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Impact of Upcoming U.S. Midterm Elections on Trump's Economic Policies The U.S. midterm elections on November 3 are poised to significantly influence President Donald Trumps economic and trade policies. With the Democratic Party increasing its chances of regaining control of the House of Representatives, the key question remains whether they can also secure the Senate. However, even if Democrats gain congressional power, experts suggest that changing tariffs or policies regarding the Iran conflict may not be straightforward due to presidential authority and veto power.A report from the British think tank Chatham House, released on October 22, indicates that the authority to make foreign policy decisions is concentrated in the executive branch, making it unlikely for major changes in tariffs or Iran-related policies in the short term after the midterms.Trumps public statements suggest he may continue a hardline stance on tariffs and military actions. In a Fox News interview on October 25, he stated that he could raise tariffs on the U.S. auto industry by as much as 50% if necessary, while also emphasizing the need for continued pressure on Iran, suggesting that either a deal or further military action should be considered.Uncertainty surrounding tariff policies is expected to persist after the midterms, influenced by various factors including congressional composition, judicial rulings, executive responses, and political pressures stemming from inflation.The U.S. Constitution grants Congress the authority to impose tariffs and regulate trade policy. If Democrats become the majority party, they could pursue legislation to eliminate certain tariffs or adjust tariff rates, as well as require congressional approval for any additional tariffs imposed by the executive branch. However, implementing these changes may prove challenging.The president has the power to veto legislation. To override a veto, a two-thirds majority in both the House and Senate is required. Even if Democrats gain a majority, they would face limitations without Republican cooperation.Achieving bipartisan consensus is also difficult. Chatham House notes that over the past decade, despite changes in congressional composition, no viable bipartisan alternatives have emerged to oppose the tariff policies promoted by the president.U.S. Treasury Secretary Scott Bentsen previously stated through Reuters on October 20 that the executive branchs tariff authority is quite robust, arguing that a Democratic-led Congress would have limited capacity to block Trump administration policies.Moreover, even if the U.S. Supreme Court were to challenge the legal basis for certain tariff measures, the Trump administration could still pursue new tariff policies under other laws, such as Section 301 of the Trade Act and Section 232 of the Trade Expansion Act.However, Congress may increase oversight and political pressure on the administration. William Allen Rainsy, a senior advisor at the Center for Strategic and International Studies (CSIS), pointed out that Congress could impose burdens on the administrations tariff policies through hearings, investigations, and demands for documentation.As for the Iran conflict, it is uncertain whether it will come to an end or see a reduction in military tensions immediately following the midterms. Congress has significant tools to check war powers, including the War Powers Act and budgetary authority. The War Powers Act requires congressional approval for military hostilities exceeding a certain duration. However, the presidents veto power complicates any practical limitations. Congress could also attempt to cut war funding through control of the defense budget, but such actions have not been executed to date. October 26, 2026 14 -
Kim Jong Un Visits China, Meets Wang Huning Instead of Premier Kim Jong Un, the Chairman of North Koreas State Affairs Commission, visited Dandong in Chinas Liaoning province on October 24, where he commemorated Chinese soldiers who fought in the Korean War alongside Wang Huning, a senior member of the Chinese Communist Party and Chairman of the Chinese Peoples Political Consultative Conference.According to Chinas Xinhua News Agency, Wang welcomed Kim at the Anti-American Aid Korea Memorial Hall in Dandong, where they participated in a flower-laying ceremony. The term Anti-American Aid Korea refers to Chinas involvement in the Korean War. During the event, the national anthems of both China and North Korea were played, and Kim observed a moment of silence in honor of the fallen Chinese soldiers. He also visited the memorial hall to examine artifacts and documents showcasing the battles fought by the Chinese military and the joint operations between the two countries. A historical photograph with a handwritten message was presented to the memorial, and a ribbon on the flower basket read, Let us forever remember the martyrs of the Chinese Peoples Volunteer Army.Kim requested Wang to convey his regards and best wishes to Chinese President Xi Jinping and expressed hopes for the successful convening of the fifth plenary session of the 20th Central Committee of the Communist Party of China. He stated, I visited Dandong to express deep gratitude and eternal respect for the Chinese soldiers who supported North Korea with their lives and blood during a crucial historical period. Kim also described Xis visit to North Korea in June as a historic event that demonstrated Chinas high interest in North Korea and marked a milestone in the development of bilateral relations.Kim noted that this year marks the 65th anniversary of the North Korea-China Friendship and Mutual Assistance Treaty, expressing