Doosan Enerbility said Thursday that it secured a key component supply contract with TerraPower, a US nuclear reactor startup established by Bill Gates, as it expands its global presence in the nuclear power sector. Under the contract, Doosan Enerbility will carry out a feasibility study and provide design support for manufacturing key components of TerraPower's 345-megawatt small modular reactor project in Wyoming. Doosan Enerbility said it would also start manufacturing reactor guard vess

Companies Dec. 19, 2024

The reported merger plan between Japanese auto brands -- Honda and Nissan -- is set to increase competition for Hyundai Motor Group amid an unpredictable outlook brought on by geopolitical uncertainties. According to news reports Wednesday, Honda and Nissan began discussing a plan to establish a joint holding company as they look to better grapple with the fast-changing electric vehicle industry and bolster their competitiveness against EV leaders such as America’s Tesla and China’s

Mobility Dec. 18, 2024

Hanwha Aerospace announced Tuesday that it shipped a fresh batch of four K9 self-propelled howitzers and eight K10 ammunition resupply vehicles to Norway. The shipment is part of a 2022 contract agreed to supply additional K9 and K10 systems, following the successful implementation of the first contract signed in 2017 to export 24 K9s and six K10s to bolster the Norwegian defense capability. According to Hanwha, the artillery systems are expected to arrive in Norway in about two months for deliv

Companies Dec. 17, 2024

Doosan Group’s business restructuring plan has fallen apart once again, after Korea’s martial law turmoil delivered a heavy blow to the stock market. Doosan Enerbility on Tuesday announced that it decided not to hold a temporary shareholders meeting on Friday this week after it held a board of directors meeting earlier in the day, indicating that the attempt to split off Doosan Bobcat, a subsidiary of Doosan Enerbility, and merge it with Doosan Robotics had to be scrapped. “Due

Companies Dec. 10, 2024

Hyundai Motor Group announced its annual executive appointments Tuesday, highlighting the global auto conglomerate’s focus on a generational shift to strengthen its pillars for future growth. Of the 239 promoted executives, 41 percent are in their 40s -- an almost twofold jump from the executive promotions in 2020. Hyundai Motor noted that it continued its performance-based approach for the appointments to reflect the efforts of key individuals and capitalize on record-breaking business

Companies Dec. 10, 2024

The competitiveness of Korean battery makers -- LG Energy Solution, Samsung SDI and SK On -- continues to be threatened by the seemingly unceasing growth of Chinese rivals, a global electric vehicle battery usage report showed Monday. According to SNE Research’s analysis, the three Korean battery makers’ combined share in the global EV battery sector logged 20.2 percent between Jan. and Oct. this year, down 3.5 percentage points from the same period last year. The decline came even t

Mobility Dec. 9, 2024

The stock prices of Korean defense firms have been battered in recent days, as concerns grow that the fallout of President Yoon Suk Yeol’s martial law declaration could harm the outlook for the country’s defense industry. Shares of Hanwha Aerospace closed at 298,000 won ($209) on Friday, down about 12 percent from Tuesday's close. Yoon declared martial law on Tuesday night, prompting the National Assembly to pass the motion to dismiss the martial law decree early Wednesday. Shar

Industry Dec. 8, 2024

Hyundai Motor’s premium brand Genesis has officially announced its entrance into motor sports by launching its team Genesis Magma Racing and a prototype of its racing car, pinpointing the brand’s broader vision to redefine luxury. Laying out a fresh vision for the future of the brand’s high-performance motor sports cars, Genesis unveiled the GMR-001 Hypercar, a high-performance prototype that dons its design philosophy of athletic elegance during the world premiere held at the

Mobility Dec. 5, 2024

Korea’s leading conglomerates are keeping close tabs on the aftermath of the country’s first martial law declaration since 1979 as they look to minimize potential damage from the political rift. According to industry officials on Wednesday, executives at Samsung affiliates gathered throughout the night to determine a response after President Yoon Suk Yeol declared martial law at around 10:20 p.m. Tuesday. Samsung officials held emergency meetings the following morning. SK has been cl

Industry Dec. 4, 2024

LG Energy Solution announced Tuesday that it is considering acquiring General Motors’ stake in their joint venture battery plant in Michigan. “LG Energy Solution is reviewing the acquisition of the Ultium Cells plant 3 in Lansing to improve investment and operational efficiency and maximize operating rates of plants in North America," the Korean battery maker said in a statement. GM revealed Monday that it plans to sell its stake in the Michigan battery plant to the Korean partn

Mobility Dec. 3, 2024

Spotting an electric vehicle on the road in Korea is not a rare sight nowadays as the country’s EV penetration rate has reached nearly 10 percent. But that is a still long way off China, where more than half of all newly sold vehicles there run on battery. BYD, a Chinese and world EV leader, is gearing up to make its debut in the Korean passenger vehicle market in January next year. To the Korean government and auto brands, this should serve less as a nudge to speed up the EV transition an

Mobility Dec. 3, 2024

An automotive industry study has found that American buyers of Hyundai Motor and Kia electric vehicles are less likely to have chosen the Korean EVs based on the US government’s tax benefits, raising hopes for the Korean automakers as they gear up for a second Donald Trump administration next year. According to a study published by US auto industry research firm J.D. Power last week, only 32 percent of Hyundai buyers and 24 percent of Kia buyers selected tax credits and incentives as a pri

Mobility Dec. 2, 2024

진행자: 간형우, Chelsea Proctor ‘BYD will set no sales target in Korean debut year’ 기사 요약: 류쉐량 BYD 아시아태평양 영업사업부 사장 “내년 한국 출시 첫 해 판매 목표량 세우지 않을 것” [1] Chinese electric vehicle maker BYD will not focus on sales volume when it debuts in the Korean passenger car market early next year, the EV giant’s Asia Pacific head says. passenger car: 승용차 [2] “We will not set a sales target for our first year (in Korea), “said Liu Xueliang, general manager of BYD Asia Pacifi

Podcast Dec. 2, 2024

The new X3, BMW’s latest sports utility vehicle, has come back as a premium mid-sized SUV that offers the comfort driving of a luxury sedan while looking more dynamic than ever. The Korea Herald got to ride the new X3 20 xDrive, a full-change model following the previous third generation that has been immensely popular in the global market since its launch in 2017, in a media test drive and launch ceremony held at the BMW Experience Center in Incheon on Thursday. The BMW X3 has led Korea&r

Mobility Dec. 1, 2024

The Supreme Court has ruled in favor of a gamer who filed a lawsuit against Korean game developer Nexon for deceptively promoting the percentage of a loot box item in MapleStory, the mega-hit online game. The nation’s top court confirmed Thursday the appeals court ruling that ordered Nexon to give back 5 percent of the money a gamer surnamed Kim had spent on loot box items in the role-playing game Maple Story. It is the first time a court has sided with a gamer in a legal battle over in-ga

Companies Nov. 29, 2024