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Government Injects Funds to Resuscitate Shipbuilding Industry

Government Injects Funds to Resuscitate Shipbuilding Industry

SEOUL, Jan. 19 (Korea Bizwire) – The Ministry of Trade, Industry & Energy announced Wednesday that it will invest 245.1 billion won ($208 million) this year to help Korea’s dwindling shipbuilding industry diversify and hopefully breathe life into the sector.  The investment will be divided into four areas – R&D (5 billion won), commercialization (4.5 [...]

Korea Sets New Milestone in EV Sales

Korea Sets New Milestone in EV Sales

SEOUL, Jan. 18 (Korea Bizwire) – The total number of EVs registered by the government surpassed 10,000 in 2016, setting a new milestone and taking another step forward towards a greener automotive industry.  According to the Ministry of Land, Infrastructure and Transport, there were 10,855 electric vehicles officially registered as of the end of last [...]

LG Smartphones’ Average Sales Price Is About One-Fifth of Apple

LG Smartphones’ Average Sales Price Is About One-Fifth of Apple

SEOUL, Jan. 18 (Korea Bizwire) – The average sales price of LG Electronics Inc.’s smartphones is about one-fifth that of Apple Inc.’s iPhones, industry data showed Wednesday, underlining LG’s difficulty in reviving its loss-making smartphone business.  According to a survey of 12 LG smartphones sold at KT Corp.’s online store, the average sales price of [...]

Hyundai Motor Says “May Consider” Expanding U.S. Factory, but Only If Necessary

Hyundai Motor Says “May Consider” Expanding U.S. Factory, but Only If Necessary

SEOUL, Jan. 17 (Korea Bizwire) – South Korea’s largest automaker Hyundai Motor Group may consider building additional production facilities in the United States, but only when or if a future rise in demand there requires it to do so, group officials said Tuesday.  The remarks came after foreign news outlets, citing Hyundai Motor Group President [...]

Benz Korea to Expand Dealership, After Sales Services: Psillakis

Benz Korea to Expand Dealership, After Sales Services: Psillakis

SEOUL, Jan. 16 (Korea Bizwire) – Mercedes-Benz will launch six new vehicle models in South Korea this year while expanding local dealerships and service centers as part of efforts to further increase its market presence here, head of the company’s local unit said Monday.  Dimitris Psillakis, CEO of Mercedes-Benz Korea, said the company planned to [...]