'100-won swing costs W1tr': Chipmakers, automakers, display firms brace for earnings hit as won strengthens

Won-dollar rate has fallen from above 1,500 to the mid-1,300s in two months, squeezing exporters' earnings as dollar revenues shrink in won terms; overseas investment banks have cut third-quarter forecasts for Samsung Electronics and SK hynix by up to 10 percentage points The won-dollar exchange rate has plunged from above 1,500 won to the mid-1,340s in just two months, setting off alarm bells for South Korea's export-dependent companies. Industry analysts warn that every 100-won move in the exchange rate can swing operating profit by trillions of won, casting a shadow over second-half earnings. According to the financial investment industry, the exchange rate — which surged well past 1,500 won per dollar in early July — tumbled to the 1,330s intraday earlier this month before rebounding to around 1,380, swinging sharply in both directions. The rapid drop to the mid-1,300s has put exporters on high alert. For semiconductors, automobiles and display panels — industries that sell products in dollars but pay a large share of costs in won — a weaker dollar translates directly into lower earnings. "Sensitivity varies by company depending on overseas production ratios and currency-hedging levels, but for some companies a 100-won drop in the exchange rate can reduce operating profit by more than 1 trillion won ($724 million)," an industry official said. The semiconductor sector is the most exposed. Samsung Electronics and SK hynix receive most of their chip revenues in dollars while paying labor and other major costs in won. When the exchange rate falls, selling the same volume of chips at the same dollar price yields less revenue and profit once converted into won. Global investment bank Citigroup recently cut its third-quarter operating profit forecasts for Samsung Electronics and SK hynix by 10 percentage points and 3 percentage points, respectively, to reflect the stronger won. Samsung Electronics' third-quarter operating profit estimate was lowered from 115.5 trillion won to 104.1 trillion won — a reduction of 11.4 trillion won — while SK hynix's forecast was trimmed from 76.7 trillion won to 74 trillion won, a cut of 2.7 trillion won. Combined, the two companies' third-quarter forecasts fell 14.1 trillion won from previous estimates. The cuts to full-year forecasts are even larger. Samsung Electronics' annual operating profit estimate was reduced 7.1 percent, from about 394.8 trillion won to 366.7 trillion won, while SK hynix's was lowered 2.64 percent, from 261.1 trillion won to 254.2 trillion won. The combined reduction in annual operating profit forecasts for the two companies amounts to about 35 trillion won. Nomura Securities also recently estimated that a 10 percent appreciation in the won could reduce domestic memory chipmakers' operating profit by about 12 percent in the short term, citing the fact that roughly 20 percent of their costs are denominated in won. Nomura also cut its third-quarter operating profit forecast for SK hynix from 86 trillion won to 77 trillion won — a reduction of 9 trillion won — reflecting the stronger won, while projecting Samsung Electronics' third-quarter operating profit at 107 trillion won. The bank said the earnings drag would likely be offset by rising average selling prices for memory chips. SK hynix's own internal analysis points to similarly significant exposure. According to the company's semi-annual report, assuming foreign-currency assets and liabilities remain unchanged from end-June levels, a 10 percent drop in the won-dollar rate would reduce pre-tax profit by about 4.75 trillion won. Automakers face a comparable challenge. According to Daol Investment & Securities, a 100-won annual average decline in the won-dollar rate would reduce Hyundai Motor's annual operating profit by about 1.9 trillion won and Kia's by about 1.4 trillion won. Combined, a 100-won drop would move the two companies' operating profit by about 3.3 trillion won. Each company's operating profit margin would also fall by roughly 1 percentage point. The display sector is taking a direct hit as well. LG Display is particularly vulnerable given its high export cost base, which means a stronger won weighs heavily on its results. Daishin Securities on Thursday cut its third-quarter operating profit forecast for LG Display by about 25 percent, from 436 billion won to 325.3 billion won. The brokerage cited the average won-dollar rate as of Tuesday falling 4.6 percent from the second quarter and 12.7 percent from end-June as pressuring profitability. Slowing demand for IT devices — driven by rising semiconductor and key raw material prices — added to the headwinds. Full-year estimates were also marked down. Daishin Securities cut its annual operating profit forecast for LG Display by 24.5 percent, from 888 billion won to 671 billion won, and trimmed next year's forecast by 10.7 percent, from 1.18 trillion won to 1.06 trillion won. The simultaneous drag from a weaker exchange rate and "chipflation" is compressing margins on two fronts. To be sure, a stronger won is not an unmitigated negative for exporters. When the exchange rate falls, the won-denominated cost of raw materials, components and production equipment purchased in dollars also declines. For major exporters in semiconductors, automobiles and displays, however, dollar-denominated revenues typically far exceed foreign-currency costs, meaning the hit to sales and operating profit outweighs any savings on the cost side. Within the industry, concern is growing that the fourth quarter could prove more difficult than the third. The Bank of Korea's monetary policy stance suggests the won could strengthen further from current levels. Bank of Korea Governor Shin Hyun-song, at a press briefing following the central bank's benchmark interest rate hike last month, said that early action on monetary policy "leaves room for the won to appreciate further." Corporate Korea is also watching the speed of the exchange rate moves. The sharp swings of hundreds of won in a short period have shaken the exchange rate assumptions companies built into their business plans. Samsung Electronics and SK hynix are closely monitoring exchange rate developments and reviewing their domestic and overseas investment and spending plans as they reassess their business plans for this year and next.

