Global Automotive Ignition Switch Market Revenue Status and Outlook (2013-2025)

State-run Korea Electric Power Corp. (KEPCO) said Monday it will keep electricity rates unchanged in the fourth quarter despite higher raw material prices and its financial difficulties. The adjusted fuel cost, a key component of electricity rates, will remain at the maximum level of 5 won per kilowatt-hour (kWh) for the October-December period, KEPCO said. KEPCO has kept the adjusted fuel cost at 5 won per kWh for 18 consecutive quarters since the third quarter of 2022. The adjusted fuel cost is set before each quarter within a range of plus or minus 5 won per kWh, based on energy prices, including coal and liquefied natural gas (LNG), over the previous three months. KEPCO said rates were due to rise by 7.3 won per kWh in the fourth quarter under the fuel cost adjustment formula. The decision to freeze rates is expected to further weigh on the company's finances. The company's financial difficulties began after it continued to supply electricity at prices below production costs as global energy prices surged between 2021 and 2023 following Russia's invasion of Ukraine. KEPCO and its power

More than 1,300 members of the Korean diaspora are set to converge in Incheon’s Songdo district next week for a five-day program bringing together political, business, cultural and community events. The Overseas Koreans Agency said Monday that World Korean Week will begin Sunday and run through Oct. 1 at Songdo Convensia, ahead of Oct. 5 World Korean Day. The program links the World Korean Association Leaders Conference, World Korean Business Convention, Future Leaders’ Conference and Korean Festival in one week. Participants include Korean community leaders and professionals working in business, culture, science and education, with organizers seeking to connect generations and industries while creating opportunities for dialogue with residents in Korea. The World Korean Association Leaders Conference will open Sunday and run through Tuesday, bringing community leaders from around the world together to discuss regional issues and share operating practices. For the first time, a private-sector steering committee representing the overseas Korean community will oversee planning and opera

The University of Seoul has signed a memorandum of understanding (MOU) with George Washington University (GWU) to establish an academic and credit-transfer partnership for students seeking admission to graduate business programs. The University of Seoul said the MOU was signed by the two institutions at George Washington University on Sept. 15 as part of efforts to strengthen academic cooperation. The agreement will enable University of Seoul students to apply for GWU’s Preferred International Partnership program for international graduate students through academic and curricular collaboration between the two universities. Under the partnership, eligible University of Seoul students can take graduate-level courses at the university before enrolling in a graduate program at GWU. If they earn a grade of B or higher in those courses, up to six credits can be transferred toward their GWU graduate program. Students who enter a GWU graduate program through the credit-transfer arrangement can complete their master’s program at GWU and receive a degree upon fulfilling all graduation requireme

Kookmin University has joined forces with German research institutes and a Volkswagen Group Korea-affiliated nonprofit organization to nurture global talent in future automotive software, the university said. On Sept. 3, Kookmin University, together with Ajou University, Inha University and Chungbuk National University, signed a memorandum of understanding (MOU) with the Niedersachsisches Forschungszentrum Fahrzeugtechnik (NFF) and the Institute of Automotive Engineering (IAE), both affiliated with TU Braunschweig, Germany’s oldest technical university, to launch the Automotive Future Talent Fostering Program. The Volkswagen Group WE: Foundation was also a signatory to the MOU. The signing ceremony was attended by Kookmin University President Jeong Seung-ryul; Till Scheer, president and CEO of Volkswagen Group Korea and chairman of the Volkswagen Group WE: Foundation; and Roman Henze, director of the IAE. The partnership aims to cultivate future mobility talent with international research experience and interdisciplinary practical skills. The initiative comes amid rapid changes across t

Presidential chief of staff Kang Hoon-sik offered to resign, Monday, taking responsibility for a string of bungled Cabinet nominations that has fueled criticism of President Lee Jae Myung’s personnel vetting system. Kang conveyed his intention to step down to Lee earlier in the day, senior presidential secretary for public relations Sung Ki-hong said during a briefing. "[In Friday's press conference] the president said multiple times that his shortcomings have brought negative public views on policies ... As the chief of staff, he is taking comprehensive responsibility so he tendered his resignation," a Cheong Wa Dae official said. If Lee accepts Kang’s resignation, two of Cheong Wa Dae’s three top secretary-level posts would be vacant, as former policy chief Kim Yong-beom stepped down earlier this month. At a meeting with senior aides shortly after Sung's briefing, Lee said he has not decided whether to accept the resignation. "Cheong Wa Dae officials have been working hard. Some of them have health problems as they work day and night. My chief of staff is moving to call it a day,"

For many in Korea, the end of a major holiday means back to business — literally. In the days immediately following a major festive break, job seekers across the country launch into an intense hunt for their next career move, according to data released Monday by the hiring platform JobKorea, operated by Worxphere. Looking at resume postings and job applications around the last two years of Chuseok and Seollal — Korea's autumn harvest and Lunar New Year holidays, both multiday breaks when many workers return to hometowns — JobKorea found new resume registrations consistently spike on the first Monday after each holiday. The sharpest jump came after Chuseok 2024, when resume postings on Sept. 23 that year more than doubled the average weekday rate, and ran about 3.7 times the average daily rate during the holiday itself. Similar patterns followed: resume postings rose 46 percent above the weekday average on Feb. 3, 2025, the Monday after that year's Seollal; 20 percent after Chuseok 2025; and 29 percent after Seollal 2026. Job applications followed the same pattern, peaking on the fi

