Articles by Byun Hye-jin
Byun Hye-jin
hyejin2@heraldcorp.com-
Kia outpaces Tesla in profitability
Hyundai Motor Group’s smaller affiliate Kia outpaced Tesla in operating profit margin in the first three months this year, shedding light on how a legacy carmaker could challenge the world’s top electric vehicle company, an analyst report showed Tuesday. Kia’s first-quarter operating profit margin came to 12.1 percent, surpassing that of Tesla’s 11 percent, according to the Samsung Securities report. “Kia could be the only traditional auto maker that can compete h
Mobility May 9, 2023
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Korea’s battery exports to grow 33% annually until 2030: Goldman Sachs
South Korea’s battery exports are estimated to post an annual growth rate of 33 percent until 2030, boosting the country’s GDP growth by 0.3 percent, a report issued by Goldman Sachs showed Monday. According to the global investment bank, Korean battery makers’ global sales are expected to surge by an average of 43 percent in the cited period. The nation’s rapid expansion of its EV supply chain will have a positive impact on macroeconomic indicators such as the GDP gr
Mobility May 8, 2023
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[From The Scene] EV diagnostics key to safety: KITECH
JEJU, Jeju Island -- Amid the booming market for electric vehicles, demand for car maintenance and diagnostics services has been on the rise to prevent fatal accidents on the roads. In a move to offer enhanced diagnostic technology for EV failure and repair, the Jeju Island unit of the state-run Korea Institute of Industrial Technology demonstrated a test that collects data from driving electric cars in front of the media on Thursday. During the test performed at the institute's headquart
Mobility May 7, 2023
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Experts urge efforts to prevent EV fires
SEOGWIPO, Jeju Island – Amid a surge in electric vehicle sales globally, experts on Tuesday called for concerted efforts among policymakers and industry officials to prevent EV batteries from catching fire. Fire-prone batteries were blamed for 12 percent of the total 130 recalls issued here since 2018, while software malfunctions took up the largest share at 43 percent, according to Lee Gwang-beom, an advisor at law firm Shin & Kim. “But battery fires are directly linked to con
Mobility May 2, 2023
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Chaebol chiefs have hands full after summit
South Korea’s top chaebol chiefs who accompanied President Yoon Suk Yeol on his state visit to Washington last week have returned with their hands full of hot-button issues, including the increasingly protectionist policies in the all-important US market. With no immediate breakthrough in related talks between the two countries, industry watchers say the business leaders seem to be in a rush to study the industrial implications of the summit talks and come up with follow-up measures. After
Industry May 1, 2023
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Private lunch with Hyundai Motor chief to be auctioned
Hyundai Motor Group Executive Chair Chung Euisun will join a lunch auction event to better connect with the younger generation, the Federation of Korean Industries said Monday. The business lobby has invited the Hyundai Motor chief, along with car-sharing company SoCar CEO Park Jae-uk and TV celebrity Noh Hong-chul, to take part in the event, similar to billionaire Warren Buffett's famous charity lunch. A total of 30 people will be selected for the power lunches targeted at the “MZ ge
Industry May 1, 2023
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SKIET to supply battery separators for EVs to China's Sunwoda
SK IE Technology, an electronics materials maker affiliated with SK Group, said Monday it is supplying battery separators to Chinese battery maker Sunwoda Electronic, paving the way for it to secure a footing in China’s burgeoning electric vehicle market. The two companies recently signed a memorandum of understanding at Sunwoda’s headquarters in Shenzhen, with senior executives of both companies in attendance. A battery separator is one of the key components of EV batteries, as it p
Industry May 1, 2023
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[Herald Interview] Kona Electric comes back stronger, cheaper
Hyundai Motor’s all-electric compact sport utility vehicle Kona has returned to the market after a yearslong hiatus. Its first-generation model was suspended in 2019 following a series of battery fires, leading to a 1.4 trillion won ($1 billion) recall of some 80,000 vehicles. For the vehicle's second generation, dubbed the All New Kona Electric, the carmaker has teamed up with Chinese battery giant CATL to enhance safety while minimizing price hikes, according to Hyundai’s prod