Sept. 19, 2026

Exclusive: Korean-owned ship caught up in FBI probe into Iran hacking

Hyundai Glovis-owned VLCC VL Prosperity among vessels under US scrutiny over suspected Iranian cyberattack; Korean firms seen unlikely to face penalties Korean companies have been drawn into a US investigation of suspected Iranian hacking of a tanker that was entering a Texas port, industry sources confirmed Friday. The US Coast Guard and the FBI recently obtained evidence suggesting that the very large crude carrier (VLCC) VL Prosperity — owned by Hyundai Glovis and managed by HMM Ocean Service — was the target of a cyberattack, and have launched a formal probe, according to industry sources. As part of the investigation, US authorities contacted HMM Ocean Service with inquiries about the vessel's cybersecurity systems. Hyundai Glovis said it had reported signs of a malware infection before the ship set sail — including the deletion of some data — and that the vessel subsequently underwent a Port State Control (PSC) inspection by US authorities. The ship had been carrying oil from Egypt to the United States when communications went dark for roughly 30 hours just before it anchored off the Texas coast late last month. US investigators believe Iran was likely behind the attack, possibly aiming to disrupt a major maritime shipping route or cause an incident at a US port. The incident reflects a growing sense within the shipping industry that cyberattack risks, long discussed in theory, are now materializing. According to foreign media reports, a Liberian-flagged LNG carrier built by HD Hyundai Samho and managed by H-Line Shipping also suffered a suspected cyberattack earlier this month while transporting LNG in the United States, bringing its voyage to an abrupt halt. "There have long been concerns that ships could become targets as hacking techniques grow more sophisticated, but this is the first time an actual incident has disrupted vessel operations in the way we are seeing now," a maritime cybersecurity expert said. For the time being, however, Korean companies are unlikely to face liability over the security lapses. The International Maritime Organization (IMO), which sets the regulatory benchmark for maritime incidents, made cybersecurity technology mandatory last year but applied the requirement only to vessels contracted after July 2024. Most of the ships involved in recent hacking incidents are still under construction and therefore fall outside the scope of the regulation. The more pressing concern is what happens when a hacking incident strikes a vessel built by a Korean shipyard or owned by a Korean shipping company after the IMO rules take effect. If a large commercial vessel is disabled by a cyberattack, delays in cargo movement and port-entry reporting could cause losses running into tens of millions of dollars per hour. Secondary accidents — such as collisions with other vessels — could expose companies to further damages. Industry observers say Korean shipbuilders and shipping companies need to engage more actively in international regulatory discussions to prepare for such scenarios. "Korea leads the world in shipbuilding technology, but it has actually been passive when it comes to international forums like the IMO on cybersecurity," one industry official said. "Given the state of Korea's own cybersecurity capabilities, the industry needs to speak up more forcefully on questions of regulatory standards and implementation timelines."

Sept. 19, 2026

Court suspends labor ruling ordering Posco to hold separate talks with subcontractor union

Management's stay request granted in first such ruling tied to 'yellow envelope law' litigation A court has suspended a National Labor Relations Commission ruling that required Posco to conduct separate collective bargaining with subcontractor unions. The 14th Administrative Division of Seoul Administrative Court, presided over by Judge Lee Sang-deok, granted Friday a stay application filed by Posco against the National Labor Relations Commission (NLRC). The court found that allowing the NLRC's ruling to stand would risk causing irreparable harm to Posco and that there was an urgent need to prevent such harm. The dispute traces back to March 10, when the Federation of Korean Trade Unions' metal workers' federation demanded collective bargaining with Posco, prompting two subcontractor unions — the Korean Metal Workers' Union under the Korean Confederation of Trade Unions (KCTU) and the Plant Construction Workers' Union — to each file applications for separate bargaining units. The North Gyeongsang Province Regional Labor Relations Commission recognized Posco's employer status with respect to both subcontractor unions. It also acknowledged the need for separate bargaining units — for the Korean Metal Workers' Union, citing the potential for inter-union conflict and representational interests, and for the Plant Construction Workers' Union, citing the distinct nature of plant construction work and its methods. Posco challenged that decision before the NLRC, but in June the NLRC upheld the regional commission's ruling in favor of the unions. Posco again contested the outcome, filing last month both a main lawsuit seeking to overturn the NLRC decision and the stay application the court granted Friday. The ruling marks the first time a court has granted a management-side stay application in litigation related to the so-called yellow envelope law. The stay does not resolve the underlying dispute. Questions over Posco's employer status with respect to the subcontractor unions and the legality of the separate-bargaining ruling will be addressed in the main proceedings. The first hearing is scheduled for Dec. 3.

Sept. 18, 2026

Doosan Robotics names Kwon Young-min as new CEO

Doosan Robotics announced Friday that it has appointed Kwon Young-min as its new chief executive officer. Kwon joined Doosan Corp.'s strategic planning division in 2000 and served as chief strategy officer at Doosan Bobcat from 2018 to 2020. Since 2021, he has led Doosan Mottrol — a subsidiary of Doosan Bobcat — as its chief executive. Kwon is expected to accelerate efforts to narrow Doosan Robotics' operating losses and expand its product lineup. "We expect him to draw on his broad experience in global business and management to contribute to the company's mid- to long-term growth and competitiveness," a Doosan Robotics official said.

Sept. 18, 2026

SK hynix launches venture capital brand to build AI ecosystem

First 'Ventures Day' held in Silicon Valley Corporate venture capital brand officially unveiled Promising startups join to share vision, explore partnerships SK hynix has officially launched its corporate venture capital arm, SK hynix Ventures, in the United States. The new unit will identify promising companies globally in advanced technology sectors, including AI computing, data centers, system software and optical communications. SK hynix President and CEO Kwak Noh-jung traveled to Silicon Valley on Thursday (local time) to host the inaugural SK hynix Ventures Day, saying "competitiveness in the AI era comes from the ecosystem's ability to create new value together — with customers, partners and startups." Kwak went on to say that through SK hynix Ventures, the company would "support the growth of promising companies and evolve into a global partner that shapes the future of AI infrastructure through strategic investment and technology collaboration." The event drew promising startups in AI computing and data center technology, who shared their visions for future innovation. Participants also discussed performance and power efficiency in optical-based systems for AI data centers. SK hynix executives exchanged investment strategies with global venture capital firms and startup representatives, and explored avenues for future technology collaboration to keep pace with shifts in the AI industry. SK hynix has operated a corporate venture capital unit since 2015, making direct and indirect investments in early-stage startups in semiconductors and emerging technologies. Its cumulative investment returns across key markets — including the United States, China, Israel and Japan — have exceeded twice the total amount invested. While the existing unit focused on tracking future technology trends and identifying new business opportunities, SK hynix plans to significantly expand its CVC operations with the formal launch of SK hynix Ventures. The company said it aims to go beyond scouting promising companies and take a leading role in driving collaboration across the broader ecosystem.

