Samsung Electronics Chairman Lee Jae-yong has embarked on a business trip to Paris to leverage the 2024 Paris Olympics to strengthen ties with key global business partners, political figures and sports leaders, the company said Sunday. Since arriving in Paris last Wednesday, Chairman Lee has engaged in a series of high-level business meetings. This marks his first attendance at the Olympics since the 2012 London Games. His agenda includes discussions with leaders from the semiconductor, IT and a

Companies July 28, 2024

Hyundai Motor Company on Thursday reported a record-breaking quarterly revenue for the second quarter of this year, marking a 6.6 percent increase from last year to reach 45.02 trillion won ($32.6 billion). The company attributed the results to an improved sales mix driven by the rising popularity of hybrid vehicles, which accounted for a double-digit proportion of sales for the first time, along with favorable currency exchange rates. In the same April-June period, Hyundai's operating prof

Mobility July 25, 2024

GS Entec, a South Korean offshore wind power and marine equipment manufacturer, said Thursday it has successfully shipped its first turbine base, or monopile, from its Ulsan plant for the Yeonggwang Nakwol Offshore Wind Power Project. Located off the southwestern coast of Korea, the Yeonggwang Nakwol Offshore Wind Power Project is a major development expected to generate 365 megawatts of electricity, sufficient to power 87,000 homes in Korea. GS Entec secured a 200 billion won ($144 million) c

Industry July 25, 2024

The South Korean government recently celebrated a significant milestone: The state-run Korea Hydro & Nuclear Power was chosen as the preferred bidder for a nuclear power project in the Czech Republic valued at 24 trillion won ($17.3 billion). It is being hailed as a “remarkable achievement after 15 years” by the government, reminiscent of a $20 billion nuclear plant deal in the United Arab Emirates in 2009. However, not everyone shares the government’s enthusiasm. Some expe

Industry July 24, 2024

Hyundai Motor Company is expanding its presence in Japan’s commercial vehicle market by supplying electric buses to the Iwasaki Group for use on Yakushima Island, a UNESCO World Natural Heritage Site. Last Thursday, Hyundai signed a letter of intent with Iwasaki Group, a transportation and tourism service provider in Kagoshima Prefecture, Japan, at the Imperial Hotel in Tokyo. The agreement sets the stage for Hyundai to supply its “Elec City Town” zero-emission electric buses t

Mobility July 23, 2024

Ultium Cells, the joint electric vehicle battery venture between LG Energy Solution and General Motors, has suspended the construction of its third electric vehicle battery plant in the US. This decision comes in response to rising economic pressures, including high interest rates and inflation, as well as a slowdown in the demand for EVs. The $2.6 billion facility in Lansing, Michigan, broke ground in 2022 and was scheduled for completion by the end of this year. Once operational, the plant was

Mobility July 22, 2024

SK On's announcement Wednesday that it will merge with SK Trading International and SK Enterm has raised hopes of a potential turnaround in its financial performance and competitiveness in the battery industry. SK On has been grappling with persistent financial losses. The company, spun off from SK Innovation in October 2021, reported an operating loss of 581.8 billion won ($419.5 million) last year and 315 billion won in the first quarter of this year. This marked its 10th consecutive quar

Companies July 19, 2024

South Korea is close to securing a landmark contract to build nuclear power plants in the Czech Republic in a deal valued at approximately $17.3 billion, with finalization expected by March 2025. On Thursday, Minister of Trade, Industry, and Energy Ahn Duk-geun held a press briefing to confirm the Czech government’s selection of Korea Hydro & Nuclear Power as the preferred bidder. "The Czech government announced last night that it has chosen KHNP as the preferred bidder for the

Industry July 18, 2024

The Volvo XC40 has emerged as Korea’s best-selling premium compact sport utility vehicle in the first half of this year. The XC40 sold 1,089 units between January and June, with its B4 Ultimate all-wheel drive trim leading in single-trim sales, according to data from the Korea Automobile Importers & Distributors Association. In second place for single-trim sales was the MINI Cooper Countryman with 945 units, followed by the BMW X1 2.0 with 727 units. The same XC40 model secured second

Mobility July 18, 2024

Doosan Group’s recently announced governance restructuring plan has divided investors, raising questions about its viability. Central to the plan, unveiled on July 11, is the proposal to make Doosan Bobcat a wholly-owned subsidiary of Doosan Robotics, which has sparked debate over the fairness of the merger ratio based on the stock prices of both companies. Doosan Bobcat, a significant revenue generator for the group, stands at the heart of this controversy. Shareholders of Bobcat are conc

Companies July 17, 2024

The Korea Fair Trade Commission has approved HD Korea Shipbuilding & Offshore Engineering's acquisition of STX Heavy Industries, subject to conditions that prevent supply refusal and price increases for marine engine parts for three years to ensure fair competition. The merger of HD Korea Shipbuilding & Offshore Engineering, the leader in the marine engine and components market, with STX Heavy Industries, the third-largest player in the same sector, is set to significantly enhance H

Industry July 15, 2024

Hyundai Steel is expanding sales bases in international markets such as Europe and America for carbon-reduced steel plates in response to the global push for carbon neutrality and the European Union's Carbon Border Adjustment Mechanism. Recently, Hyundai Steel signed a memorandum of understanding with Tawesco, a leading auto parts company in the Czech Republic, and Eusider, an Italian company specializing in automotive steel plate processing. These companies supply steel materials to major

Industry July 15, 2024

In the wake of several tragic car accidents across Korea, pedal cameras are being proposed as a new tool to address the contentious issue of sudden unintended acceleration, or SUA. These cameras, which capture drivers’ foot movements, are being touted as a means to provide clear evidence and settle disputes over the true cause of accidents. The conversation is divided: Should car manufacturers include pedal cameras as standard equipment, or should individual drivers be responsible for inst

Mobility July 14, 2024

Hanwha Qcells, a division of Hanwha Solutions specializing in solar energy, has started construction on a solar power project totaling 267 megawatts in the United States. On Wednesday, Hanwha Qcells announced its partnership with the Platte River Power Authority, a US public power provider, to launch the full-scale construction of a new solar plant in Weld County, Colorado. Hanwha Qcells is responsible for the project's engineering, procurement and construction, ensuring a streamlined proce

Industry July 11, 2024

Starting in 2027, consumers in Korea can look forward to purchasing more affordable electric vehicles equipped with reconditioned and tested used batteries. The Korean government, during a meeting chaired by Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok on Wednesday, unveiled a plan to support the used battery industry, announcing a series of laws, systems, and infrastructure projects. This initiative aims to tackle the growing environmental issue of waste batteries by

Mobility July 10, 2024