gratitude for Chinas long-standing support for North Koreas socialist construction and emphasizing the bright prospects for cooperation between the two nations. He highlighted the importance of inheriting historical ties with China and expanding practical cooperation to enhance the welfare of both peoples.During their meeting, Wang conveyed Xis regards and best wishes to Kim. He remarked that Kims visit to Dandong on the 76th anniversary of the Chinese Peoples Volunteer Armys participation in the Korean War demonstrates the value both countries place on their blood ties. Wang emphasized the significance of inheriting traditional friendship, strengthening political trust, and seeking cooperative development.Wang stated, Through historic mutual visits by President Xi and Chairman Kim in September last year and June this year, we have achieved a series of major agreements that have ushered North Korea-China relations into a new historical era. He added that China and North Korea are advancing their shared socialist cause and should expand people-to-people exchanges and economic cooperation, particularly with the opening of the new bridge over the Yalu River, to provide greater benefits to their citizens. Wang also called for strengthening strategic communication and cooperation to create a peaceful and stable external environment that safeguards each countrys sovereignty, security, and development interests.In the afternoon, Kim visited an auto factory in Dandong with Wang, where he toured the production site and received explanations from officials. As Kim departed Dandong, Wang accompanied him to the new Yalu River Bridge. Wang Yi, a member of the Central Political Bureau of the Communist Party of China and Foreign Minister, also attended the related events. October 24, 2026 20
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September Auto Insurance Loss Ratio Drops to 85.0%, Down 9.2% Year-on-Year Last month, the loss ratio for auto insurance significantly decreased compared to the same month last year, resulting in a slight improvement in the cumulative loss ratio for the year. However, the cumulative loss ratio still exceeds the 80% threshold, which is considered the breakeven point, posing a burden on insurers profitability.According to the property and casualty insurance industry on October 23, the cumulative loss ratio for auto insurance from January to September this year for four major insurers—Samsung Fire & Marine, Hyundai Marine & Fire, DB Insurance, and KB Insurance—averaged 84.7%. This figure represents a 0.8 percentage point decline compared to the same period last year.The loss ratio for September was 85%, a decrease of 9.2 percentage points from the same month last year. This decline was largely attributed to a significant reduction in rainfall compared to last September, as well as decreased highway traffic during the Chuseok holiday. Last months rainfall was only about 11% of that recorded in the same month last year.Despite the decrease, the loss ratio remains above the critical 80% mark, making it difficult to be optimistic about profitability improvements.An industry official stated, “With the peak autumn foliage season in October, there is a concern that the number of accidents and the amount of personal injury claims per accident may increase due to rising travel demand. Additionally, repair costs and wages for temporary workers continue to rise, which could worsen the loss ratio in the future.”* This article has been translated by AI. October 23, 2026 12
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EU Expands Carbon Border Adjustment Mechanism to Auto Parts and Appliances The European Union plans to expand its Carbon Border Adjustment Mechanism (CBAM) to include processed automotive parts and appliances, increasing the burden on domestic exporters. With the inclusion of downstream products, which have more complex supply chains than basic materials, the South Korean government is stepping up its efforts to provide guidance and tailored support to the industry.On October 23, the Ministry of Trade, Industry and Energy held an industry briefing at the Trade Tower in Seoul regarding the downstream products affected by the EUs CBAM. Over 100 employees from major companies expected to be impacted by the expanded scope attended the event.CBAM imposes costs based on carbon emissions during the production of products imported into the EU. The mechanism was officially implemented this year for carbon-intensive imports like steel, and it is set to expand to downstream products made from steel and aluminum starting January 2028.Downstream products are those manufactured from basic materials such as steel and aluminum. The EU aims to prevent regulatory circumvention by imposing carbon costs on finished goods as well. Under the expansion plan, costs associated with purchasing CBAM certificates will also apply to exports of automotive parts and appliances to the EU.However, the final list of applicable items has not yet been confirmed. A specific list will be established once the EUs internal amendment process is completed.The briefing was organized to inform the relevant industry about the recently announced expansion of downstream products and to explore response strategies. It covered an overview of the CBAM, the latest developments, and specific response measures for downstream companies.While the basic materials sector has been developing response systems during the transition period, the Ministry noted that the downstream sector is relatively less prepared and aware of the regulations. Concerns have been raised that the complex supply chains of downstream products, which involve multiple materials and components, make it difficult for individual companies to respond effectively.The Ministry plans to quickly share relevant regulatory information and response guidelines, and will continue discussions with EU authorities to improve the system.Kim Jang-hee, the Ministrys Director of New Trade Strategy Support, stated, With the expansion of CBAM to downstream products following its implementation this year, we are concerned that the burden on export companies will increase significantly. Especially since downstream products have more complex supply chains than basic materials, individual companies face limitations in their ability to respond. We will work to minimize the industrys burden by strengthening tailored support systems and maintaining ongoing discussions with EU authorities.* This article has been translated by AI. October 23, 2026 11
