Named ‘2024 Automotive Person’ by Automotive Journalists Association: Innovation Award in Industry Sector Goes to Renault Korea CEO
On this day, the Korea Automobile Journalists Association held the “2024 Automobile Man” event at Four Seasons Hotel Seoul Nuri Ballroom to select and award individuals or organizations who have made remarkable achievements in the automobile industry and public relations over the past year.
Source: https://www.mk.co.kr/en/business/11198229
Choi Tae-won urges innovation spirit to drive South Korea’s economic growth
Choi Tae-won, chairman of the Korea Chamber of Commerce and Industry, emphasized the need for business leaders to embrace the spirit of ‘革故鼎新’ — fixing the old and creating the new.
In his New Year’s address announced on the 29th, Chairman Choi noted, “Now that the warning lights are on for low growth, the traditional growth formula is no longer valid. It is time to lay the groundwork for future growth through bold innovation.”
Source: https://biz.chosun.com/en/en-industry/2024/12/29/O4WTVNTGLBAJFBFVD7HOEFD6SE/
KOTRA: Korea-Philippines FTA Takes Effect, Automotive and Food Products Emerge as Promising Export Items
With the Korea-Philippines FTA in effect, exports to automobile and parts industries where tariffs are eliminated are expected to increase. Cooperation between smart cities and renewable energy is also expected to expand.
On the 30th, the Ministry of Trade, Industry and Energy and KOTRA released such an analysis through a report titled “Promising Export Products and Cooperation Opportunities Following the Effectuation of the Korea-Philippines FTA” ahead of the Korea-Philippines FTA.
Source : https://www.mk.co.kr/en/business/11206502
Tasks for Korean automobile industry: overcoming three challenges
The South Korean automotive industry faces significant challenges in 2025 due to global market changes and U.S. protectionist policies, including potential tariff increases and reduced EV subsidies under a possible Trump administration.
The entry of Chinese electric vehicle (EV) manufacturers into the domestic market, offering low-cost models priced around 20 million won, adds competitive pressure.
Source : https://news.kbs.co.kr/news/pc/view/view.do?ncd=8142772
Automation boom reshapes South Korea’s factories, widening tech divide
Robots are no longer just futuristic concepts in South Korea—they’re a reality reshaping factories and redefining jobs. With the country leading the world in robot density—measured by the number of robots per factory worker—many companies are turning to automation to address rising minimum wages and the limitations of the 52-hour workweek.
As automation increases, hiring practices are shifting. Companies are prioritizing employees in technical design, management, and planning roles over manual labor positions. Some are reallocating workers whose tasks have been replaced by robots to other areas, while others are finding that robotic efficiency reduces the need for overtime.
However, smaller companies struggling to afford automation face increasing difficulties. They say that falling behind in robotics widens the gap, making it harder to catch up.
Source : https://www.chosun.com/english/industry-en/2025/01/02/3CZVMI4DRZD4XDR6IO4Z2Z6V6Q/
Urgent Call for Korea to Enhance Semiconductor Talent and Technology Development
On Jan. 2, Kim Jae-gu, a professor of business administration at Myongji University in Seoul, emphasized the urgent need for South Korea to embark on large-scale talent cultivation and technology development in the semiconductor industry. This call to action comes amid growing concerns about South Korea’s ability to maintain its competitive edge in the global semiconductor market, particularly in advanced processes.
In 2000, American journalist Craig Addison highlighted the strategic importance of the semiconductor industry in his book “Silicon Shield,” suggesting that Taiwan’s semiconductor sector acts as a protective shield for the nation’s security. This concept underscores the critical role that semiconductor manufacturing plays in national defense and economic stability.
Source : https://www.businesskorea.co.kr/news/articleView.html?idxno=232954
LG Innotek impresses carmakers at CES 2025 with advanced auto parts
LAS VEGAS — LG Innotek unveiled a range of advanced sensing and lighting technologies for vehicles at the CES 2025 consumer electronics trade show, Monday (local time), attracting global carmakers working on future mobility solutions.
The electronic parts maker set up its booth at the Las Vegas Convention Center’s West Hall, positioned next to global carmakers. This year, LG Innotek is focusing on showcasing its cameras, sensors and other auto parts for autonomous driving.
Highlighting the booth is the In-Cabin Camera Module, making its debut at CES 2025. Equipped with a 5-megapixel RGB-IR (red, green, blue-infrared) sensor, this high-resolution module can detect the driver’s condition in real time to prevent drowsy driving.