Mobility April 30, 2023
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[Photo News] Hyundai chair at Yoon’s US Congress speech
Hyundai Motor Group Executive Chair Chung Euisun (second from right in second row) was spotted during President Yoon Suk Yeol’s address to a joint meeting of the US Congress, celebrating the 70th anniversary of the bilateral alliance at the House Chamber of the US Capitol, Washington, D.C., on Thursday. Chung and top executives including Hyundai Motor Group CEO Chang Jae-hoon and Jose Munoz, president and CEO of Hyundai and Genesis Motor North America, had reportedly signed up to make sure
Mobility April 28, 2023
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Korean chip, car industries unassuaged by summit talks
South Korean chip suppliers and automakers have been left unimpressed by the summit between Presidents Yoon Suk Yeol and Joe Biden, after it failed to bring out any tangible measures to ease their concerns over Washington's increasingly protectionist policies. Holding a joint press conference after their summit on Wednesday, the two presidents announced their agreement on strengthening cooperation in advanced technology sectors, including chips, electric vehicles and batteries. But they did
Industry April 27, 2023
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Hyundai, Kia likely to outpace Toyota in Q1 earnings for 1st time
Hyundai Motor Group is highly likely to outpace Toyota in first quarter earnings this year for the first time, according to industry estimates on Wednesday. The South Korean auto giant’s Hyundai and Kia brands posted a combined 6.5 trillion won ($4.8 billion) in operating profits in the first three months of this year. It is a record figure for the carmaker, exceeding the estimated 5.98 trillion won of operating profits of its archrival Toyota, the world’s No. 1 carmaker in terms of
Mobility April 26, 2023
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Korean battery makers bolster EV alliance in US to tackle IRA
South Korean battery and automakers are shelling out big funds to set up joint ventures for electric vehicle batteries in the US in response to the protectionist Inflation Reduction Act, industry sources said Wednesday. Samsung SDI announced Tuesday it is poised to build a joint venture with General Motors in the US. Details of the deal including the location were not made available. Under $3 billion investment, the plant will have an annual production capacity of 30 gigawatt-hours, supplying
Mobility April 26, 2023
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Posco Future M, LG Energy Solution sign W30tr cathode supply deal
South Korean battery materials maker Posco Future M said Wednesday it has inked a deal worth 30.25 trillion won ($22.6 billion) to supply high-nickel cathode to LG Energy Solution, the nation’s largest electric vehicle battery maker, for the next seven years. The mega deal comes after the company secured a 10-year supply deal worth 40 trillion won with Samsung SDI, another major battery maker here, in January. Cathode, making up more than 40 percent of battery prices, is a key battery ma
Technology April 26, 2023
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Hyundai Motor outpaces Samsung in quarterly earnings for 1st time
Hyundai Motor, the flagship unit of Hyundai Motor Group, said Tuesday it posted record operating profits of 3.6 trillion won ($2.7 billion) in the first three months of this year, outpacing Samsung Electronics in quarterly earnings for the first time. The auto giant reported surprising earnings in the first quarter, with operating profits jumping up 86.3 percent on-year. During the same period, Samsung Electronics posted 600 billion won in operating profits. It is the first time that Hyundai
Mobility April 25, 2023
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LG Energy Solution to set up W600b advanced production line at Ochang plant
LG Energy Solution said Tuesday it will set up an advanced production line at its Ochang plant in a bid to supply more certified battery prototypes to global electric carmakers. Under a 600 billion won ($450.7 million) investment, the battery maker plans to build what it calls a “mother" production line, where a battery cell prototype can be mass-produced, in its Ochang plant located in Cheongju, North Chungcheong Province. The existing pilot line manufactures such prototypes but do
Mobility April 25, 2023
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