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Tesla Unveils Flying Roadster, Sparking Mixed Reactions in China Teslas introduction of a flying sports car has drawn mixed reactions from Chinese state media, which described it as a beautiful concept show. While acknowledging the technological achievement, they raised doubts about its practical commercialization and emphasized the competitiveness of Chinas electric vehicle industry.On October 21, the Peoples Daily, the official newspaper of the Chinese Communist Party, commented on Teslas recent demonstration of its next-generation sports car, the Roadster, stating that it is closer to a beautiful concept show than a vehicle that can be used in everyday traffic.Tesla unveiled the Roadster on October 15 at SpaceXs testing facility in Texas, showcasing a propulsion system that allows the car to briefly lift off the ground, spin in the air, and land.Following the demonstration, concerns arose in China about the countrys automotive industry lagging behind the U.S., alongside reactions dismissing the vehicle as merely a large toy that jumps into the air. The Peoples Daily cautioned against both extremes of evaluation, asserting that the achievements of Chinas new energy vehicle industry should not be undermined simply because of a new demonstration.They specifically pointed out that the Tesla Roadster faces numerous challenges before it can operate on actual roads. Issues such as relevant laws, safety certifications, and consumer preferences regarding vehicles equipped with compressed tanks remain uncertain.In contrast, the Chinese automotive industry highlighted its technological achievements in areas such as speed, charging, and autonomous driving. A notable example is BYDs high-performance model, the Yangwang U9 Extreme, which recorded a speed of 308.71 mph. Additionally, CATLs third-generation ultra-fast charging battery can be fully charged at room temperature in just six minutes.In the realm of smart driving, Huawei and Li Autos technological capabilities were mentioned, while Xpengs detachable flying car, dubbed the land aircraft carrier, was noted for exceeding 7,000 pre-orders as of April this year.The Peoples Daily remarked that Teslas Shanghai factory previously stimulated competition among local automakers, creating a so-called catfish effect. However, it now argues that Chinese companies have gained competitiveness in the electric vehicle and smart technology sectors, leading innovation in the market. Nonetheless, they warned against an overly dismissive attitude toward Teslas new technology, emphasizing that for Chinas automotive industry to ascend as a powerhouse, it must adopt an open stance that recognizes innovations from other companies.Chinese state media Global Times also countered interpretations from U.S. media regarding Teslas Roadster unveiling. Citing a report from the Wall Street Journal, Global Times argued that the view that Tesla is developing flying cars due to falling behind Chinese competitors is not accurate.Furthermore, Global Times criticized the WSJs characterization of the growth of Chinas automotive industry as a market swallowing others, suggesting it misrepresents the competitiveness of Chinese firms.* This article has been translated by AI. October 22, 2026 14
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Naver Unveils Integrated Advertising Strategy Targeting K-Pop Fandom at 'Naver Entertainment Day 2026' Naver announced that it held the Naver Entertainment Day 2026 conference at its 1784 headquarters on October 22, revealing advertising strategies tailored for the entertainment sector.The event focused on sharing Navers customized marketing strategies optimized for promoting K-Pop artists.Naver emphasized its use of popular services among users aged 10 to 20, such as Naver Maps, Chijijik, Webtoon, and KREAM, as platforms for entertainment communication.In July, the idol group LISSEN conducted a marketing campaign for their digital single across major mobile services, including Naver Entertainment, for about two weeks. This campaign resulted in a 1.8-fold increase in search exposure and a 1.6-fold increase in clicks compared to the average.The conference also highlighted several key features: the virtual production studio Vision Stage established at 1784, customized advertising and branding campaign design for entertainment intellectual property (IP), strategies for utilizing Navers digital outdoor advertising, and Navers content services tailored for entertainment, such as Clips and Chijijik.Notably, Naver introduced case studies on its AI-based digital outdoor advertising (DOOH) solution, AdBoost Screen, launched last November. This solution allows for targeted advertising across various offline media, including cinemas, billboards, public transport, convenience stores, and elevators.Naver has expanded its advertising