PYEONGCHANG -- As the new green car on the block, Hyundai’s latest fuel cell electric vehicle seemed unfamiliar at first sight. A day-long drive testing Nexo’s driving performance and its near level-four automation, last week, provided a clear explanation why the carmaker touts the vehicle as ”the ultimate eco-frie...
[THE INVESTOR] General Motors on Feb. 23 postponed the due date for the 700 billion won (US$650 million) it had loaned to the South Korean unit and withdrew its demand for the Bupyeong factory to be designated as security, the company said. During GM Korea’s board meeting held at its plant in Bupyeong, Incheon, GM deferred the maturity date until the inspection into the firm’s financial status ends, the company said. The payment was initially due this month. All eyes were also set on whether GM
[THE INVESTOR] Jaguar Land Rover Korea said on Feb. 23 it will aim to sell 20 percent more vehicles this year than it did in 2017, amounting to some 18,000 units.“Last year, Jaguar Land Rover Korea sold over 10,000 units for two years in a row. We have a slew of models, including electric vehicles, in line to be introduced to Korean drivers this year. We will also extend the number of service centers to become a customer-centered brand,” said Baek Jung-hyun, the managing director of Jaguar Land
[THE INVESTOR] Korean e-commerce firm WeMakePrice has decided to hire about 50 new merchandisers in a strategic move to put more focus on its original social commerce business, according to industry sources on Feb. 23. The decision comes after the firm sought to transform from a social commerce firm that sells selected items to an open market operator for more profits like its bigger rivals Coupang and Ticket Monster. Sources say huge costs may be the key reason why the firm ditched the plans. U
[THE INVESTOR] German chemicals and pharmaceutical giant Merck said on Feb. 23 that it will build a new manufacturing and distribution center in Songdo, Incheon, as part of its additional investment of 40 million euros (US$49.30 million) in Asia to tap deeper into the growing regional demand for biopharmaceutical manufacturing. The new center, located on a 10,141-squre-meter site, consists of advanced cell culture media manufacturing facilities and supporting infrastructure that will facilitate
[THE INVESTOR] As the government sat down with a General Motors representative at an undisclosed venue for a negotiation on Feb. 22, the deputy prime minister for the economy brought up the issue as a main agenda item for President Moon Jae-in, citing grave repercussions to the local economy. Moon and Deputy Prime Minister and Finance Minister Kim Dong-yeon discussed how to minimize the effect of GM Korea closing its Gunsan plant, amid growing resistance from workers there. The presidential off
[THE INVESTOR] Warehouse-style discount chain store E-mart Traders said on Feb. 22 that it aims to achieve sales of 1.9 trillion won (US$1.7 billion) this year, in an effort to bolster its offline shopping base amid fierce competition on e-commerce market.E-mart Traders, a retail arm of Shinsegae Group, plans to open one or two more outlets this year. Since its launch in 2010, it opened a total of 14 stores across the country, with new branches in Gunsan and Gimpo opening in December last year.
[THE INVESTOR] South Korean petroleum refining company SK Innovation has successfully discovered crude oil at a Chinese block in the South China Sea, the company said on Feb. 22.According to the company, it found a 34.8-meter-thick effective oil pool at Block 17/03 located at a depth of some 2,000 meters down the Pearl River Mouth Basin in December last year. This marks SK Innovation’s first discovery in the area since it began an offshore oil exploration project in 2015 as an operator in the So
[THE INVESTOR] GUNSAN, North Jeolla Province -- Jeon Byung-sun, 53, recalls six years ago when GM’s Gunsan factory was running 24 hours a day.“The factory boomed 5-6 years ago when we produced 1,200 units of Lacetti and Rezzo combined. The factory ran 24 hours. Back then Gunsan was a cash cow for GM,” said Jeon, a worker at GM’s Gunsan plant. Despite the proud memories he has, Jeon couldn’t believe it when he first heard from his colleagues last week that the US carmaker will shut down the plant