Sept. 18, 2026

Hyundai Motor chief warns US faces Chinese auto onslaught without trade barriers

Chinese brands top 9% EU share, 15% in UK Munoz: US must set conditions on Chinese entry In-house L2++ launch pushed back to 2029 'Key tech like battery must ultimately be brought in-house' Hyundai Motor President Jose Munoz warned Friday that the rapid market inroads Chinese automakers have made in Europe could be replicated in the United States if American trade protections are weakened. With Chinese vehicles undercutting rivals by 30 to 40 percent in some European markets, he said the US must maintain its tariffs and market-entry conditions. Speaking in an interview with Reuters, Munoz said, "Without protections such as tariffs or market-entry requirements, the US could face the same Chinese onslaught as Europe." He added that Chinese vehicles are 30 to 40 percent cheaper than competing models in some markets, including Italy, Spain and France. Despite the EU imposing additional tariffs on Chinese-made electric vehicles and erecting trade barriers such as minimum-price commitments, Chinese brands have continued to expand their presence. Chinese brands accounted for more than 9 percent of vehicles sold in the EU in the first half of this year, according to the European Automobile Manufacturers' Association. In the United Kingdom, Chinese brands made up 15 percent of new vehicle registrations. Munoz singled out the UK, which has not introduced separate additional tariffs, as a cautionary example. "The UK, which used to be a very profitable and strong market, has become like China," he said. "Because there are no barriers, all the cars that sell well are Chinese." He went on to say that if the US allows Chinese automakers to enter the market, it must attach certain conditions. Imposing requirements on Chinese companies would "minimize the impact," he said, but added, "There will definitely be some impact." The US currently imposes tariffs of around 100 percent on Chinese-made electric vehicles, in effect blocking their direct import. President Donald Trump said in a recent Fox News interview that he would welcome Chinese automakers entering the US market if they manufacture their vehicles there. Munoz spoke highly of the pace of technological advancement among Chinese automakers. Drawing on his experience leading Nissan's China operations about a decade ago, he said, "The level of innovation, the level of improvement, the technology — it's hard to believe." In-house autonomous driving pushed to 2029: 'Partner up if your tech isn't good enough' Munoz also addressed delays in Hyundai Motor Group's development of autonomous driving and advanced driver-assistance systems. The group has pushed back the target launch date for vehicles equipped with its in-house Level 2++ driver-assistance software by about two years, from late 2027 to late 2029, saying it needs more time to accumulate sufficient driving data and verify safety. Before its own technology is ready, the company will also draw on its partnership with Nvidia. Hyundai Motor plans to release vehicles featuring Level 2+ and Level 2++ capabilities developed in collaboration with Nvidia in 2028. "I don't like to delay anything," Munoz said. "But if you are humble, you realize your technology is not good enough, and you may need to try a partnership." He made clear, however, that collaboration with outside partners is a bridge measure until the company develops its own technology. Hyundai Motor Group also owns Motional, a US-based autonomous driving specialist. "We want to bring it in-house," Munoz said. "We can buy some technology or have temporary partnerships, but for important technologies like the battery, we want to have our own."

Sept. 18, 2026

SK hynix considers new US factory for NAND production, with upstate New York in focus

Reuters: Solidigm weighing US factory construction Move seen as way to reduce reliance on China production SK hynix says no finalized plans yet Solidigm, the US subsidiary of SK hynix, is considering building a NAND flash memory factory in the United States, according to reports. Reuters reported Friday that Solidigm is exploring construction of a NAND flash factory in the US, with upstate New York emerging as a leading candidate site. Key details including the factory's scale and investment amount are still under discussion, and no final decision has been made. Reuters noted that the project is separate from discussions SK hynix is holding with Intel over the potential use of Intel's Ohio factory. Earlier, Reuters reported that SK hynix was in talks to either lease part of Intel's Ohio facility or form a joint venture with Intel and major cloud companies to produce memory chips in the United States. Should Solidigm establish a NAND production base in the US, the move is also expected to reduce the company's dependence on China. Solidigm's only current NAND production facility is in Dalian, China. Securing a US production foothold would help spread geopolitical risks stemming from US-China tensions, including tariffs on China and export controls on semiconductor equipment. Surging global memory chip demand driven by growing investment in AI data centers is also cited as a factor behind the push to expand production capacity. SK hynix said its subsidiary Solidigm "is reviewing various options to strengthen its business competitiveness, but no specific plans have been finalized at this time." SK hynix is also expanding its investment in the US AI ecosystem. On Thursday (local time), the company officially launched its corporate venture capital brand, SK hynix Ventures, in Silicon Valley. The company plans to broaden its investment scope — previously focused on semiconductors and future technologies — to cover the wider AI ecosystem, including AI computing, data centers, system software and optical interconnects.

