Fewer young Koreans are buying new cars, report shows
A total of 29,066 new cars were bought by 20-somethings during the first six months of this year, according to Car Is You, a website providing information about local and international car markets. This accounts for 5.7 percent of all new cars sold here in the same period.
The proportion of cars bouth by 20-somethings has been falling setadily since 2016, when it was 8.8 percent.
The percentage of new cars bought by Koreans in their 30s is on the verge of falling below the 20 percent-mark for the first time. They bought 99,611 new vehicles, which was just 19.5 percent of total new car sales. This figure stood at 25.9 percent in 2016 and has been steadily declining ever since.
More older people are buying new cars
Young people are increasingly opting not to own a car, but instead use a car-sharing platforms like SoCar. The platform in 2024 said the number of its members has surpassed 10 million mark, which is a little under one-third of every Korean who has a driver's license.
In 2023, 53 percent of all Socar users were in their 30s higher than the average age for all users was 32.9.
On the other hand, 18 percent of all new car purchases were made by drivers in their 60s in the first half, nearly doubling from 9.6 percent in 2016. The percentage of new cars bought by 70-somethings also rose in the same period, from 2.8 percent to 4.5 percent.
This trend is thought to have been fueld by the increasing number of senior citizens who are working beyond the legal retirement age of 60.
According to a Statistics Korea report in June, 7.05 million people aged 60 and up were employed in May this year, marking an all-time high. Compared to 3.96 million in 2016, the figure soared by over 3 million.
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Korea Herald
an hour ago
- Korea Herald
[Rumman Chowdhury] Sovereign AI: A new frontier of national ambition
Should AI be a public good, shaped by local values, or a technology controlled by a handful of geographically-limited tech giants? The rise of 'sovereign AI' -- locally developed, government-backed artificial intelligence systems -- reflects a world wrestling with the urgent questions of power, autonomy, and identity in the digital age. This push is not merely about technological prowess; it is a response to deep geopolitical anxieties, economic ambitions, and cultural imperatives. The geopolitical landscape is shifting rapidly. The US-China rivalry over AI supremacy has made clear that technology is now a front line in global power struggles. Smaller countries, wary of becoming pawns in this contest, are investing heavily in their own AI capabilities. Brazil and India, for example, have collectively committed billions to build sovereign AI infrastructures, fearing that reliance on foreign technology could compromise their security and autonomy. Across Southeast Asia and the Middle East, national strategies increasingly prioritize AI sovereignty, not just to keep pace with global powers, but to avoid being left behind in a world embroiled in an AI arms race. Other Asian nations have emerged as major players in sovereign AI, with some viewing them as a 'buffer' between global hegemonic powers China and US. South Korea is aggressively pursuing sovereign AI to establish technological autonomy and cultural relevance, anchored by a landmark $735 billion investment pledge from President Lee Jae Myung. This strategy centers on developing domestically tailored AI systems trained on Korean language data and historical context, moving beyond reliance on foreign platforms. Key architect Ha Jung-woo, appointed as the nation's first Chief Secretary for AI Future Strategy, advocates for "sovereign AI that has learned from Korea's culture and history," prioritizing infrastructure like 5,000+ GPUs for selected "national AI champions". Crucial to this vision is the SK Group-Amazon Web Services partnership building South Korea's largest AI data center in Ulsan, alongside legislative foundations like the AI Basic Act (effective January 2026). As the EU's peer in comprehensive AI regulation, this law establishes governance for "high-impact" AI systems while promoting public-private collaboration. Importantly, government-supported AI projects will be open-sourced for broad societal use. The initiative targets strategic sectors like semiconductors and biotechnology, aligning with national goals to rank among the world's top three AI powers by 2030. This includes expanding GPU capacity 15-fold and achieving 70% industrial AI adoption. Security dimensions are addressed through the National AI Security Consultative Group, though the AI Basic Act explicitly excludes military applications from its scope. While open-source frameworks and regional coalitions offer pragmatic pathways, South Korea's sovereign AI ambitions remain a high-stakes gamble balancing cultural preservation against technical and economic constraints. Structural challenges persist -- limited Korean-language datasets, GPU procurement hurdles, and dependence on foreign infrastructure threaten scalability. For all sovereign AI developers, the economic stakes are enormous. AI is projected to add trillions to the global economy by the end of the decade. Nations like Saudi Arabia and Malaysia are pouring resources into local AI ecosystems, determined to capture this value for themselves rather than see it flow to Silicon Valley or Shenzhen. The message is clear: countries want to be creators, not just