business offline through AdBoost Screen, applying its proprietary video AI technology, AutoClip AI, to automatically adjust the size and aspect ratio of ad videos to fit the specifications of different media. The entire process, from ad registration to review and execution data verification, is managed within a single system. According to Naver, outdoor advertising is currently being executed through AdBoost Screen across 359,000 digital media in 17 provinces nationwide.Additionally, Naver conducted integrated marketing linked to AdBoost Screen during the comeback periods of K-Pop artists such as IVE and LISSEN this year.Lee Jong-min, head of Navers Business Monetization Division, stated, Through the Naver Entertainment Day 2026 event, we discussed growth strategies with advertisers in the entertainment industry. Naver will strengthen its support for the revival of the domestic entertainment industry based on the media content technology and service competitiveness we have accumulated over a long period.* This article has been translated by AI. October 22, 2026 10
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JB Financial Group Pursues Acquisition of Kyrgyz Financial Firms to Expand in Central Asia JB Financial Group is set to enter the Central Asian market through the acquisition of a Kyrgyz financial company. The plan aims to leverage its domestic auto finance capabilities to target the local market and diversify its overseas business portfolio.On October 22, JB Financial Groups subsidiary, JB Woori Capital, announced that it has signed a contract to acquire 100% of the shares of Epoke Corporation, the parent company of Kyrgyz financial firms Korkik Credit and Korki Leasing.The acquisition is expected to be finalized within the year, pending approval and registration from local financial authorities. Once completed, the two companies will become wholly-owned subsidiaries of JB Woori Capital.JB Financial highlighted the growth potential and development capacity of Kyrgyzstans financial market, noting that approximately 70% of the population is under 30 years old and that the countrys real GDP growth rate has recently exceeded 10% annually.Upon completion of the acquisition, JB Financial will secure its fifth overseas foothold, following Cambodia, Myanmar, Vietnam, and Indonesia. JB Woori Capital plans to apply its domestic auto finance experience to the local operations.A JB Financial representative stated, We will establish a sustainable growth foundation in the Kyrgyz market based on our auto finance competitiveness and a thorough localization strategy.* This article has been translated by AI. October 22, 2026 09
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Hyundai AutoEver Unveils Next-Generation Security Solutions Combining Robotics and AI Hyundai AutoEver has introduced a next-generation security solution that combines patrol robots, artificial intelligence (AI) video analysis, and integrated control technology. The system aims to enhance surveillance capabilities and quickly identify unusual situations.On October 22, Hyundai AutoEver announced at the 2026 International Security Industry Expo the unveiling of an integrated security and safety operations model based on Mobed. This solution focuses on bridging surveillance gaps that are difficult for CCTV and patrol personnel to cover, thereby reducing operational voids for on-site staff.The patrol robots utilize the Mobed mobile robot platform developed by Hyundai Motor and Kia Robotics Lab. Mobed is capable of four-wheel driving and allows for the replacement of upper modules or expansion of functions, making it applicable for various on-site tasks beyond patrolling, such as delivery and guidance.The robots perform patrol missions according to a set schedule and transmit relevant footage to the control platform in real-time upon detecting anomalies. The control platform employs AI to analyze the footage and assess the situation, enabling operators to quickly verify on-site conditions and take necessary actions.Hyundai AutoEver demonstrated the process of Mobed-based patrol robots and AI detecting unusual behavior at the exhibition. Various case studies showcasing the application of patrol robots and AI in security settings were also presented on large monitors.Leveraging its expertise in robot system integration (SI), Hyundai AutoEver plans to support the entire process from on-site application planning and construction to stabilizing patrol service operations, integrated control, and maintenance. The company aims to provide integrated operational services tailored to public settings, going beyond simple robot supply.Park Bong-gu, Executive Director of Hyundai AutoEvers Business Development Center, stated, Robots are not a technology to replace police officers but partners that assist in faster and more accurate on-site judgment and response. By organically connecting robots, AI, and control technology, we will effectively support public security operations.* This article has been translated by AI. October 22, 2026 08