Sept. 18, 2026

HSAD, S-OIL unveil 'Shining Tomorrow' campaign for 50th anniversary

Shaheen Project set for completion in November New ad campaign makes use of AI HSAD has launched a new advertising campaign for S-OIL's 50th anniversary, featuring the company's signature character Gudoil and AI-generated content. HSAD announced Friday the launch of S-OIL's new campaign, "Shining Tomorrow." The campaign was designed to highlight S-OIL's achievements over the past 50 years in South Korea's energy industry and to communicate its vision for the next 50. The campaign centers on the Shaheen Project, a petrochemical complex scheduled for completion in November. The project represents the largest investment in the history of South Korea's petrochemical industry, with a total of 9.26 trillion won ($6.71 billion) committed. Once completed, S-OIL's petrochemical business is expected to grow from 12 percent to around 25 percent of its overall operations. The campaign also features an enlarged version of S-OIL's mascot, Gudoil. HSAD scaled up the character to convey the message that "big change requires big energy," depicting Gudoil moving through cityscapes and industrial sites. The campaign slogan "Shining Tomorrow" draws on the pronunciation of "Shaheen" and carries the meaning of "a more brilliant tomorrow," with the campaign set to launch Saturday. HSAD is also releasing AI-powered digital content as part of the campaign. One piece, titled "Shaheen Wonderland," reimagines the Shaheen Project's large-scale facilities and complex processes as a fantasy amusement park, using rides and attractions to explain the project's scope in an accessible way. Another piece, "The Real Doil," introduces S-OIL's quality competitiveness through a crude oil character undergoing training to become "good oil." The content draws on a military training concept and the well-known military song "Jinjja Sanai" ("Real Man"), with AI used to animate the character's dynamic movements. A new jingle marking the 50th anniversary is also being released, incorporating key messages including "Shaheen Energy Valley," "The Next 50 Years" and "Shining Tomorrow." "From the enlarged Gudoil to AI-powered digital content, we sought to express the energy of the new 50 years S-OIL will create through a wide range of creative work," said Park In-gyu, group creative director at HSAD's CR Center.

Sept. 18, 2026

Korean Air holds predictive maintenance workshop for integrated LCC affiliates

Workshop held Friday at Korean Air headquarters in Gangseo-gu, Seoul Jinair, Air Busan and Air Seoul About 30 maintenance officials attend Maintenance officials from Korean Air and its group affiliates — Jinair, Air Busan and Air Seoul — gathered ahead of the planned launch of an integrated low-cost carrier to share predictive maintenance technology and experience, and to explore ways to strengthen group-wide flight safety capabilities. Korean Air announced Friday that it held the "Integrated LCC Predictive Maintenance Workshop" at its headquarters in Gangseo-gu, Seoul. The workshop was organized to proactively share Korean Air's predictive maintenance technology and operational know-how with its affiliates, drawing on experience from the "2026 Predictive Maintenance Global Airline Workshop" held in April, and to support the stable launch of the integrated LCC. About 30 maintenance officials from group affiliates attended, including representatives from the three integrated LCC carriers — Jinair, Air Busan and Air Seoul — as well as Asiana Airlines. The event featured presentations on Korean Air's predictive maintenance initiatives and key technologies, along with case studies on data-driven maintenance practices used in actual operations. Attendees reviewed predictive maintenance trends and technology developments in the domestic and international aviation industry, Korean Air's current predictive maintenance operations, approaches to utilizing aircraft flight data, and case studies on the application of in-house predictive maintenance models. A free discussion session at the end of the workshop allowed participants to address current issues in predictive maintenance and explore ways to apply the technology on the ground. Attendees shared experiences and perspectives from their respective airlines and discussed directions for cooperation in predictive maintenance following the launch of the integrated LCC. Predictive maintenance involves analyzing data accumulated during aircraft operations to forecast the likelihood of component or system failures in advance, and performing necessary maintenance before an actual breakdown occurs. By continuously monitoring aircraft condition to predict when maintenance will be needed, the approach helps improve aircraft reliability and maintenance efficiency. Korean Air has been continuously advancing its predictive maintenance technology using data generated through aircraft operations and maintenance processes. The airline is particularly strengthening its data-driven smart MRO (maintenance, repair and overhaul) capabilities by applying its in-house predictive maintenance models to actual maintenance work — identifying early warning signs of aircraft defects and taking necessary action before failures occur. "This workshop, held ahead of the integrated LCC launch, was a meaningful occasion to share the predictive maintenance technology and know-how Korean Air has built up with our group affiliates," a Korean Air official said. "We will continue to raise the quality of maintenance and the stability of aircraft operations through close technology exchange and cooperation among group affiliates." Meanwhile, Korean Air and Asiana Airlines have been actively working to enhance customer service competitiveness ahead of the integrated carrier's launch — including offering free Starlink-based in-flight Wi-Fi service on select flights starting Tuesday.

Sept. 18, 2026

KGM to offer free vehicle inspections at 58 service centers ahead of Chuseok

Service runs Monday through Wednesday at 58 centers nationwide Checks cover tires, oil leaks, brakes and lighting Electric vehicles to receive high-voltage battery inspection Oil and washer fluid top-ups included KG Mobility will offer free vehicle inspections at service centers across the country for customers preparing for long-distance Chuseok travel, covering everything from tire pressure and brake condition to high-voltage batteries in electric vehicles. The automaker, known by its brand name KGM, announced Friday that it will run a special Chuseok vehicle inspection service at 58 service centers nationwide from Monday through Wednesday. The program includes its large regional service centers in Gunpo and Daejeon and covers all KGM models except large commercial vehicles. Operating hours on Wednesday may vary by location. Inspection items focus on components directly relevant to long-distance driving. Technicians will check tire pressure, engine compartment oil leaks, brake pads and linings, headlights and other lighting systems. Electric vehicle owners will receive additional checks beyond the standard inspection, including the high-voltage battery and heater cabin coolant. The service also covers consumable parts. Technicians will assess replacement intervals for engine oil, brake fluid and antifreeze, and will top up any necessary oils and washer fluid for vehicles that receive the inspection. Extended driving during holidays such as Chuseok can bring out problems in vehicles that otherwise show no issues, particularly in tires, brakes and cooling systems. KGM recommends checking tire pressure and tread wear before departure and inspecting the underside of the engine compartment for any signs of oil leakage. KGM also operates a round-the-clock emergency roadside assistance team throughout the holiday period to respond to breakdowns or accidents. Customers who encounter problems can be directed to the nearest repair facility for the necessary service. Beyond its regular summer and winter inspection programs, KGM has run separate inspection initiatives targeting flood-damaged vehicles and electric vehicles. Meanwhile, KGM has been accelerating its push into overseas markets. This month, the company agreed to supply 20 units of its Musso EV electric pickup truck to Paraguay through a South Korean government Official Development Assistance project. The vehicles are expected to serve as pilot units for passenger and cargo transport in the country. Domestic sales, however, slowed. KGM's global sales in August came to 6,860 units, down 22.6 percent from a year earlier, with domestic sales falling 43.3 percent to 2,300 units. The company plans to strengthen its response to the home market while expanding overseas knockdown assembly operations.