consumers, of the AI revolution. This lesson was hard-learned from the early days of the internet, which was dominated by Silicon-Valley based search engines, shopping websites, and social media platforms. Local leaders now seek to foster homegrown talent, build domestic industries, and ensure that the economic benefits of AI accrue to their own citizens. Culturally, the need for sovereign AI is even more urgent. Most of the world's leading AI models are trained on English-language data, leaving non-English speakers, and their unique cultural contexts, at a disadvantage. Indonesia's massive Bahasa-speaking population and Saudi Arabia's Arabic-first models are early examples of how countries are tailoring AI to their own languages and traditions. These efforts are not just about better translation or customer service; they are about ensuring that AI reflects and respects local values, histories, and identities. But building truly sovereign AI is no small feat. It requires not just advanced algorithms, but also robust data infrastructure, massive computing power, local talent and effective governance. The European Union's Gaia-X and India's Bhashini initiative are pioneering efforts to create secure, locally controlled data environments. Denmark is investing in domestic supercomputers, while Singapore and Taiwan are developing their own large language models. In addition, many nations are capitalizing on the Trump administration's purge of scientific talent to draw talent away from the United States. These projects are ambitious, but they are also fraught with complexities. The technical and economic hurdles are formidable. Training a state-of-the-art AI model can cost hundreds of millions of dollars. This price tag is prohibitive for most nations. Maintaining sovereign AI infrastructure is often more expensive than relying on global cloud providers. And while some countries, like Japan, are pursuing hybrid models that combine local development with international partnerships, others risk creating 'AI islands' isolated from global innovation. Critics note Malaysia's sovereign AI delivers 2.3x slower performance than global counterparts despite heavy investment, highlighting viability concerns. Ethically, government ownership of AI raises a host of thorny questions. On one hand, public control could ensure that AI serves the common good, free from the profit motives and opaque algorithms of private corporations. On the other hand, it raises the specter of state surveillance and censorship. China's Social Credit System, Hungary's illegal public monitoring of LGBTQ+ allies and the UAE's use of AI to monitor government communications are cautionary tales of how sovereign AI can be weaponized for social control. There are also concerns about bias: nationally curated datasets may reflect the biases of majority populations, leaving marginalized groups behind. In addition, these models may serve as tools for propaganda by current political parties -- similar to how Elon Musk has publicly declared his intent to influence Grok, his AI model. The path forward is not clear-cut. Absolute AI sovereignty may be an illusion in an interconnected world, but so is complete dependence on foreign technology. Some countries are exploring regional coalitions, like ASEAN's shared AI cloud, or open-source collaborations that balance local needs with global innovation. France, for example, is focusing on sector-specific sovereignty in healthcare, while Indonesia is building on open-source frameworks to create models that are both locally relevant and globally compatible. Ultimately, the quest for sovereign AI is about more than technology. It is a reflection of a world in flux, where nations are reasserting their identities and interests in the face of rapid change. The challenge is to strike a balance between autonomy and collaboration, innovation and control, national ambition and global responsibility. In the end, the most successful countries may be those that can navigate this delicate equilibrium, building AI systems that are both locally rooted and globally connected.
Korea Herald
8 hours ago
- Korea Herald
Samsung pushes foldable frontier with AI-powered Z Flip7, Fold7
From AI chips to larger displays, new foldable phones deliver flagship upgrades with modest price hikes Samsung Electronics unveiled its new slimmer, lighter and even more advanced artificial intelligence-powered foldable phones -- the Galaxy Z Flip7 and Z Fold7 -- in New York on Wednesday. It marks the first time in three years that the Korean tech giant has held an unveiling event in the US city since the release of the Galaxy Z Flip4 and Fold4 in August 2022. As the venue for the biggest product launch in the latter half of this year, Samsung chose Duggal Greenhouse in Brooklyn, inviting some 1,200 journalists and industry people from around the globe. The site regularly hosts major fashion shows and auto shows. 