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LNG Prices Exceed $30 for First Time in Four Years Amid Supply Crisis LNG Prices Exceed $30 for First Time in Four Years Amid Supply Crisis As the global liquefied natural gas (LNG) supply crisis continues due to the ongoing conflict in the Middle East, Northeast Asias LNG futures prices have surpassed $30 per MMBtu for the first time in nearly four years. Despite predictions of a warmer winter, the seasonal demand for heating and supply disruptions from the Middle East are expected to increase South Koreas LNG procurement costs. According to relevant authorities on the 21st, the December futures price of the Japan Korea Marker (JKM), a key indicator for Northeast Asia LNG prices, reached $30.010 per MMBtu on October 19. This marks the first time the JKM futures price has exceeded $30 since December 22, 2022, when it was $31.635. Although the JKM futures price fell to $29.550 on October 20, a 1.53% decrease from the previous trading day, it remains 13.7% higher compared to $25.990 on September 21. SK hynix Faces Pressure Over Solidigms Dual Listing Regulations The push for Solidigm, a U.S. subsidiary of SK hynix, to list on Nasdaq has drawn scrutiny from financial authorities and the Korea Exchange, both asserting that it falls under dual listing regulations. Financial Supervisory Service Chairman Lee Chan-jin stated during a parliamentary audit that Solidigm qualifies as a dual listing, and the Korea Exchange has echoed this sentiment. On the 21st, materials obtained by National Assembly member Ahn Cheol-soo indicated that the Korea Exchange believes Solidigm meets the criteria outlined in Article 78-2 of the Securities Market Listing Regulations and Article 70-3 of the Implementation Rules, which pertain to subsidiaries. Consequently, even if Solidigm lists on a foreign exchange, it must comply with shareholder protection obligations applicable to its domestic parent company. Samsung Fire & Marine Plans to Expand Car Care Services to Corporate Market Samsung Fire & Marine is set to expand its car care services into the corporate vehicle market, which encompasses approximately 4 million vehicles. This strategy aims to mitigate the profitability pressures in auto insurance by targeting corporate clients as a new growth base and reducing customer churn while securing additional revenue beyond insurance. According to financial sector sources on the 21st, Samsung Fire & Marine is considering extending its car care services from individual customers to corporate clients. The car care service offers a range of vehicle management and lifestyle benefits, including inspections, repairs, refueling, parking, and car washes, separate from auto insurance. While some insurers restrict access to their auto insurance policyholders, Samsung Fire & Marine is making its services available to everyone, regardless of their insurance status, to broaden customer engagement. Samsung Electro-Mechanics Forms Strategic Partnership with NVIDIA Samsung Electro-Mechanics has entered into a strategic partnership with global AI semiconductor company NVIDIA, securing a long-term supply contract for semiconductor package substrates starting this year. On the 21st, Samsung Electro-Mechanics announced that it has formed a strategic business partnership with NVIDIA to strengthen the global AI semiconductor supply chain and accelerate the expansion of next-generation AI infrastructure. The two companies plan to jointly invest in expanding production facilities for AI semiconductor package substrates. Based on this partnership, Samsung Electro-Mechanics will supply NVIDIA with AI semiconductor package substrates for several years starting in 2026. Chinese Cosmetics Brands Target South Korean Market Amid Expansion Chinese cosmetics brands are expanding their distribution networks in South Korea, aiming to capture the domestic market. By emphasizing the design and product composition of color cosmetics, they are attracting younger consumers and also expanding their sales networks in the United States, a key export market for K-beauty. According to data from the Korea Customs Service on the 21st, the import value of Chinese cosmetics, including skincare and color cosmetics (HS3304), reached approximately $62.45 million from January to September this year, marking a 24.5% increase compared to $50.15 million during the same period last year. Every month this year, except for July, has seen imports surpassing the previous years figures, with September recording the highest monthly import value of $8.41 million.* This article has been translated by AI. October 21, 2026 22
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Autonomous Freight Transport: A New Growth Driver for the Logistics Industry Autonomous freight transport is gaining attention as a new growth driver for South Koreas logistics industry. It has emerged as a solution to the ongoing driver shortage and transportation cost burdens. Experts suggest that large-scale demonstrations to ensure safety and regulatory improvements are essential for the commercialization of autonomous transport in the country.The Korean Automobile Journalists Association held a symposium on the theme Logistics Innovation on the Road: Conditions for the Commercialization of Autonomous Freight Transport on October 21 at Daegu EXCO.Since this year, Daegu has been validating the potential for commercializing autonomous driving in logistics through its autonomous vehicle demonstration zone, which spans 21.9 square kilometers and 133.25 kilometers, connecting industrial complexes and major logistics hubs.Cho Sang-woo, an official from the Ministry of Land, Infrastructure and Transport, introduced various regulatory improvements and demonstrations the government is pursuing to enhance the domestic autonomous driving environment.The government is easing regulations related to autonomous driving, including allowing operations in school zones, permitting the use of original video footage, introducing a fast-track for temporary operation permits, and expanding the authority to designate demonstration zones.Notably, the government has designated the entire city of Gwangju as a demonstration city for autonomous driving, deploying 200 vehicles in a large-scale demonstration project. Plans are in place to expand the number of demonstration cities to five or six nationwide