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Mobility

Why Socar brought in Tesla: Seed for subscription business

Socar is rapidly expanding its subscription business by offering Tesla Model X and Model S vehicles equipped with supervised Full Self-Driving (FSD). The two models drew about 2,000 pre-bookings within 10 days despite prices of 1.49 million won a week and 3.99 million won a month. The service targets demand in the 1 to 3-week gap between short-term car sharing and monthly long-term rentals, using an auto-renewal structure and positioning FSD vehicles as a top-of-funnel offering.

Industry

LG Innotek Q1 operating profit up 136 percent on year to 295.3 billion won

LG Innotek said on April 27 it posted first-quarter revenue of 5.53 trillion won and operating profit of 295.3 billion won. Revenue rose 11.1 percent and operating profit jumped 136 percent from a year earlier, with revenue the highest ever for a first quarter. From the previous quarter, revenue fell 27.3 percent and operating profit declined 9.1 percent. The company cited solid demand and strength in high value-added semiconductor substrates.

Industry

Huawei to spend up to 80 billion yuan on self-driving computing over five years

Huawei will invest up to 80 billion yuan over the next five years to expand computing capacity needed to train and test self-driving cars. The spending aims to improve reliability of vehicles using its Qiankun ADS advanced driver-assistance system and to add more customers. An executive said Huawei plans to allocate 18 billion yuan to autonomous driving R&D in 2026. Qiankun ADS has surpassed 10 billion km in cumulative autonomous driving distance.