Sept. 18, 2026

Bentley to unveil first electric vehicle 'Torc' on Wednesday

World premiere set for Wednesday Designed and built entirely in Crewe, England 1938 factory building converted into EV production line 350 million pounds invested in new line, paint shop and more Bentley will give the world its first look at the Torc, the brand's first all-electric vehicle, on Wednesday. The automaker has converted a 1938 building at its Crewe factory in England — which has produced Bentley vehicles for 80 years — into an electric vehicle production line, committing a total of 350 million pounds ($448 million) to developing the new model and preparing for its production. Bentley Motors announced Friday that the Torc, its first fully electric luxury urban SUV, will be unveiled at 7:19 p.m. British time on Wednesday. The 7:19 p.m. reveal time is a nod to 1919, the year Bentley was founded. The Torc's design, engineering and production will all take place at Bentley's headquarters in Crewe. The company has used the site as its primary manufacturing base for roughly 80 years, having begun vehicle production there in 1946. Ahead of the brand's first electric model, the factory has undergone a sweeping transformation. The Torc will be built on a new production line inside what Bentley calls its "Dream Factory." The building housing the new line dates to 1938. Originally used as a machining space and more recently as a research and development facility, it has been gutted and refloored to accommodate autonomous guided vehicles that carry Torc body shells through the assembly process on their own. The production line blends Bentley's traditional handcrafting methods with new automated equipment. The 350 million pounds investment covers the Torc's development, the new assembly line and a new paint shop, among other upgrades to the Crewe facility. The new electric vehicle assembly line is nearing completion. Changes at Crewe also shaped the design process. The Torc is the first production model developed at Bentley's new design center, which opened last year. Housed in a renovated 1939 building, the facility is staffed by designers responsible for exterior styling, interior design and materials. The Crewe site currently employs more than 4,000 people. The total site covers 521,111 square meters, with 166,930 square meters of floor space inside its buildings. Even as it transitions to electric vehicles, Bentley intends to keep its handcrafted production methods running in parallel. Alongside the Torc, Crewe will continue to produce the Super Sports — a high-performance, rear-wheel-drive model powered by a V8 engine — and the Speed Six Continuation series built by Mulliner, Bentley's bespoke division. The Torc carries particular significance as the first fully electric production car to emerge from Bentley's electrification strategy. The brand once set a target of converting its entire lineup to battery-electric vehicles by 2035, but this year decided not to set a new deadline for full electrification, citing shifts in market demand and charging infrastructure. Plug-in hybrid and internal combustion models will continue alongside the Torc for now, though the Wednesday reveal date for the electric model remained unchanged. On the financial side, Bentley is also pursuing cost efficiencies. In March, the company reported last year's sales of 2.6 billion euros ($2.98 billion) and operating profit of 216 million euros, while announcing a restructuring plan that could affect up to 275 positions as it prepares for electrification and new model launches. Full details of the Torc's design, specifications and performance are to be announced at the global premiere on Wednesday. Bentley describes the Torc as a "luxury urban SUV" — a segment the brand has not previously occupied.

Sept. 18, 2026

FedEx Korea staff serve meals to 450 vulnerable people as part of Asia-Pacific volunteer day

Over 590 Asia-Pacific employees take part in 23 volunteer activities 31 Korea staff join Bappo Nanum Movement meal service More than 53,000 meals packed or delivered; 900 trees planted 365 kg of waste collected through cleanup drives More than 590 FedEx employees across 11 Asia-Pacific markets logged roughly 1,800 hours of volunteer work. In South Korea, 31 employees personally prepared and served meals for 450 vulnerable people. FedEx announced Friday it had held the inaugural "Frederick W. Smith Day of Service" to honor the volunteer spirit of the company's founder. The initiative was carried out across 11 Asia-Pacific markets in partnership with nonprofits and community organizations. Employees participated in 23 programs covering food support, environmental protection, community welfare and education, with activities tailored to local needs. In South Korea, 31 FedEx Korea employees joined the "Bappo Nanum Movement," a meal-sharing program run by the Daeil Community. They prepared and distributed food for 450 people from vulnerable groups. Across the Asia-Pacific region, more than 53,000 meals were packed or delivered. On the environmental front, employees planted more than 900 trees and 1,500 plants and took part in the restoration of a one-hectare mangrove forest. Community and coastal cleanup efforts yielded more than 365 kilograms of waste and marine debris. The event was organized as part of FedEx Cares, the company's global corporate social responsibility program, which supports employee volunteering, charitable giving and partnerships with community organizations. Salil Chari, president of FedEx Asia Pacific, said the company's founder believed that service should extend beyond business to the communities where people live and work. "The inaugural Frederick W. Smith Day of Service is a meaningful tribute to that belief and a testament to how the example he set continues to shape FedEx's culture today," Chari said. Park Won-bin, managing director of FedEx Korea, said the company places great importance on a culture of mutual care and community giving. "I am sincerely grateful to all the employees who actively joined us in bringing warmth to our community and creating positive change," Park said. Meanwhile, FedEx has also been strengthening its pharmaceutical transport capabilities within South Korea's logistics infrastructure. Earlier this month, the FedEx Incheon Gateway at Incheon International Airport obtained CEIV Pharma certification — the International Air Transport Association's quality standard for the air transport of pharmaceutical products. The accreditation brings the total number of CEIV Pharma-certified FedEx facilities worldwide to 30.

