Korean automakers and battery-makers now face the daunting task of coping with a second Donald Trump administration, as they try to prepare various measures to weather the storm of uncertainties expected from the next president of the United States. Throughout his election campaign, Trump has openly criticized the Joe Biden administration’s Inflation Reduction Act and its Advanced Manufacturing Production Credit that have given financial benefits to Korean companies in the electric vehicle

Industry Nov. 7, 2024

South Korean battery-maker Kumyang unveiled the world’s first 4695 cylindrical battery cell, which the company claimed to have greater capacity than Tesla's 4680 battery, at InterBattery 2024 at Coex in Seoul in March this year. Oxford Metrica, a UK-based global advisory firm, recently analyzed that 600 Kumyang 4695 cells can generate 75 kilowatt-hours of energy to offer about 600 kilometers in driving distance, whereas the same number of Tesla 4680 cells would create about 52 kWh to

Companies Nov. 6, 2024

Renault Korea CEO Stephane Deblaise has been awarded the Industrial Service Medal from the Korean government in recognition of his leadership in successfully launching the Grand Koleos, the French automaker's new sports utility vehicle codenamed Aurora 1. According to Renault Korea on Wednesday, Deblaise was selected as the recipient of the national award during the 2024 Foreign Company Day hosted by the Ministry of Trade, Industry and Energy at the Grand InterContinental Seoul Parnas the p

Companies Nov. 6, 2024

Kia unveiled the new Sportage, the automaker’s best-selling sport utility vehicle, in Seoul on Monday, highlighting the enhanced product’s all-around upgrade, which it expects to continue accounting for a major part of the automaker’s market presence. “The new Sportage, which we are presenting today with pride, contains innovative changes that are on par with a full model change,” said Jeong Woo-jeong, head of Kia’s domestic business division, in a media prese

Mobility Nov. 5, 2024

진행자: 간형우, Chelsea Proctor Korea to regulate cross-border trading of crypto 기사 요약: 정부, 가상자산 악용 사례 막기 위해 관련 외국환거래법 개정안 내년 하반기 시행 추진 [1] The Korean government is to tighten the monitoring of cross-border trading of virtual assets, including cryptocurrency, through a revised law set for enactment by the latter half of 2025. tighten: 더 엄격하게 하다 revise: 변경하다 enactment: 입법 latter: 후자의, 후반의 [2] According to the ministry, as the cross-border trading of virtual assets increases, illegal transactions, inc

Podcast Nov. 4, 2024

With the US presidential election just around the corner, Korean battery companies are bracing for change as the result could have significant effects on the industry, particularly if Republican candidate Donald Trump wins. Korea’s leading battery producers -- LG Energy Solution, Samsung SDI and SK On -- have depended on the Advanced Manufacturing Production Credit under the Biden administration’s Inflation Reduction Act for operating profits. According to the quarterly earnings repo

Industry Nov. 3, 2024

진행자: 간형우, Chelsea Proctor Soccer legends impress fans at 2024 Nexon Icons Match 기사 요약: 400만 명 이상이 온라인과 현장에서 지켜본 넥슨의 ‘아이콘 매치’ [1] More than 4 million fans gathered to watch a match featuring legendary soccer players hosted by Nexon, the game developer that published the FIFA Online series, the firm said Friday. gather: 모이다 legendary: 전설적인 [2] For the Nexon Icons Match event, held at Seoul World Cup Stadium from Oct. 19-20, players were split into two teams -- former forwards played

Podcast Oct. 31, 2024

Nexon has laid out a future roadmap to strengthen its existing gaming intellectual properties and develop new IPs to target the global market. “In this way, we will further advance Nexon's strong capabilities based on our experience and focus on providing innovative gaming services to users,” said Kang Dae-hyun, co-CEO of Nexon Korea, in a press conference at the company’s headquarters in Pangyo, Gyeonggi Province, on Wednesday. Nexon Korea is wholly owned by Tokyo-listed

Companies Oct. 30, 2024

Hanon Systems, a Korean automotive thermal management supplier, announced plans to build a new manufacturing plant for electric compressors in Ontario, Canada, on Tuesday to cope with growing demand from global automakers. The new plant will mark the company’s first North American facility to produce electric scroll compressors, which are essential components for thermal management in hybrid and battery electric vehicles. Hanon Systems will invest $111 million in the new plant to produce u

Companies Oct. 29, 2024

LG Energy Solution will tighten its belt next year to cope with uncertain market conditions due to the slowing growth of the electric vehicle sector, the Korean battery maker said Monday as it announced its third-quarter earnings. The company posted 6.88 trillion won ($4.97 billion) in sales in the third quarter of this year, down 16.4 percent on year. Its operating profit was 448.3 billion won, down 38.7 percent on year. The company would have logged a quarterly operating loss of 17.7 billion

Companies Oct. 28, 2024

Hanwha Ocean and HD Hyundai Heavy Industries -- Korea’s two leading shipbuilders under conglomerates Hanwha Group and HD Hyundai, respectively -- are ramping up their efforts to win a $2.7 billion submarine procurement contract from Poland. According to HD Hyundai, Tomasz Szubrycht, commandant of the Polish Naval Academy, visited HD Hyundai Heavy Industries’ Ulsan shipyard on Thursday to assess the shipbuilder’s latest submarines and related technologies. HD Hyundai presented a

Companies Oct. 27, 2024

Hyundai Motor Company reported 3.58 trillion won ($2.5 billion) in third-quarter operating profit Thursday, down 6.5 percent from the same quarter last year and missing the market consensus of 3.9 trillion won. The automaker explained in a conference call that a proactive warranty extension for the North American Grand Santa Fe, a sport utility vehicle, caused a provision of about 320 billion won and affected the lower-than-expected operating profit for the July to Sept. period. Despite the dip

Companies Oct. 24, 2024

ULSAN -- The construction site of S-Oil’s Shaheen project at its Onsan plant in Ulsan showed little to no activity Tuesday afternoon. Although the day’s workflow had seemingly stopped due to heavy downpours in the morning, the officials from S-Oil and Hyundai Engineering & Construction said the building process of the Shaheen project had already reached 40 percent completion. “Four major construction firms -- Hyundai E&C, Hyundai Engineering, Lotte E&C and DL E&

Companies Oct. 23, 2024

Doosan Group announced Monday a revised business realignment plan to go ahead with its earlier bid to incorporate Doosan Bobcat into Doosan Robotics as a subsidiary as the conglomerate looks to create better synergy between its affiliates to expand businesses. The two boards of Doosan Enerbility, the parent company of Doosan Bobcat with a 46 percent stake in Doosan Bobcat, and Doosan Robotics approved the plan to spin off a new company that will own Doosan Bobcat’s shares from Doosan Enerb

Companies Oct. 21, 2024

KG Mobility, a South Korean sport utility vehicle maker, has teamed up with China’s Chery Automobile to co-develop a range of vehicles including plug-in hybrid cars to expand its global presence. According to a KG Mobility regulatory filing on Monday, the auto brand signed a platform technical license agreement with Chery Automobile on Friday to collaborate in areas as such the design and development of vehicles as well as car manufacturing and distribution. The deal includes sharing the i

Mobility Oct. 21, 2024