next year, with an additional 3,000 autonomous vehicles expected to be deployed.Cho stated, The United States and China are currently the two leading countries in global autonomous driving technology, emphasizing the significant investments and comprehensive support being made to utilize the vast data collected during the demonstration process for AI technology development.Hyundai Motors Hwang Bong-ha, head of the Commercial & LCV Business Strategy Team, presented the groups progress in developing autonomous driving technology and key project examples. Hyundai began a demonstration project for autonomous trucks in the United States in 2023 and has developed redundancy technology for large trucks.This initiative aims to penetrate both the U.S. market and the domestic autonomous commercial vehicle market. Hwang noted, The U.S. logistics market is approximately 880 trillion won, and it is projected that by 2035, about 20% of long-distance transport trucks will be autonomous. Currently, there is a shortage of about 80,000 truck drivers in the U.S., and this number is expected to double after 2030, presenting significant business opportunities.On the same day, Lim Jong-cheol, a strategy executive at RideFlux, shared examples of operating autonomous robot trucks, while Jo Kwang-rae, a director at MasAuto, discussed the development of autonomous trucks using camera-based AI technology and real-world applications. RideFlux has received South Koreas first permit for paid autonomous freight transport this year, successfully transporting actual customer cargo.A panel discussion moderated by Professor Choi Byeong-jae from Daegu University featured four presenters discussing the current status of commercializing autonomous freight transport and the technical and regulatory challenges. Key topics included safety standards and verification methods for transitioning large trucks to general road services, reducing logistics costs, improving transport efficiency, and addressing the shortage of transport personnel.* This article has been translated by AI. October 21, 2026 17
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CATL Shares Plunge Amid Disappointing Q3 Earnings, EV Industry Shifts Away The worlds largest electric vehicle battery manufacturer, Chinas Contemporary Amperex Technology Co., Limited (CATL), saw its stock price drop more than 10% on October 21 in Hong Kong and Shenzhen following disappointing third-quarter results.CATLs shares fell by 11% in Hong Kong and over 12% in Shenzhen. The decline came after the company reported earnings that fell below market expectations, raising concerns about its future growth prospects.CATL announced a net profit of 21.25 billion yuan (approximately $4.2 billion) for the third quarter, a 14.5% increase from the same period last year. However, this figure was below the market forecast of 26 billion yuan compiled by Bloomberg. Revenue increased by 59% to 165 billion yuan, but the gross profit margin dropped significantly to 19.3%, down from 25.2% in the same quarter last year.Analysts at Citigroup attributed the decline in profitability to a higher proportion of sales from lower-margin products and the reduction of certain government tax incentives, such as consumption taxes and export rebates. CATL also indicated during a conference call following the earnings announcement that it is negotiating to pass on the increased tax burden to its customers.The disappointing results come amid a growing trend in the Chinese electric vehicle industry to reduce reliance on CATL. This movement, referred to as 脱CATL化 (脱CATL), involves automakers developing their own battery cells or collaborating with smaller battery manufacturers that offer cheaper products.According to the Nikkei newspaper, Chinese electric vehicle manufacturers Xiaomi and Li Auto recently announced plans to source batteries for their latest models from CALB Group and Xinwangda, competitors of CATL in China. Both companies have also revealed plans to develop their own batteries.The push to decrease reliance on CATL is driven by intensifying price competition in the electric vehicle market, necessitating a reduction in battery costs. Batteries account for about 30% of the total cost of electric vehicles.According to the China Automotive Power Battery Industry Innovation Alliance, CATL held a 46.7% market share in battery installations for passenger vehicles in China during the first half of this year. Given CATLs significant market dominance, automakers are seeking to diversify their battery suppliers to lower procurement costs and reduce dependence on a single supplier. October 21, 2026 16
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Hyundai Mobis Begins Development of 13 Automotive Semiconductors, Aiming for 2029 Production Hyundai Mobis is embarking on the development of automotive semiconductors. The company plans to strengthen its collaboration with automakers, parts suppliers, semiconductor firms, and research institutions to enhance domestic semiconductor production. The goal is to begin mass production by 2029. On October 21, Hyundai Mobis announced its plans at the Second Auto Semicon Korea Forum held in Seongnam, Gyeonggi Province. Launched in September 2025, the Auto Semicon Korea (ASK) platform aims to connect the automotive and semiconductor industries to bolster the competitiveness and supply chain of domestic automotive semiconductors. Over the past year, ASK has identified 19 collaborative projects in the system semiconductor sector, with 13 now entering the development phase. Nine vehicle models have been selected for application, following discussions with Hyundai Motor and Kia regarding production models. The company has also