Sept. 18, 2026

LS Marine Solution lands largest-ever contract with W156.9b subsea cable deal

Contract worth 2.2 times company's annual sales last year Marks first participation in 8.2 GW Sinan offshore wind belt LS Marine Solution said Friday it signed a subsea cable installation contract with Hanwha Ocean for the Sinan Ui offshore wind project in South Jeolla Province, valued at approximately 156.9 billion won ($114 million). The deal is the largest in the company's history, amounting to roughly 2.2 times its standalone annual sales of 72.2 billion won last year. The Sinan Ui offshore wind project has a capacity of 390 MW and is the first project within the broader 8.2 GW Sinan offshore wind belt. It is the inaugural project under the National Growth Fund and the first large-scale offshore wind project financed entirely with domestic capital. LS Marine Solution will handle the full process — from transport and laying to burial of the subsea cables — from the second half of this year through 2028. Subsea cables are critical infrastructure: a fault after installation can significantly affect the stability of the national power grid and energy security, while repairs require substantial cost and time. That makes proven experience on large-scale projects a key competitive advantage. Building on its position as South Korea's top subsea cable installer — earned through projects including South Jeolla Province offshore wind and the second and third Jeju subsea interconnections — LS Marine Solution has been expanding into global markets. It recently won the Korea-Japan subsea communications network project backed by Microsoft and Amazon, among others. "We will expand our participation in follow-on projects within the Sinan offshore wind belt and in national grid projects such as the West Coast HVDC energy highway, while also moving in earnest into the US and European markets through LS Green Link, LS Cable & System's subsea cable production base in the United States," a company official said.

Sept. 18, 2026

4 things to check before hitting the road this Chuseok

Engine, wipers, filters and car mats top the checklist Wiper condition key for rain and fog Loose driver's mat can interfere with pedals With the Chuseok holiday travel season bringing long hours behind the wheel, drivers are advised to check more than just their engine and tires before setting off — wipers, cabin air filters and the driver's floor mat all deserve attention. Heavy traffic will stretch drive times well beyond the norm, and autumn rain and fog can strike without warning. Bullsone, a specialist automotive products company, on Friday released a list of four vehicle maintenance items to inspect before long-distance driving ahead of the Chuseok holiday. The first is engine condition. A buildup of carbon deposits inside the engine can reduce fuel injection efficiency and combustion performance, affecting power output and fuel economy. Drivers who notice sluggish response or declining fuel efficiency before a long trip should have their engine checked. Bullsone recommends its fuel additive "Bullsone Shot Signature Deep Clean" as a pre-trip maintenance product. The company says it contains 1.5 times more cleaning agents than its previous formulation and incorporates a detergent dispersant to help remove deposits from inside the engine. Wiper condition is equally important for coping with sudden autumn rain or fog. If streaks or water marks remain on the glass after each pass, or if the wipers produce noise and vibration, the rubber blade may be worn. Bullsone sells a related product, the "Silicon X Graphene Hybrid Wiper," which applies a graphene coating to reduce friction between the silicone rubber and the glass and to produce a water-repellent effect during operation. Spending extended time inside the vehicle also makes it worth inspecting the climate control system. If the air conditioner or heater produces an unusual smell or weaker airflow than normal, the cabin air filter may be dirty or overdue for replacement. Fine dust and other contaminants can accumulate in the filter over time. Bullsone's premium activated-carbon cabin air filter uses an activated-carbon layer to trap ultrafine particles and neutralize odors inside the vehicle. The driver's floor area is directly linked to safety. A car mat that is not properly secured can slide forward or bunch up and interfere with the accelerator and brake pedals. Drivers should confirm that the fixing hooks are properly fastened before departure and remove any dirt or debris from the mat. Bullsone sells its EZ Clean TPE car mat in vehicle-specific sizes. The product features an anti-slip underside structure and fixing hooks, and can be washed with water. "Long drives and heavy traffic are a given on the Chuseok road home, so it is important to check your vehicle's condition before you leave," a Bullsone official said. "We encourage drivers to inspect the engine, wipers, cabin air filter and car mat, replace any worn consumables and, if needed, get a professional inspection so they can enjoy a safe and comfortable journey." Meanwhile, Bullsone has been posting strong earnings growth. The company's consolidated sales for the first half of this year reached 91.2 billion won ($66.1 million), up 13 percent from the same period a year earlier, while operating profit of 7.3 billion won set a first-half record. The company said expanding its product lineup beyond fuel additives into categories such as car mats contributed to the earnings improvement.

Sept. 18, 2026

Chinese EV push rattles South Korea's production base, sparking calls for tax credits

