LG Energy Solution and General Motors celebrated a major milestone on Friday as their joint venture, Ultium Cells, produced its 100 millionth electric vehicle battery cell at Plant 1 in Warren, Ohio. The milestone also coincided with the fifth anniversary of Ultium Cells, which was launched on Dec. 5, 2019. To mark the occasion, a ceremony was held at the facility. “This achievement shows our commitment to advancing clean energy across industries like electric vehicles and energy storage s

Mobility Dec. 6, 2024

South Korea’s stock markets dropped sharply Friday as political tensions intensified over calls to impeach President Yoon Suk Yeol, adding pressure to an already fragile investment landscape. As of 11:05 a.m., the Kospi, South Korea’s main stock index, fell 31.56 points, or 1.29 percent to 2,410.49. Although the market opened slightly higher due to bargain-hunting after recent declines, those early gains quickly reversed. Investor sentiment appeared mixed. Retail and foreign investor

Market Dec. 6, 2024

Posco Future M has locked in a deal to source lithium hydroxide from within its corporate structure, in a move that avoids problems stemming from US Foreign Entity of Concern restrictions. The company said Friday it had signed an agreement to purchase 20,000 tons of lithium hydroxide from Posco Pilbara Lithium Solution, its affiliate, enough to produce cathode materials for around 460,000 electric vehicles. Cathode materials are a key component in lithium-ion batteries, which power most EVs. Thi

Mobility Dec. 6, 2024

SK Group has tapped Son Hyun-ho, a seasoned business strategist and finance expert, as the new CEO of SK Discovery, the group's investment-focused holding company specializing in energy and materials. The announcement came Thursday after a meeting of the Supex Council, the group’s top decision-making body. Son, who previously served as vice president of the Supex Council’s Strategy Support Team, brings years of experience in designing business strategies and managing finances. I

Companies Dec. 5, 2024

Hyundai Motor Company is on track to achieve its largest-ever shareholder returns this year, driven by proceeds from its recent initial public offering in India. The automaker’s actions are part of an ambitious strategy led by Executive Chairman Chung Euisun to share the rewards of Hyundai’s rapid global growth more directly with investors. Backing promises with action Just three months after announcing a plan to buy back and partially retire 4 trillion won worth of its own shares

Mobility Dec. 5, 2024

South Korea’s financial markets avoided a feared meltdown on Wednesday, recovering quickly after President Yoon Suk Yeol declared -- and just six hours later lifted -- martial law in response to political tensions. Swift intervention from the National Assembly and financial authorities helped calm the initial panic, but questions about political stability continue to weigh on investors. The benchmark Kospi index plunged as much as 2.31 percent during morning trading, bottoming out at 2,442

Market Dec. 4, 2024

Shares of Kakao Corp., one of South Korea’s top tech companies, jumped on Wednesday as political instability surrounding President Yoon Suk Yeol shook the nation. The stock surged 6.87 percent as of 11 a.m., trading at 45,900 won ($32.40), as investors appeared to bet on a potential easing of regulatory pressure on the company. Kakao shares had a rocky start, opening 1.75 percent lower at 42,200 won amid market uncertainty following President Yoon’s surprise declaration of emergency

Companies Dec. 4, 2024

South Korea’s financial markets tumbled on Wednesday following a night of political chaos, as President Yoon Suk Yeol briefly declared martial law only to withdraw the measure just hours later under pressure from lawmakers. The Kospi, South Korea’s main stock index, opened 1.8 percent lower at 2,454.68, a drop of 45.42 points. The tech-heavy Kosdaq also fell 1.8 percent, opening at 678.35. In currency trading, the South Korean won weakened significantly. The exchange rate surged to 1

Companies Dec. 4, 2024

South Korea’s most powerful labor union, the Korean Confederation of Trade Unions, has declared an indefinite general strike, demanding the immediate resignation of President Yoon Suk Yeol. The announcement comes in response to Yoon's declaration of martial law late last night, a move the union has fiercely criticized as unconstitutional and undemocratic. The strike was announced early Wednesday morning during a press conference by the KCTU’s leadership. The union framed its act

Companies Dec. 4, 2024

South Korea's sole tank maker Hyundai Rotem said Monday that it has delivered its K808 White Tiger wheeled armored personnel carriers to Peru in a $60 million deal, marking the entrance of Korea-made armored vehicles into the Latin American market. The contract was commissioned by the Peruvian Army Arsenal in May and facilitated by South Korea’s STX Corporation -- a global trading company specializing in defense procurement. Hyundai Rotem will supply 30 K808 vehicles through STX Corpo

Industry Dec. 2, 2024

Korean automaker Hyundai and its smaller affiliate Kia may face a steep 19 percent decline in operating profitability if the US enacts a proposed 20 percent tariff on vehicles imported from South Korea, according to a report by S&P Global Ratings published last Friday. The potential tariffs, part of US President-elect Donald Trump’s suggested “universal tariff” on imports, would significantly impact the automaker’s earnings before interest, taxes, depreciation and amo

Mobility Dec. 1, 2024

Samsung SDI is charging ahead to claim a bigger slice of the electric vehicle battery market, bolstered by new supply agreements, upcoming product launches and accelerating demand for EVs, particularly in Europe. One of the company’s latest moves is expanding its supply with Audi. Samsung SDI recently began supplying batteries for two of Audi’s EV models, the E-Tron 50 Quattro and E-Tron Sportback 50 Quattro, which previously used batteries from LG Energy Solution. Of the 14 Audi EV

Mobility Nov. 25, 2024

Doosan Group’s ambitious corporate restructuring plan, which will separate Doosan Bobcat from Doosan Enerbility and merge it into Doosan Robotics, is entering its final stages. Following regulatory approval last Friday, the proposal now awaits a vote at a shareholders’ meeting on Dec. 12, marking the completion of a process that began four months ago. The restructuring process has undergone six amendments to its securities filings since the plan was first announced on July 11, as Doo

Companies Nov. 24, 2024

The Purme Foundation, a South Korean nonprofit dedicated to helping people with disabilities lead independent lives, has been awarded the Grand Prize at the 2nd annual HD Hyundai Honor Awards. The announcement was made Sunday by the HD Hyundai 1% Nanum Foundation, which organizes the awards. The HD Hyundai Honor Awards were created to spotlight individuals and organizations making a real difference in their communities. Winners are chosen for their efforts to tackle social challenges and promote

Companies Nov. 24, 2024

GOYANG, South Korea -- Hyundai Motor is expanding its electric vehicle lineup with the launch of the Ioniq 9, the company’s first large, all-electric sport utility vehicle. The Ioniq 9 is set to make its official global debut at the Los Angeles Auto Show on Thursday, following an exclusive media preview for South Korean journalists at Hyundai Motorstudio Goyang a day earlier. Originally teased as the SEVEN concept back in 2021, the Ioniq 9 has evolved into a production-ready model designed

Mobility Nov. 21, 2024