initiated joint reviews to enhance development capabilities, quality, and mass production competitiveness in the power semiconductor sector. Lee Kyu-seok, CEO of Hyundai Mobis, stated, Last year, the localization rate was below 5%, which is quite low. I believe that ASK will serve as a more practical collaboration platform that can yield tangible results rather than just being an event. He anticipates that the first automotive semiconductors will begin mass production in 2029. The previous forum highlighted the issue of insufficient testing facilities, which has led to improvements. The Cheonan Automotive Semiconductor Support Center, overseen by the Korea Automotive Technology Institute, is currently under construction and aims to be completed by June 2027. This center will enable companies to conduct reliability verification and evaluation of automotive semiconductors, reducing reliance on overseas evaluation agencies that previously incurred significant time and costs. At the second ASK, a collaborative framework for research and development (R&D) of power semiconductors was established. Power semiconductors are essential components that convert and control battery power in electric vehicles. Hyundai Mobis, SK Ki Foundry, and the government are working to create conditions for domestic fabless companies to produce samples using R&D fabs designed for chips. Lee remarked, There are currently very few companies operating in the power semiconductor sector domestically, and there is a significant lack of domestic design technology. I believe that creating a fab for R&D in Korea is the first step, and the results of our proposals to the government are now bearing fruit. Regarding the challenges of mass production of automotive semiconductors, he noted, I expect that interest in domestic fabs for automotive semiconductors will grow in the future, while also stating, We plan to prioritize the use of domestic fabs but will consider supplementing with overseas fabs when necessary. In the early 2020s, the domestic automotive industry faced production disruptions due to a shortage of automotive semiconductor supplies, leading to temporary factory shutdowns. Meanwhile, Hyundai Mobis has been expanding its R&D portfolio since acquiring the semiconductor business from Hyundai Autron in 2020. The company is currently mass-producing 16 types of self-developed system semiconductors through external foundries at an annual scale of 20 million units.* This article has been translated by AI. October 21, 2026 15
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Samsung Fire & Marine Insurance Plans to Expand Car Care Services to Corporate Market Samsung Fire & Marine Insurance is expected to expand its car care services to the corporate vehicle market, which encompasses approximately 4 million vehicles. This strategy aims to reduce customer attrition and secure additional revenue amid increasing profitability pressures in the auto insurance sector.According to financial industry sources on October 21, Samsung Fire & Marine is considering extending its car care services from individual customers to corporate clients.Car care services offer a range of vehicle management and lifestyle benefits, including vehicle inspections, repairs, fuel, parking, and car washes, separate from auto insurance. While some insurers limit access to their car care services to their own auto insurance policyholders, Samsung Fire & Marine is making these services available to anyone, regardless of their insurance status, thereby broadening customer engagement.The corporate vehicle market is seen as a new area for Samsung Fire & Marine to acquire customers. As companies diversify their vehicle usage through leasing and rental options, and with tax incentives for eco-friendly vehicles, corporate vehicle registrations are becoming more active.According to Kaizu Data Research Institute, the cumulative number of corporate vehicles reached 4,084,739 by September this year. The number of new registrations for corporate passenger cars increased from 421,611 in 2024 to 470,937 in 2025.The increasing profitability pressures in the auto insurance sector are also driving Samsung Fire & Marine to expand vehicle-related services. Auto insurance is a high-loss area, with the cumulative loss ratio for the five largest non-life insurers in South Korea (Samsung Fire & Marine, DB Insurance, Meritz Fire & Marine, Hyundai Marine & Fire Insurance, and KB Insurance) exceeding 80%. Under the financial authorities policy to restrain premium increases, insurers are facing greater profit and loss burdens.However, scaling back auto insurance operations is not an easy option. There are approximately 25 million auto insurance policyholders in South Korea, representing a customer base built over decades. Therefore, diversifying vehicle-related services to secure additional revenue and reduce existing customer attrition is becoming increasingly important.Since auto insurance is renewed annually, consumers often compare premiums and coverage conditions, leading them to switch to other insurers. By providing regular vehicle management services, Samsung Fire & Marine believes it can increase customer touchpoints and reduce attrition at renewal time. The company is also seen as aiming to secure new customers by expanding its car care services to corporate clients and seeking synergy with its existing auto insurance business.Other insurers are also launching differentiated services and products. KB Insurance operates KB Car Tech, which allows users to access vehicle information, maintenance history, and partnership discounts all in one mobile app. Hyundai Marine & Fire Insurance has introduced a unique policy that offers additional discounts based on monthly safe driving scores.A financial industry source stated, New initiatives are necessary to maintain the auto insurance market, which has become a burden. With cheaper auto insurance products emerging every year, vehicle-related services are a crucial means to prevent customer attrition. October 21, 2026 15