Source : https://www.koreatimes.co.kr/www/tech/2025/01/129_389857.html
Hyundai Steel mulls building automotive steel mill in U.S. to respond to Trump’s policy
Hyundai Steel Co. is reviewing constructing an automotive steel mill in the United States to respond to the incoming Donald Trump administration’s protectionist policies, industry sources said Wednesday.
The steel-making unit of South Korea’s auto giant Hyundai Motor Group has discussed the estimated 10 trillion won (US$6.9 billion) investment plan with a number of U.S. officials, including those from the state government of Georgia, according to the sources. Hyundai Motor Group has car manufacturing plants in Georgia.
Hyundai Steel said it has been considering various options aimed at enhancing the company’s “sustainable growth” and “global competitiveness” but that no final decision has been made yet.
Source : https://en.yna.co.kr/view/AEN20250108002700320
Hyundai plans $16.6 billion investment in Korea for 2025, half earmarked for R&D
Hyundai Motor Group will invest a record 24.3 trillion won ($16.6 billion) in Korea in 2025, with nearly half allocated to research and development (R&D) to advance the domestic mobility sector.
The Korean auto group announced the investment on Thursday, marking a 19 percent increase from its previous record of 20.4 trillion won in 2024.
The amount comprises investments from subsidiaries of Hyundai Motor Group including automakers Hyundai Motor and Kia as well as auto parts maker Hyundai Mobis.
‘Outpacing Chinese Automakers’: Chung Eui-sun’s Bold Strategy to Widen the Technology Gap with Massive Investments
Hyundai Motor Group is continuing aggressive investments at home and abroad to survive in the turbulent global automobile market. Analysts say Hyundai Motor Group Chairman Chung Eui-sun has made a winning move to overcome the “perfect storm (complex crisis)” through change and innovation.
On the 9th, Hyundai Motor Group announced its 2025 domestic investment plan of 24.3 trillion won, the largest ever. The amount is enough to build two new factories with an annual production capacity of 300,000 units. Most of the investments are used to preoccupy core technologies such as electric vehicles, SDVs (software-driven vehicles), hydrogen vehicles, and autonomous vehicles.
Chairman Chung Eui-sun also announced in March last year that he would invest a total of 68 trillion won over the next three years (2024-2026) in Korea and directly hire 80,000 people. This year’s investment plan, which was announced on the same day, is also part of the implementation of the three-year investment blueprint.
Source : https://www.mk.co.kr/en/business/11214312
Hyundai stock soars over 6% after Nvidia partnership news
Hyundai Motor’s stock price rose by more than 6% in just one day. This was due to news that it had signed a partnership with the global semiconductor corporation Nvidia for mobility innovation.
According to the Korea Exchange on the 10th, Hyundai Motor recorded 226,000 won, an increase of 13,000 won (6.10%) from the previous day. This is the largest daily increase in eight months since May 22 of last year (9.49%). Its market capitalization rose by 2.72 trillion won.
Source : https://biz.chosun.com/en/en-finance/2025/01/10/477CXOT3GFGCRINBIQRCDZ7D7I/
Hyundai Motor donates $1 million to Trump inauguration amid tariff concerns
Hyundai Motor Group has reportedly donated $1 million (approximately 1.47 billion won) to the inauguration of Donald Trump, the president-elect of the United States. This amount is the same as the donations made by General Motors (GM), Ford, and Toyota.
On Nov. 11, the Wall Street Journal (WSJ) quoted sources saying, “Officials from South Korea’s largest automobile manufacturer Hyundai Motor have been in contact with associates of president-elect Trump after the U.S. presidential election and hope to have a private meeting with the president-elect,” adding, “Moreover, Hyundai has donated $1 million to Trump’s inauguration fund through its North American subsidiary.” According to the report, this is the first time Hyundai Motor Group has donated for a U.S. presidential inauguration.
Source : https://biz.chosun.com/en/en-industry/2025/01/11/UKGVMZ7CHBELTNFYGW2LVOAT6U/
Hyundai invests record US$16 billion in South Korea to accelerate EV, SDV development
Hyundai Motor Group has announced a historic investment of KRW24.3 trillion (approx. US$16.655 billion) in South Korea, marking the largest investment in the company’s history.
Source : https://www.digitimes.com/news/a20250110PD228/hyundai-sdv-development-investment-software.html
Thank you for visiting our website. We always appreciate your feedback and welcome your subscription!
Leave A Comment
You must be logged in to post a comment.