'The Galaxy Z Flip7 combines a compact design with powerful mobile AI features. The Galaxy Z Fold7 merges advanced hardware with AI to deliver the most sophisticated smartphone experience ever introduced by Samsung,' said Roh Tae-moon, acting head of the Device eXperience division. The vertically folding Galaxy Z Flip7 is the first in the series to feature a 4.1-inch cover screen, called the Flex Window, an upgrade from its predecessor's 3.4-inch cover screen. It boasts a slimmer 1.25-millimeter bezel and measures 13.7mm thick when folded, with a lightweight design at 188 grams -- maximizing portability and ease of use. For the first time in the Z Flip series, the device is equipped with a powerful 4,300 milliampere-hour battery paired with Samsung's latest 3-nanometer processor. It also supports Samsung DeX, allowing users to seamlessly connect the Z Flip7 to external display devices for enhanced productivity. Camera capabilities have also seen a major upgrade. The Z Flip7 features a 50-megapixel wide-angle camera and a 12MP ultra-wide dual camera system. With real-time filters and the dual preview function -- allowing simulaneous preview on both the cover and main displays -- users can capture high-quality selfies with ease. The horizontally-folding Galaxy Z Fold7 is the slimmest and lightest model in the Galaxy Z Fold lineup, measuring 8.9mm when folded and 4.2mm when unfolded, and weighing 215 grams. The device boasts Samsung's largest smartphone display yet -- a main 8.0-inch screen that is 11 percent larger than its predecessor. It also features a 6.5-inch cover display with a ratio of 21:9, offering a user experience comparable to traditional bar-type smartphones even when folded. A newly introduced Armor Flex Hinge enhances durability by evenly distributing external impacts while maintaining a sleek profile. The main display is reinforced with a titanium layer, further boosting structural integrity. Powered by Qualcomm's Snapdragon 8 Elite for Galaxy chipset, the Z Fold7 delivers a 41 percent improvement in neural processing unit performance, 38 percent in central processing unit performance and 26 percent in graphics processing unit performance compared to the previous generation -- ensuring top-tier speed and efficiency for demanding tasks. The Z Fold7 is also equipped with a 200MP wide-angle camera, offering a professional-grade photography experience typical of the high-end Ultra models of Samsung's flagship Galaxy S series smartphones. Additionally, a 100-degree ultra-wide selfie camera allows users to easily capture high-quality shots with minimal effort. The Galaxy Z Flip7 and Z Fold7 will be released in Korea on July 25, with seven-day preorders starting Tuesday. The price tag of the Z Flip7 ranges between 1.49 million won ($1,085) and 1.64 million won depending on the amount of storage, while the Z Fold7 is priced between 2.38 million won and 2.93 million won. Color options for the Z Flip7 are blue shadow, coral red and jet black, while the Z Fold7 will be available in blue shadow, silver shadow and jet black. For both models, a mint color will be available for customers who purchase the phones at the company's online shopping mall or at Samsung Gangnam, its flagship store in southern Seoul. At Wednesday's event, Samsung also debuted its thinnest smartwatches -- the Galaxy Watch8 and Galaxy Watch8 Classic. Compared to its predecessor, the Galaxy Watch7, the new model is 11 percent slimmer and boasts a display brightness of up to 3,000 nits -- 50 percent brighter than the previous generation. The Galaxy Watch8 models also become the first smartwatches to feature an antioxidant index function. Users can measure their carotenoid levels -- an indicator of antioxidant presence -- in five seconds. Pricing for the Galaxy Watch8 models varies based on size and connectivity options, ranging from 419,000 won to 489,500 won. The Galaxy Watch8 Classic is priced between 569,000 won and 599,500 won.
Korea Herald
15 hours ago
- Korea Herald
Seoul shares hit near 4-year high despite Trump's renewed tariff threats
South Korean stocks closed at their highest level in nearly four years Wednesday, as investors digested US President Donald Trump's renewed tariff threats targeting copper, semiconductors and pharmaceuticals. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index added 18.79 points, or 0.60 percent, to close at 3,133.74, marking the highest closing level since Sept. 17, 2021, when the index finished at 3,140.51. Trade volume was heavy at 637.3 million shares worth 12.5 trillion won ($9.09 billion), with gainers outnumbering decliners 698 to 199. Individual investors led the rally, scooping up a net 430.8 billion won worth of stocks, while foreigners and institutions dumped a net 425.2 billion won and 57.9 billion won, respectively. On Tuesday (US time), Trump announced plans to impose a 50 percent tariff on copper, and signaled additional duties on semiconductors and pharmaceuticals. A day earlier, the US president said he had sent formal letters to South Korea, Japan and other trade partners, warning of a new deadline of Aug. 1 to strike trade agreements or face higher tariffs. In Seoul, defense and financial stocks were among the biggest winners. Defense giant Hanwha Aerospace jumped 4.29 percent to 850,000 won, and LIG Nex1 soared 8.59 percent to 569,000 won. Mirae Asset Securities rose 6.76 percent to 22,100 won, and Samsung Fire and Marine Insurance advanced 3.35 percent to 478,500 won. Pharmaceutical shares also finished in positive territory despite Trump's announcement. Samsung Biologics increased 0.49 percent to 1,018,000 won, while Celltrion climbed 0.34 percent to 176,100 won. However, chip giant Samsung Electronics dropped 1.63 percent to 60,400 won, with its local chipmaking rival SK hynix dipping 0.35 percent to 281,000 won. Top carmaker Hyundai Motor slid 0.71 percent to 281,000 won, and leading battery maker LG Energy Solution lost 0.65 percent to 305,000 won. The local currency was quoted at 1,375 won against the greenback at 3:30 p.m., down 7.1 won from the previous session. (Yonhap)
