SEOUL, Dec. 4 (Korea Bizwire) –South Korea’s defense authorities on Monday chose Brazilian company Embraer’s C-390 for the Air Force’s new large transport aircraft over contenders from aerospace heavyweights Lockheed Martin and Airbus. The Defense Project Promotion Committee selected the model for the 710 billion won (US$544.4 million) acquisition project set to run through [...]
SEOUL, Dec. 4 (Korea Bizwire) – Kia’s compact recreational vehicle (RV), the Ray, has achieved a noteworthy milestone by securing its highest annual sales on record this year. As per the November sales report disclosed by Kia on Sunday, the Ray witnessed a surge in sales, with 4,587 units sold in the domestic market last month—an [...]
SEOUL, Dec. 2 (Korea Bizwire) – North Korea lashed out at the United States on Saturday after a U.S. space official hinted at possible disabling of the North’s military spy satellite launched last week, saying that it will take it as “a declaration of war” against the regime. A spokesperson of the North’s defense ministry [...]
WASHINGTON, Dec. 1 (Korea Bizwire) – The United States on Friday released proposed guidance defining a “foreign entity of concern (FEOC)” in a move to clarify its rules meant to block tax credits for electric vehicles (EVs) with battery components and critical minerals from China. The Treasury and Energy Departments announced the long-awaited rules of [...]
SEOUL, Dec. 2 (Korea Bizwire) — Space has emerged as an extended battlefield for the rival Koreas as they have successfully launched their own spy satellites into orbit and are gearing up to send more to better monitor each other amid an intensifying arms race, analysts said Saturday. South Korea’s first homegrown spy satellite was [...]
SEOUL, Nov. 30 (Korea Bizwire) – The South Korean government said Thursday it will begin a public tendering process to select a company to lead the country’s space project worth 2.01 trillion won (US$1.6 billion) to develop a next-generation space vehicle. Under the project, South Korea aims to develop a vehicle with enhanced transportation capacity [...]
SEOUL, Nov. 29 (Korea Bizwire) — KT SAT Co., the satellite service arm of local telecom giant KT Corp., said Wednesday it plans to introduce Starlink, satellite internet service developed by U.S. space firm SpaceX, in South Korea. The service will be first adopted for the mobility industry, in particular, marine communications, where a stable [...]
SEOUL, Nov. 29 (Korea Bizwire) – In a groundbreaking reveal that is expected to herald a complete paradigm shift in vehicle propulsion, Hyundai and Kia have revealed a new drive system that integrates essential vehicle components within the wheel. This innovation liberates the space between the wheels, allowing for the implementation of novel designs or the [...]
SEOUL, Nov. 28 (Korea Bizwire) – In a strategic move set to redefine its presence in the domestic market, GM Korea is on the verge of achieving a noteworthy 20 percent share of South Korea’s automotive exports, bolstered by strong sales of the Trailblazer and Trax Crossover. In an industry where the combined market share of [...]
SEOUL, Nov. 27 (Korea Bizwire) — Euisun Chung, chairman of South Korea’s Hyundai Motor Group, has been named the auto industry’s leader of the year by U.S. magazine Automotive News, according to the group on Monday. Chung was given the most prestigious honor among 38 key figures within the global automotive industry included in the [...]