LG Energy Solution has completed the establishment of its energy storage system (ESS) production network in North America, accelerating its push to capture growing demand in the rapidly expanding ESS market. Following the opening ceremony for LG Energy Solution Michigan-Lansing on Aug. 18, the plant is now ramping up operations. The Lansing plant serves as a combined manufacturing hub for lithium iron phosphate (LFP) batteries for ESS applications and nickel cobalt manganese batteries for electric vehicles (EVs), with an annual battery cell production capacity of more than 35 gigawatt-hours. The plant began producing pouch-type LFP batteries for ESS applications this year and plans to begin mass production of prismatic LFP batteries next year, marking LG Energy Solution's first prismatic battery production in North America. The company has also secured orders to supply EV batteries to Toyota. LG Energy Solution Michigan operates two production sites in the state, in Holland and Lansing. LG Energy Solution Michigan President Choi Dae-sik said that operating two plants in different locatio

Peugeot’s signature 308 Hybrid hatchback stands out with its impressive fuel efficiency and remarkably agile performance, offering a distinctive alternative in the compact hybrid segment. Powered by a 1.2-liter gasoline engine paired with a 48-volt battery system, the 308 Hybrid hatchback is capable of operating in electric mode for roughly half of typical city driving conditions. The vehicle delivers an official fuel economy rating of 15.2 kilometers per liter, boasting its efficiency-focused engineering. During a round-trip drive of approximately 400 kilometers between Seoul and Daejeon, the vehicle demonstrated exceptional real-world efficiency, with the fuel tank remaining more than half full upon completion of the journey. Some may question whether a 1.2-liter gasoline engine can provide sufficient performance. However, the moment the gas pedal is pressed, the electric motor intervenes instantly, delivering brisk and responsive acceleration that exceeds expectations. Depending on the battery’s state of charge, the 308 Hybrid can travel short distances using only the electric mot

Starbucks Korea has launched a customer-participation campaign to donate up to 1 million cups of coffee to people and communities in need. Under the “My Star Coffee” campaign, for every cup of Today’s Coffee purchased at Starbucks stores nationwide on Mondays, beginning Sept. 28, the company will donate an equivalent amount of coffee. The campaign is based on the idea of giving a cup of coffee to a personal “star” — someone who has offered quiet support and encouragement. For every cup of brewed coffee purchased by a customer, Starbucks will donate one additional cup of coffee to people and communities in need, allowing customers and the company to jointly build up the donations. The accumulated cups of “My Star Coffee” will be delivered to people serving local communities, welfare facilities, disaster and emergency sites, farms and other places in need. Starbucks said the initiative is intended to allow customers to take part in sharing activities through everyday coffee purchases, while extending support to people who contribute to their communities. The company’s mobi

A Seoul court on Monday sentenced five former military commanders to heavy prison terms over their roles in former President Yoon Suk Yeol's failed 2024 martial law bid. The Seoul Central District Court handed out an 18-year prison term for Yeo In-hyung, former commander of the Defense Counterintelligence Command, and a 15-year term for Lee Jin-woo, former chief of the Capital Defense Command. It also gave a 12-year term for Moon Sang-ho, former commander of the Defense Intelligence Command, a 10-year term for former Army Chief of Staff Park An-su, who served as the martial law commander, and a nine-year term for Kwak Jong-keun, former commander of the Army Special Warfare Command. The court found the defendants guilty of multiple charges, including sending troops to the National Assembly and the National Election Commission and organizing and operating arrest teams for politicians after Yoon's martial law declaration on Dec. 3, 2024. Special counsel Cho Eun-suk's team had sought 30-year terms for Yeo and Lee, a 25-year term for Park, and 20-year terms for Kwak and Moon. In a separate tri

The government will expand its fleet of 3,000-ton-class patrol vessels to 17 from the current 11 by 2030 in the West Sea as it moves to strengthen maritime sovereignty in key areas and step up efforts to counter illegal foreign fishing vessels, the Ministry of Planning and Budget said Monday. The ministry said the budget proposal for the Coast Guard for next year, which includes the fleet expansion, stands at 2.23 trillion won ($1.6 billion), representing a 6.7 percent increase from this year’s 2.09 trillion won. The buildup is designed to bolster the Coast Guard’s ability to conduct longer-range and longer-duration patrols in the wider waters of the West Sea and other areas with unsettled maritime boundaries, including the Korea-China Provisional Measures Zone. The government has traditionally focused on replacing aging vessels when adding large patrol ships, but the latest plan puts greater emphasis on expanding operational capabilities to safeguard maritime security and national sovereignty. Under the plan, 51.2 billion won has been set aside in next year’s budget to launch cons

A South Korean military helicopter mistakenly crossed the Military Demarcation Line (MDL) during wildfire operations in a border area earlier this year, a lawmaker said Monday, citing the outcome of an audit. The Army Surion helicopter mistakenly entered the buffer zone on March 23 in the border county of Yeoncheon, some 60 kilometers north of Seoul, according to audit results submitted to Rep. Kang Sun-young of the main opposition People Power Party. The helicopter, carrying two pilots, was deployed to put out wildfires at the 5th Infantry Division, but it mistakenly entered the nearby 25th Infantry Division inside the Demilitarized Zone (DMZ), according to the audit by the Joint Chiefs of Staff (JCS). The Surion chopper entered the DMZ without approval from the U.N. Command, which oversees operations inside the heavily fortified area. It reportedly crossed to the northern side of the MDL and continued firefighting operations there for a while. The Army's Ground Operations Command and front-line corps in charge of flight control were not aware of the MDL crossing at the time. They were