating profit of 57.2 trillion won in the previous quarter and 4.7 trillion won a year earlier and fueled a red-hot earning streak for the third quarter July 7, 2026

Canada names TKMS preferred bidder and Hanwha as reserve bidder for sub deal SEOUL, July 07 (AJP) - Canada on Monday named Germany’s TKMS as the preferred supplier for its "largest-ever" procurement to acquire up to 12 new submarines, selecting the Type 212CD over South Korea’s KSS-III Batch-II in what had been a "difficult and close decision," according to its state head. Prime Minister Mark Carney announced the choice that involved heavily government-backed competition between Germany and South Korea in Halifax, Nova Scotia July 7, 2026