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Future Mobility Technologies Showcase at FIX 2026 Future mobility technologies, ranging from autonomous vehicles to artificial intelligence (AI) robots, were on display in Daegu as the 2026 Korea Future Mobility Expo opened on October 21.Themed AI: Beyond Technology to Everyday Life, the event featured a variety of future mobility technologies, including commercial autonomous trucks and AI-powered robots. This years showcase represents an evolution from last years slogan, The Future Has Already Begun, All on AI.Major automotive manufacturers, including Hyundai Motor, KG Mobility (KGM), Mercedes-Benz, BYD, and ZK, as well as robotics companies like HD Hyundai Robotics and Doosan Robotics, participated, each presenting their advanced technologies and new products.At the Hyundai booth, the new Grandeur, equipped with the autonomous driving AI technology Atria AI, was displayed. Nearby, Hyundai Rotem showcased an unmanned firefighting robot developed by modifying its multipurpose unmanned vehicle, Sherpa. This robot is designed to assist in firefighting operations in areas that are difficult for firefighters to access.Park Joo-hyun, a manager at Hyundai Rotem, stated, As this event also features robotics, we are showcasing the unmanned firefighting robot that has begun to be deployed in domestic fire departments. We are actively pursuing domestic projects.This years expo prominently featured autonomous trucks. RideFlux received the first domestic permit for autonomous freight transport, allowing it to transport actual customer cargo. MasAuto is developing an autonomous truck utilizing camera-based AI technology, aiming for application and commercialization in logistics.Continuing from last year, the robotics exhibition was a highlight. HD Hyundai Robotics displayed a dual-arm robot capable of performing tasks like a human. Doosan Robotics introduced Scan&Go, which won the Best Innovation Award at CES 2026, the worlds largest consumer electronics and IT exhibition. Aerobot attracted attention with a robot walking on a treadmill.SL, an automotive parts company based in Daegu, showcased its self-developed autonomous mobile robot (AMR). This robot combines core components such as batteries and 3D LiDAR, and is currently used for logistics automation, including transporting parts within its factory.Bae Seong-guk, head of SL Robotics Lab, noted, Currently, we are using it in our factory to automatically transport items that workers previously carried. As the technology stabilizes, we are considering external supply, and we are establishing separate trading channels for core components like LiDAR and batteries.The expo also featured keynote speeches discussing the future direction of the mobility industry. Professor Cho Gyu-jin from Seoul National University presented on robotics, while Brian McMurray, head of GM Technical Center Korea, spoke about the future of the mobility industry.McMurray stated, In ten years, vehicles will be equipped with Level 4 autonomous driving technology, enabling smooth movement through vehicle-to-vehicle communication. AI will reduce travel time, allowing people to spend more time with their families.On the same day, the Korea Automobile Journalists Association, in collaboration with the Intelligent Automotive Parts Promotion Institute, held a symposium on Logistics Innovation on the Road: Conditions for the Commercialization of Autonomous Freight Transport. The symposium featured discussions on the challenges of advancing autonomous freight transport from the demonstration phase to commercialization, with participants including Jo Sang-woo from the Ministry of Land, Infrastructure and Transport, Hwang Bong-ha from Hyundais Commercial & LCV Business Strategy Team, Lim Jong-cheol from RideFlux, and Jo Kwang-rae from MasAuto. October 21, 2026 15
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TMAP users visit app 30 times a month SEOUL, October 21 (AJP) - Users of navigation app TMAP accessed the service 30 times a month on average from January to September, its operator TMAP Mobility said on Wednesday. The popular app has more than 15 million users per month on average, with total monthly visits reaching approximately 446 million, up more than 10 percent from 403 million a year earlier. The app's additional features including its recommendation services for popular destinations and a walking-based rewards program also attracted more users. Usage reached about 62 million, more than double the level seen a year earlier. The number of users accessing TMAP through in-car platforms Android Auto and Apple CarPlay also rose 8.9 percent to 3.16 million. The number of vehicles equipped with its in-car navigation platform TMAP Auto also surpassed 1.15 million in September, up from 770,000 in January last year. TMAP Auto is currently available in vehicles from about 20 domestic and international automakers including BMW, BYD, General Motors, Mercedes-Benz and Volvo. The company is also developing three-dimensional driving-guidance technology using high-definition maps, with plans to commercialize it by 2027. TMAP Mobility is also working to integrate artificial intelligence (AI) into its navigation services to provide more personalized route guidance and location information based on users' requests and driving conditions. October 21, 2026 10