Hyundai expands US production capacity to 1.2 million vehicles

SEOUL, March 28 (AJP) - Hyundai Motor Group has formally inaugurated its newest manufacturing facility in the United States , establishing an annual production capacity of 1 million vehicles across its American operations. The new plant, Hyundai Motor Group Metaplant America (HMGMA), is located in Ellabell, Georgia, and is the centerpiece of the South Korean automaker’s ambitious strategy to expand its footprint in the U.S. electric vehicle market. The $8 billion facility

March 28, 2025

As sellers go unpaid, questions mount around luxury platform Balaan's finances

SEOUL, March 28 (AJP) - Balaan, a South Korean luxury goods platform, is facing mounting scrutiny over its financial stability after reports emerged of delayed payments to sellers and increasing concerns over the company’s liquidity. Tensions flared on Thursday when a group of sellers gathered at Balaan’s headquarters in Gangnam, Seoul, demanding overdue payments. The protest follows a series of unsettling developments that have led some industry analysts to draw pa

March 28, 2025

Firms pledge donations to support wildfire recovery efforts

SEOUL, March 27 (AJP) - An increasing number of South Korean companies have pledged significant donations to support recovery efforts after a series of wildfires ravaged communities. Samsung Group said it would contribute 3 billion won, or about $2.2 million, through the Korean Red Cross. The funds, pooled from eight of its affiliates — including Samsung Electronics, Samsung Display, and Samsung Life Insurance — will go toward relief and reconstruction in the hardest-h

March 27, 2025

Homeplus extends discount events amid cash flow concerns

SEOUL, March 27 (AJP) - Homeplus, a major South Korean retail chain currently under court-managed restructuring, has announced a new weeklong sales event — its third in a month — as it seeks to stabilize operations and reassure customers amid mounting financial pressure. Branded the "Founding Customer Appreciation Festival," the promotion will run from March 27 to April 2 and follows two earlier discount campaigns: the annual “Homerun is Back” sal

March 27, 2025

Trump announces 25% tariff on imported cars, raising concerns for Korean automakers

SEOUL, March 27 (AJP) - The United States will impose a 25 percent tariff on all imported vehicles not manufactured domestically, a measure that could have significant ramifications for South Korean automakers, particularly Hyundai Motor Group. “What we’re going to be doing is a 25 percent tariff on all cars that are not made in the United States,” U.S. President Donald Trump said during a press conference in the Oval Office. “If they are made in the United

March 27, 2025

Sony evolves from post-war repair shop to global entertainment empire

Editor's Note: This article is the 12th installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, March 26 (AJP) - In the decades since its humble beginnings amid the rubble of postwar Japan, Sony has grown into a sprawling multinational force that sits at the crossroads of technology, entertainment, and gaming. The company’s reach today spans image sens

March 27, 2025

LG Electronics ready to expand US production if Mexico faces tariffs

SEOUL, March 26 (AJP) - LG Electronics is prepared to swiftly scale up production at its U.S. manufacturing facilities should the Trump administration impose new tariffs on Mexico, a key manufacturing base for the South Korean electronics giant, its CEO said. “As a last resort against tariffs, we have prepared the Tennessee factory site to produce everything from refrigerators to ovens,” said Jo Joo-wan, LG’s chief executive, during the company’s annual sha

March 26, 2025

MBK, Homeplus, Lotte Card under FTC probe

SEOUL, March 26 (AJP) - The Fair Trade Commission has launched an investigation into MBK Partners, Homeplus, and Lotte Card over allegations of unfair internal transactions, sources said Wednesday. Regulators dispatched investigators to the offices of the three companies on Tuesday to collect documents and other materials potentially related to violations of the country’s fair trade laws. At the center of the inquiry is whether Lotte Card offered preferential corporate ca

March 26, 2025

Samsung's Lee Jae-yong visits BYD, signaling renewed China outreach

SEOUL, March 25 (AJP) - Samsung Electronics Chairman Lee Jae-yong visited the headquarters of Chinese electric vehicle maker BYD in Shenzhen on Monday, stepping up his recent outreach in China just days after meeting with Xiaomi founder Lei Jun. BYD Chairman Wang Chuanfu personally welcomed Lee at the company’s offices, a BYD spokesperson confirmed, though declined to elaborate on their discussions. The visit highlights the growing strategic interest between the world&rsq

March 25, 2025

Samsung Electronics vice chairman dies of cardiac arrest

SEOUL, March 25 (AJP) - Han Jong-hee, vice chairman and co-CEO of Samsung Electronics, has died of sudden cardiac arrest, the company announced Tuesday. He was 63. "Vice Chairman and CEO Han Jong-hee passed away today," Samsung Electronics said in a statement. "We pray for the deceased who dedicated 37 years to the company." Han joined Samsung's visual display development team in 1988, rising through the ranks to lead the television business in 2017. He wa

March 25, 2025