SEOUL, Jan. 16 (Korea Bizwire) — For the first time since the 1997-1998 Asian financial crisis, South Korea’s imported car market has experienced a two-year consecutive decline in sales. According to the Korea Automobile Importers & Distributors Association (KAIDA) on January 15, the number of newly registered imported passenger vehicles in 2024 totaled 263,288 units, marking [...]
POHANG, Jan. 16 (Korea Bizwire) — The Ministry of SMEs and Startups has extended the designation of Pohang’s small business special support zones in response to economic challenges faced by the city’s steel and secondary battery industries. According to Representative Lee Sang-hwi of the People Power Party on January 15, the ministry has renewed the special [...]
SEOUL, Jan. 16 (Korea Bizwire) — Genesis, Hyundai Motor Group’s independent luxury brand, said Thursday it has released an updated version of its electrified GV70 sport utility vehicle (SUV) with enhanced driving range and design. The new model is equipped with an 84 kilowatt-hour fourth-generation battery, offering a range of 423 kilometers per charge. The [...]
SEOUL, Jan. 16 (Korea Bizwire) — KG Mobility Corp. said Thursday that it has signed a technical cooperation agreement with Phinia Delphi France SAS to jointly develop hydrogen engine technology. Under the agreement, the companies will cooperate in a South Korean government project involving the development of a low-cost commercial hydrogen engine together with the [...]
SEOUL, Jan. 16 (Korea Bizwire) — The Ministry of Environment announced on January 15 that it has revised guidelines to extend government support for the removal of asbestos-containing slate roofing to small facilities serving the elderly and children. Slate roofing materials, which were widely used in the 1960s and 1970s, contain 10-15% asbestos, a Class 1 [...]
SEOUL, Jan. 16 (Korea Bizwire) — Foreign investors withdrew a significant amount of capital from South Korean financial markets in December during a period marked by the brief imposition of martial law, according to data released on January 15 by the Bank of Korea. The central bank’s “International Financial and Foreign Exchange Market Trends” report shows [...]
SEOUL, Jan. 16 (Korea Bizwire) — The number of companies in which South Korea’s National Pension Service (NPS) holds stakes of 5% or more has decreased by 14 over the past year, according to a new analysis. CEO Score, a corporate research firm, reported on January 15 that the number of listed companies with NPS stakes [...]
SEOUL, Jan. 15 (Korea Bizwire) — The South Korean government unveiled new measures on Wednesday to bolster the competitiveness of eco-friendly vehicles and secondary batteries, focusing on expanding electric vehicle (EV) charging infrastructure and extending highway toll discounts for electric and hydrogen vehicles. As part of this initiative, the government plans to introduce medium-speed EV chargers [...]
SEOUL, Jan. 15 (Korea Bizwire) — BMW Group Korea marked its 30th anniversary in 2025, commemorating three decades of success and growth in the South Korean market. Established in July 1995 as the first wholly-owned local subsidiary of a foreign automaker in Korea, BMW Korea has significantly expanded its presence through strategic investments and market leadership. [...]
CHANGWON, Jan. 15 (Korea Bizwire) — Korea Electrotechnology Research Institute (KERI) has announced the development of a high-efficiency, flexible metal fiber fabric heating element, potentially revolutionizing electric vehicle (EV) interior heating systems. The research team, led by Dr. Dong-Yoon Lee, unveiled this innovation on January 14, 2025. This technology aligns with Hyundai Motor Group’s 2022 [...]