LS Cable & System pledged Monday to take every legal action possible against Taihan Cable & Solution if the latter’s alleged theft of the former’s technologies is found true, labeling Taihan’s maneuver as a clear crime. The police have recently opened a probe into Taihan over the suspected violation of the Unfair Competition Prevention and Trade Secret Protection Act. Last month, the police initially suspected Gaun Architects & Engineers of leaking technologies it o

Companies July 15, 2024

South Korean conglomerate Doosan Group has decided to shake up its business structure to focus on clean energy and smart machine sectors to maximize synergy between it’s affiliates. According to Doosan’s regulatory filing Thursday, Doosan Bobcat, a compact equipment and industrial vehicle builder, will undergo a spin-off merger process to become a 100 percent-owned subsidiary of Doosan Robotics. Doosan Enerbility, which currently owns a 46 percent stake in Doosan Bobcat, will split i

Companies July 12, 2024

Genesis will launch the GV60 Magma, a high-performance electric compact crossover sports utility vehicle, in Korea next year to mark the first Magma model to undergo mass production, Hyundai Motor Group's luxury auto brand announced at the 2024 Goodwood Festival of Speed in England's Chichester on Thursday. According to the automaker, the sales of the GV60 Magma are expected to begin during the third quarter of next year in Korea and follow in Europe in the fourth quarter. The company

Mobility July 11, 2024

HD Hyundai Heavy Industries said Thursday that it has secured the right to bid for the United States Navy's warship maintenance, repair and operations, or MRO, projects to become the first South Korean shipbuilder to do so. According to the shipbuilder, HD HHI signed the master ship repair agreement with the US Naval Supply Systems Command. Under the agreement, HD HHI has been given the qualification to submit bids for MRO projects of the US Navy's warships as well as support ships of

Companies July 11, 2024

Hyundai Rotem has renewed a consortium agreement with Poland's state armament group PGZ to carry out the production and delivery of K2PL, the Polish variant of Hyundai Rotem's K2 Black Panther tank, the Korean company said Wednesday. The renewed contract has laid out the foundation for the two sides to engage in accelerating talks for a second K2 tank contract. According to Hyundai Rotem, the previous consortium, which began its term in March last year, reached its expiration date last

Companies July 10, 2024

LS Cable & System on Wednesday announced its plan to invest $681 million to build the largest submarine cable manufacturing plant in the United States. According to the announcement, the new facility will be in Chesapeake, Virginia. LS GreenLink USA, a US subsidiary of LS Cable & System, will break ground for the plant next year. The facility is expected to begin operations by 2027 and create over 330 jobs. The site will include a 200-meter-tall submarine cable manufacturing building, wh

Companies July 10, 2024

Hanwha Aerospace has secured a 1.4 trillion won ($1 billion) arms contract with Romania to export 54 units of the K9 self-propelled howitzer and 36 units of the K10 ammunition resupply vehicle, the Korean defense firm said Wednesday. According to Hanwha Aerospace, the delivery of the arms machinery will begin in 2027 in phases. The company said it beat out the competing bidders from the North Atlantic Treaty Organization such as Germany's PzH2000 and Turkey's Firtina to secure the cont

Companies July 10, 2024

Hyundai Motor Group and the University of Oxford in the UK have established a joint Foresight Center to explore the former's long-term strategies and visions together, the Korean auto conglomerate said Tuesday. "The automotive industry is undergoing a paradigm shift and significant changes in business environments, leading to unprecedented uncertainty," said Kim Gyun, head of Hyundai Motor Group Business Intelligence Institute. "In such times, it is crucial for companies to m

Companies July 9, 2024

HD Korea Shipbuilding & Offshore Engineering said Tuesday that it developed an artificial intelligence translation technology to support foreign workers. According to the company, the service named AI Agent was developed using generative AI technology and has been implemented at the HD Hyundai Samho shipyard in Yeongam, South Jeolla Province. Combined with the shipbuilder's self-developed messaging app Team Up, the AI Agent translates the messages originally written in Korean to a langu

Companies July 9, 2024

The United States and its capital, Washington, DC, have one of the biggest lobbying sectors in the world. Hilary Braseth, executive director of OpenSecrets, a Washington DC-based nonprofit organization specializing in tracking and publishing the money flows in politics, says transparency is integral to lobbying. “In the US, the case for making lobbying legal I believe, or some form of it legal, was on the basis of our Constitution, which some (court rulings) believe that (it’s) the F

Companies July 8, 2024

LG Energy Solution CEO Kim Dong-myung said Thursday that the company needs to focus on strengthening fundamentals and review ways to cut down any dissipation amid the stagnating demand for electric vehicles forecasting a troublesome outlook for the battery industry. "As we have been pushing for aggressively winning contracts and expanding businesses, it's true that there have been a lot of inefficiencies across various sectors such as personnel, facilities, and purchases," he said

Companies July 4, 2024

Italian luxury auto brand Maserati on Wednesday signaled a new beginning in Korea as it launched a regional office, seeking a revitalization in the local market. “Maserati for more than 110 years has delivered the excitement on the road in terms of performance, design, innovation and luxury,” said Davide Grasso, CEO of Maserati, in a press conference at Dongdaemun Design Plaza in Seoul. “Today we are emphasizing our focus in the market as a luxury brand with extreme confidence.

Mobility July 3, 2024

LG Energy Solution said Tuesday that it had struck a deal to secure a large-scale lithium supply with Australian mining firm Liontown Resources, bolstering its global supply chain of key raw materials for electric vehicle batteries. According to the Korean firm, the contract guarantees about 1.75 million tons of lithium spodumene concentrate over the next 15 years. The supply is enough to produce batteries for approximately 5 million EVs with a range of at least 500 kilometers per charge. LG Ene

Companies July 2, 2024

Hyundai Motor Group is looking to spearhead the burgeoning auto markets within the Association of Southeast Asian Nations, or ASEAN, based on its established footings in a number of countries in that region, the South Korean auto conglomerate said Monday. According to the automaker, Hyundai Motor Manufacturing Indonesia, the conglomerate’s first vehicle manufacturing plant in the ASEAN region, rolled out 22,520 units in the first quarter of this year to reach an overwhelming operation rate

Mobility July 1, 2024

The 2024 Busan International Mobility Show began at Bexco in Korea’s second-largest southeastern port city on Thursday, just like any other global auto exhibition. The press day allowed numerous journalists to take a firsthand look at what the event had in store. However, despite the global intentions behind the title of the event, the exhibition venue had only one auto importer present: BMW Group Korea. BMW Group Korea President Han Sang-yun noted in his presentation that the German autom

Mobility June 30, 2024