National Assembly Mobility Forum holds 2nd seminar US, EU impose tariffs and bolster domestic industry support Forum debates R&D, supply chain measures to sharpen competitiveness As Chinese electric vehicles flood global markets with aggressive low-price strategies, South Korea is stepping up debate over introducing a domestic production tax credit to protect its auto industry. With the United States and the EU imposing steep tariffs on Chinese EVs and reinforcing support for their own industries, calls are growing in South Korea for stronger tax and investment incentives tied to domestic production. The National Assembly Mobility Forum, a research group of lawmakers, held its second seminar of 2026 on Friday at the National Assembly Members' Office Building, focusing on ways to strengthen the competitiveness of South Korea's EV industry. The event was hosted by the forum and co-organized by the Korea Automobile Manufacturers Association and the Korean Mobility Society. The seminar examined the competitive landscape of the global EV market and the overseas expansion strategies of Chinese companies, with discussions covering legislative, tax and industrial policy measures needed to shore up South Korea's domestic production base and technological edge. Chinese EV makers, buoyed by extensive government backing, have been rapidly expanding their global footprint — pushing exports through low prices while aggressively building local production capacity abroad. As a result, competition in the EV market is shifting from a contest between individual companies to a national industrial rivalry in which government support, trade policy, production infrastructure and supply chains all play decisive roles. Major auto-producing nations have responded by strengthening protections for their own industries. The United States levies tariffs of up to 127.5 percent on Chinese EVs, while the EU imposes duties of up to 45.3 percent on Chinese battery electric vehicles. Japan, too, has moved beyond purchase subsidies and charging infrastructure expansion to link support directly to domestic battery and EV production, aiming to secure the competitiveness of its EV sector. South Korea, by contrast, has little beyond an 8 percent tariff on Chinese EVs. The gap has intensified pressure on the government to act more decisively in defending the domestic auto industry's production base. There are signs of movement: Lee Hyeong-il, the nominee for minister of the Ministry of Economy and Finance, recently said he would gather industry views on introducing a production-linked tax credit. Yoon Han-hong, co-chair of the National Assembly Mobility Forum, said the era of 1 million EVs on Korean roads had arrived but that an urgent response was needed to defend domestic industry against Chinese price competition. He noted that he had introduced an amendment to the Restriction of Special Taxation Act in August to include EVs in the domestic production tax credit, but said the measure alone was insufficient. He added that he would push for broader support legislation and regulatory reform covering not only production tax credits for domestically made EVs but also technology development, supply chains and charging infrastructure. Bae Jun-young, the seminar's lead research lawmaker, said in welcoming remarks that raising EV competitiveness required strengthening the entire industrial ecosystem — batteries, key components, charging infrastructure, safety and supply chains. He said he would support corporate innovation and investment through legislation and policy that reflected industry voices, and help position the future mobility sector as a new engine of growth. Jung Dae-jin, chairman of the Korea Automobile Manufacturers Association, said EV competition had become a national contest combining technology, production, supply chains and government support policy, and that companies could not counter the Chinese offensive on their own. He called for production tax credits, demand expansion, research and development and facility investment support, and stronger core supply chains to underpin domestic investment and global market competitiveness. In the main presentations, Park Jeong-gyu, a professor at KAIST's Graduate School of Management of Technology, spoke on the current state of China's EV industry and its overseas expansion strategies. Yoon Kyeong-seon, a managing director at the Korea Automobile Manufacturers Association, then analyzed the domestic EV market and the inroads made by Chinese EVs, proposing a range of measures including a domestic production tax credit, production-linked support programs, R&D and facility investment support, stronger core supply chains and stable EV demand incentives. The National Assembly Mobility Forum said it would build on Friday's discussions to identify policy priorities for countering Chinese EVs' growing presence in the domestic market and sustaining the production base and technological competitiveness of South Korea's EV industry, while continuing to advance related legislation and institutional reforms, including the production tax credit.

Sept. 18, 2026

LG Electronics' Park Won-jae wins best IRO award at 2026 Korea IR Awards

Recognition for contributions to corporate value reappraisal and IR competitiveness 'Open shareholders' meeting' expands investor access Park Won-jae, senior vice president in charge of investor relations at LG Electronics, received the Best IRO (Investor Relations Officer) award at the 2026 Korea IR Awards ceremony. The ceremony was held Friday at the Korea Exchange's Seoul office in Yeongdeungpo-gu. Park was recognized for his proactive and transparent communication with the market and his contributions to strengthening investor trust, corporate value reappraisal and IR competitiveness. LG Electronics holds an annual "open shareholders' meeting" at which its CEO and business division heads share business strategies and vision. The company has introduced live online streaming, simultaneous interpretation in Korean and English, and sign-language interpretation to broaden investor access and participation. Since 2024, its quarterly earnings conference calls have been elevated to be chaired by the chief financial officer. The company has consistently pursued shareholder return policies and corporate value enhancement initiatives. In 2024, it announced a value-up plan centered on raising its dividend payout ratio, introducing a minimum dividend and implementing semi-annual dividends, then retired treasury shares last year. This year, LG Electronics completed a 100 billion won ($73.1 million) buyback to enhance shareholder value and plans to retire those shares before year-end. The Korea IR Association, an affiliate of the Korea Exchange, has annually recognized companies and individuals who have contributed to the sound development of the capital markets since 2001. LG Electronics received the FSC chairman's award — the top prize in the corporate category — in 2024, and went on to win an excellence award in the corporate category last year as well. "We will continue to communicate with the market in a transparent and sincere manner, and work to enhance corporate value and investor trust," Park said.

Sept. 18, 2026

Jin Air launches Incheon–Yichang route, pledges to keep improving passenger convenience

Inaugural ceremony held at Incheon Airport Terminal 2; flights to run twice weekly before expanding to four times weekly from mid-October Jin Air held an inaugural ceremony Thursday at Terminal 2 of Incheon International Airport to launch its new route to Yichang, a leading resort and cultural city in China's Hubei Province, and began regular service the same day. Starting with the launch, the Incheon–Yichang route will operate twice a week — on Thursdays and Sundays — through Oct. 11. Outbound flights depart Incheon at 8:25 p.m. and arrive at Yichang Airport at 10:55 p.m. local time. Return flights leave Yichang at 11:55 p.m. and land at Incheon at 4:05 a.m. the following day, with a total flight time of about three hours and 30 minutes. From Oct. 12 through Nov. 29, the airline plans to increase service to four flights a week, operating on Mondays, Thursdays, Fridays and Sundays. All passengers on the Incheon–Yichang route receive a complimentary 15-kilogram checked baggage allowance. Yichang serves as a gateway city with overland connections to Zhangjiajie, a world-renowned scenic destination. The new route allows travelers to explore Zhangjiajie's dramatic rock formations — including Tianmen Mountain, Yuanjiajie and Shili Gallery — more efficiently. Passengers can also take in the majestic waterways of the Three Gorges of the Yangtze River, one of Yichang's signature attractions, along with the Three Gorges Dam, the world's largest hydroelectric facility. "This launch gives travelers heading to China's natural wonders — Zhangjiajie and the Three Gorges — a faster and more convenient option," a Jin Air official said. "We will continue to enhance passenger convenience by building on our differentiated route competitiveness." With the addition of Yichang, Jin Air has been steadily expanding its Korea–China air network, which already includes routes from Incheon to Qingdao, Yantai and Guilin. Meanwhile, as Jin Air prepares for the launch of the integrated "Jin Air" entity, it has been carrying out a range of customer service initiatives, including a joint emergency evacuation drill recently conducted with Air Busan and Air Seoul. The Ministry of Land, Infrastructure and Transport organized the drill to verify that cabin crew from all three carriers meet the same high standard of safety performance. With about 150 ministry officials and executives from the three airlines in attendance, 16 cabin crew members from Jin Air, Air Busan and Air Seoul formed mixed teams to carry out the drill, joined by eight Jin Air flight crew members.

