Industry

  • Hyundai shipyard warns of dwindling order backlog in 2018
    Hyundai shipyard warns of dwindling order backlog in 2018 SEOUL, Jan. 03 (Aju News) -- Hyundai Heavy Industries, the world's largest shipyard, warned of a dwindling backlog of orders this year, saying its dockyard for offshore plants would be completely empty in a few months. "This year, we may face a grave situation that we have never experienced," Hyundai Heavy CEO Kang Hwan-goo said in his New Year statement on Wednesday. Helped by sweeping restructuring to ride out a protracted business slum January 3, 2018
  • Hyundai auto group sets modest sales target for 2018
    Hyundai auto group sets modest sales target for 2018 SEOUL, Jan. 02 (Aju News) -- Car sales of South Korea's Hyundai auto group hit a four-year low last year, falling far short of its earlier goal due to poor performances abroad, prompting the world's fifth-largest carmaker to set a modest target for 2018. In 2017, Hyundai Motor's sales fell 6.5 percent on-year to 4.5 million units while sales of its affiliate, Kia Motors, were down 7.8 percent to 2.75 million. Together, the two companies sold a total of 7.25 million January 2, 2018
  • Hyundai chairman vows to expand investment in new technology
    Hyundai chairman vows to expand investment in new technology SEOUL, Jan. 02 (Aju News) -- The chairman of South Korea's Hyundai auto group vowed to expand investments in developing technologies related to autonomous and eco-friendly vehicles that could become the company's new growth engine. Chung Mong-koo said in his New Year message that Hyundai would seek a structural change for quick decision-making, saying the auto industry is seeing a rapid change because of innovation in future technologies and competition. "The auto January 2, 2018
  • Trade ministry to turn disused mine into solar power plant
    Trade ministry to turn disused mine into solar power plant Stock Photo SEOUL, Dec. 27 (Aju News) -- In an effort to utilize the area surrounding an abandoned coal mine and revitalize the local economy, South Korea's Ministry of Trade, Industry and Energy unveiled a plan to turn an old coal mine into a solar power plant. The trade ministry said in a statement on Wednesday that it would embark on 'solar mine' test project, which would create profit by building solar power plants on a waste ore y December 27, 2017
  • S. Korea pledges $101 bln investment in renewable energy by 2030
    S. Korea pledges $101 bln investment in renewable energy by 2030 SEOUL, Dec. 20 (Aju News) -- South Korea mapped out a new energy roadmap calling for an injection of about 100 billion US dollars into renewable energy by 2030 to support President Moon Jae-in's campaign aimed at reducing the use of fossil and nuclear energy. The ratio of renewable energy in South Korea's total electricity output will increase from seven percent this year to 20 percent in 2030, the Ministry of Trade, Industry and Energy said Wednesday, call December 20, 2017
  • Hyundai did not rule out possible ties with FCA over hydrogen fuel cell cars
    Hyundai did not rule out possible ties with FCA over hydrogen fuel cell cars South Korea's Hyundai auto group did not rule out possible technical ties with Fiat Chrysler Automobiles N.V. (FCA), an Italian-American corporation, in developing hydrogen fuel cell electric vehicles. "It is too early to speak officially," Hyundai's senior vice president Lee Ki-sang told reporters. "We are coordinating internally in case discussions with FCA are in progress." In 2010, the country's top carmaker unv December 13, 2017
  • S. Korea picks BMW 520d as this years safest car
    S. Korea picks BMW 520d as this year's safest car ​ BMW's 520d sedan was selected as this year's safest car in South Korea, followed by Mercedes-Benz's E220d and Stinger, a high-performance car produced by Kia Motors as a strategic model to compete with foreign brands on its home turf. The three cars scored high points in the annual safety checking of four imported and seven home-made cars selected by the Ministry of Land, Infrastructure and Transport. BMW's 520d was the safest car with 99.1 points. E22 December 13, 2017
  • Hyundai Motor ready to use Samsung batteries for eco-friendly vehicles
    Hyundai Motor ready to use Samsung batteries for eco-friendly vehicles Hyundai's full-electric vehicle Ioniq South Korea's leading Hyundai auto group is ready to cooperate with any domestic companies, including a battery-making unit of its domestic rival, Samsung Group, to enhance competitiveness in eco-friendly vehicles, a senior Hyundai official said. For their eco-friendly vehicles, Hyundai and its affiliate, Kia Motors, have never used batteries produced by Samsung SDI, relying heavily on two other battery producers, LG Chem December 11, 2017
  • KEPCO head announces honorable resignation after potential deal in Britain
    KEPCO head announces honorable resignation after potential deal in Britain The head of Korea Electric Power Corp. (KEPCO), which produces home-made nuclear reactors, announced his honorable resignation, a day after the state utility firm was selected as the preferred bidder in a nuclear power project in Britain. KEPCO said President Cho Hwan-eik would resign in a ceremony on Friday, three months before his term expires. He took office in December 2012. "I've been thinking for a long time that I should open my way to my successor, but I December 7, 2017
  • ​ S. Korea exports up 9.6% in November: Yonhap
    ​ S. Korea exports up 9.6% in November: Yonhap South Korea's exports rose 9.6 percent in November from a year earlier to mark the 13th consecutive monthly gain, fueled by strong demand for memory chips and machinery, government data showed Friday. Outbound shipments came to 49.67 billion US dollars for November, up from $45.3 billion a year earlier, according to data compiled by the Ministry of Trade, Industry and Energy and the Korea Customs Service. The total value of exports in the first 11 months of this year hit December 1, 2017