The Minute to Read (Weekdays) series provides a quick overview of significant events in Korea everyday, conveniently condensed into a one-minute read. Here’s a recap of what happened yesterday: July 29.

Olabisi Boyle, Senior Vice President of Product Planning and Mobility Strategy for Hyundai Motor North America, introduces "The New Tucson" at the 2024 New York International Auto Show held at the Jacob Javits Convention Center in New York on March 27, 2024./Hyundai Motor Group

Hyundai Motor set to retain global third place in sales for third consecutive year

Hyundai Motor Group is set to maintain its position as the third-largest global seller for the third consecutive year, with first-half 2024 sales reaching approximately 3.62 million units.

Despite a 9.8% decrease in domestic sales, the group saw a 1% increase in overseas sales, notably achieving record-high sales in the U.S. Hyundai’s strategy included focusing on hybrids and SUVs to counter the EV market stall, with plans to introduce new EV models in the latter half of the year.

Toyota and Volkswagen are expected to retain their first and second positions, respectively. The group’s strong overseas performance, especially in the U.S., has been pivotal in maintaining its global standing.

Headquarters of TMON in Gangnam-gu, Seoul. /News1

TMON, WeMakePrice lack payment insurance for PG firms

TMON and WEMAKEPRICE, South Korean major online shopping platforms, lack payment guarantee insurance for their electronic payment gateway (PG) companies, exposing these PG companies to significant financial risks if the platforms fail to stabilize.

This insurance protects PG companies from losses during large-scale online payment cancellations or refunds. Despite financial authorities urging PG companies to process payment cancellations to protect consumers, the absence of this insurance means PG companies could face substantial losses, potentially up to 100 billion won ($72.2 million), due to the high transaction volumes handled by TMON and WEMAKEPRICE.

This issue highlights a broader industry trend where large online shopping malls often avoid or underinsure due to high premiums.

K-pop has rapidly transformed from a niche genre into a global powerhouse, influencing fashion, culture, and the music industry worldwide. The photo is BLACKPINK, one of the most influential K-pop idols. /News1

Redefining K-Pop: The industry’s move to internationalize and expand

K-pop has achieved global popularity, but its share in the lucrative concert and global music markets remains small. To expand internationally, the K-pop industry is incorporating more international members and English lyrics, making it less distinctly Korean.

Despite the success of top groups like BTS and BLACKPINK, most K-pop acts struggle to compete on the global stage. This strategic shift is driven by South Korea’s aging population and declining domestic market potential, prompting a redefinition of K-pop to appeal to a broader audience.

However, this raises questions about whether the genre’s unique appeal, rooted in Korean language and culture, will be lost. The industry must balance global appeal with retaining the cultural elements that made K-pop a phenomenon.

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