Sept. 18, 2026

BMW dealer Han-dok Motors reopens Gwangju Pyeongdong service center with 40 work bays

Total floor area of 7,456 square meters across four above-ground floors 27 work bays dedicated to general maintenance BSI vehicles guaranteed out within 2 hours of check-in Located in Pyeongdong industrial complex, one minute's walk from Pyeongdong Station Han-dok Motors, an official BMW Group Korea dealer, has completed a full renovation of its Gwangju Pyeongdong service center, equipping it with 40 work bays capable of handling everything from consumable replacements and heavy repairs to accident restoration under one roof. BMW Group Korea announced Friday that Han-dok Motors had finished renovating the BMW Gwangju Pyeongdong Service Center, located in Woljeong-dong, Gwangsan-gu, Gwangju, and begun full operations. The center spans a total floor area of 7,456 square meters across four above-ground floors. It adopts BMW Group's latest spatial concept, "Retail.NEXT," with vehicle check-in and customer waiting areas on the ground floor. The maintenance facility comprises 40 work bays, supporting routine consumable replacements and inspections as well as heavy-duty repairs. Sheet metal and painting facilities are also on site, enabling full accident restoration services. Of the 40 bays, 27 are dedicated to general maintenance. For vehicles enrolled in BMW Service Inclusive, the brand's complimentary consumable replacement program, BMW guarantees a turnaround within two hours of check-in, aiming to cut customer wait times. The service center sits within Pyeongdong Industrial Complex, one of Gwangju's major industrial zones. It is about a 10-minute drive from the Unsu interchange on the Muan-Gwangju Expressway and roughly a one-minute walk from Pyeongdong Station on Gwangju Metro Line 1. The center operates weekdays from 8 a.m. to 6 p.m. and Saturdays from 9 a.m. to 4 p.m. It is closed on Sundays and public holidays. BMW has been investing in customer-facing service infrastructure alongside growing domestic sales. Kolon Motors this month completed back-to-back renovations of its Busan Gwangalli service center and its Bundang, Gyeonggi Province showroom. On the sales front, BMW registered 6,180 new vehicles in South Korea in August, ranking second among imported passenger car brands behind Tesla. The brand's cumulative battery electric vehicle sales from January through August this year reached 5,895 units.

Sept. 18, 2026

Volvo Korea-backed museum accessibility program wins CIMAM's top prize — a first for South Korea

Program run in partnership with Purme Foundation and Seoul Museum of Art becomes first Korean museum initiative to receive CIMAM's Outstanding Museum Practice Award Volvo Car Korea announced Friday that "Naranhi Boneun Misulgwan" (Museum Side by Side), a cultural accessibility program it sponsors in collaboration with the Purme Foundation and the Seoul Museum of Art, has become the first Korean museum program to receive the 2026 Outstanding Museum Practice Award (OMPA) from the International Committee for Museums and Collections of Modern Art. The Outstanding Museum Practice Award was established in 2021 to identify and share innovative museum practices with the global community. It is administered by the International Committee for Museums and Collections of Modern Art, known as CIMAM, which counts more than 350 member institutions across 94 countries and brings together over 1,000 museum professionals for international dialogue and exchange. The program, held at the Seoul Museum of Art's Buk-Seoul branch, has been running since 2024. It brings together people with and without disabilities to experience exhibitions and share different sensory perspectives — a model CIMAM recognized as a new standard for inclusive museum practice. CIMAM particularly praised the program for its clear direction and sustainability, noting that it is not a one-off initiative limited to a single institution or region but a replicable model that other museums around the world can adapt to their own contexts. "This award is especially meaningful because it shows that the new perspective on accessibility proposed by Museum Side by Side has resonated internationally," said Seoul Museum of Art Director Choi Eun-ju. "It is a valuable encouragement to keep up the efforts we have made in building diverse relationships between the museum and society. We will continue to expand these practices going forward." Museum Side by Side is a project that Volvo Car Korea co-sponsors with the Purme Foundation to improve access to culture and the arts for people with disabilities. The Seoul Museum of Art joined as a partner in 2026. Volvo Car Korea has worked with the Purme Foundation since 2024 to broaden cultural and artistic opportunities for people with disabilities and their families. The company has also maintained a decade-long partnership with the foundation to provide customized assistive devices that support mobility for children and teenagers with disabilities. Meanwhile, Volvo Car Korea topped the European brand rankings in after-sales service satisfaction for seven consecutive years in the 2026 Automotive Planning Survey released by research firm Consumer Insight. In this year's survey, Volvo Car Korea scored 858 points in after-sales service satisfaction, up 5 points from 853 the previous year. The score significantly exceeded both the import vehicle average of 816 points and the industry average of 808 points. The result extends the company's streak as the top European brand in the category every year since 2020.

Sept. 18, 2026