The competitiveness of Korean battery makers -- LG Energy Solution, Samsung SDI and SK On -- continues to be threatened by the seemingly unceasing growth of Chinese rivals, a global electric vehicle battery usage report showed Monday. According to SNE Research’s analysis, the three Korean battery makers’ combined share in the global EV battery sector logged 20.2 percent between Jan. and Oct. this year, down 3.5 percentage points from the same period last year. The decline came even t

Mobility Dec. 9, 2024

The stock prices of Korean defense firms have been battered in recent days, as concerns grow that the fallout of President Yoon Suk Yeol’s martial law declaration could harm the outlook for the country’s defense industry. Shares of Hanwha Aerospace closed at 298,000 won ($209) on Friday, down about 12 percent from Tuesday's close. Yoon declared martial law on Tuesday night, prompting the National Assembly to pass the motion to dismiss the martial law decree early Wednesday. Shar

Industry Dec. 8, 2024

Hyundai Motor’s premium brand Genesis has officially announced its entrance into motor sports by launching its team Genesis Magma Racing and a prototype of its racing car, pinpointing the brand’s broader vision to redefine luxury. Laying out a fresh vision for the future of the brand’s high-performance motor sports cars, Genesis unveiled the GMR-001 Hypercar, a high-performance prototype that dons its design philosophy of athletic elegance during the world premiere held at the

Mobility Dec. 5, 2024

Korea’s leading conglomerates are keeping close tabs on the aftermath of the country’s first martial law declaration since 1979 as they look to minimize potential damage from the political rift. According to industry officials on Wednesday, executives at Samsung affiliates gathered throughout the night to determine a response after President Yoon Suk Yeol declared martial law at around 10:20 p.m. Tuesday. Samsung officials held emergency meetings the following morning. SK has been cl

Industry Dec. 4, 2024

LG Energy Solution announced Tuesday that it is considering acquiring General Motors’ stake in their joint venture battery plant in Michigan. “LG Energy Solution is reviewing the acquisition of the Ultium Cells plant 3 in Lansing to improve investment and operational efficiency and maximize operating rates of plants in North America," the Korean battery maker said in a statement. GM revealed Monday that it plans to sell its stake in the Michigan battery plant to the Korean partn

Mobility Dec. 3, 2024

Spotting an electric vehicle on the road in Korea is not a rare sight nowadays as the country’s EV penetration rate has reached nearly 10 percent. But that is a still long way off China, where more than half of all newly sold vehicles there run on battery. BYD, a Chinese and world EV leader, is gearing up to make its debut in the Korean passenger vehicle market in January next year. To the Korean government and auto brands, this should serve less as a nudge to speed up the EV transition an

Mobility Dec. 3, 2024

An automotive industry study has found that American buyers of Hyundai Motor and Kia electric vehicles are less likely to have chosen the Korean EVs based on the US government’s tax benefits, raising hopes for the Korean automakers as they gear up for a second Donald Trump administration next year. According to a study published by US auto industry research firm J.D. Power last week, only 32 percent of Hyundai buyers and 24 percent of Kia buyers selected tax credits and incentives as a pri

Mobility Dec. 2, 2024

진행자: 간형우, Chelsea Proctor ‘BYD will set no sales target in Korean debut year’ 기사 요약: 류쉐량 BYD 아시아태평양 영업사업부 사장 “내년 한국 출시 첫 해 판매 목표량 세우지 않을 것” [1] Chinese electric vehicle maker BYD will not focus on sales volume when it debuts in the Korean passenger car market early next year, the EV giant’s Asia Pacific head says. passenger car: 승용차 [2] “We will not set a sales target for our first year (in Korea), “said Liu Xueliang, general manager of BYD Asia Pacifi

Podcast Dec. 2, 2024

The new X3, BMW’s latest sports utility vehicle, has come back as a premium mid-sized SUV that offers the comfort driving of a luxury sedan while looking more dynamic than ever. The Korea Herald got to ride the new X3 20 xDrive, a full-change model following the previous third generation that has been immensely popular in the global market since its launch in 2017, in a media test drive and launch ceremony held at the BMW Experience Center in Incheon on Thursday. The BMW X3 has led Korea&r

Mobility Dec. 1, 2024

The Supreme Court has ruled in favor of a gamer who filed a lawsuit against Korean game developer Nexon for deceptively promoting the percentage of a loot box item in MapleStory, the mega-hit online game. The nation’s top court confirmed Thursday the appeals court ruling that ordered Nexon to give back 5 percent of the money a gamer surnamed Kim had spent on loot box items in the role-playing game Maple Story. It is the first time a court has sided with a gamer in a legal battle over in-ga

Companies Nov. 29, 2024

진행자: 간형우, Chelsea Proctor Jung's paternity reveal exposes where S. Korea stands on out-of-wedlock children 기사 요약: 정우성과 문가비 사이에서 태어난 아들이 조명한 혼외자에 대한 사회적 시각 [1] Actor Jung Woo-sung’s recent admission that he fathered a child with model Moon Ga-bi has reignited conversations in South Korea about societal attitudes toward children born out of wedlock. reignite: 다시 불을 지피다 wedlock: 결혼 [2] While Jung pledged to fulfill his responsibilities as a father without pursuing marriage, the public

Podcast Nov. 28, 2024

Hyundai Motor has decided to invest $484 million in Malaysia to expand local production there as the Korean automaker looks to ramp up its presence in the burgeoning Southeast Asian market. According to Hyundai Motor on Wednesday, the automaker will make the investment over five years starting next year to upgrade its complete knock-down -- or CKD -- plant in Kulim in cooperation with local partner Inokom. The CKD plant expansion will mark Hyundai Motor’s largest investment in Malaysia yet

Mobility Nov. 27, 2024

US President-elect Donald Trump is likely to use tariffs not only as a tool to protect American manufacturers but also as a way to ensure that trade negotiations are fair and expedited, a top Washington lobbyist says. “Trump has several administrative avenues to implement tariffs and his suggestion of a 10 percent universal tariff on all imports is still a possibility,” Brian Ballard, president of the Washington lobbying firm Ballard Partners, told The Korea Herald in a written inter

Industry Nov. 26, 2024

Hyundai Mobis, an auto parts manufacturer under Hyundai Motor Group, is looking to expand relations with Chinese electric vehicle giant BYD in an apparent move to diversify its profit sources outside of Hyundai and Kia. According to industry sources Monday, a group of Hyundai Mobis officials visited BYD’s headquarters in Shenzhen last month. Currently, Hyundai Mobis supplies steering parts to BYD, the No. 1 EV maker in China. During the visit, sources say, the two companies discussed ways

Mobility Nov. 25, 2024

SHENZHEN/CHONGQING, China -- The license plate on the Denza Z9, a high-performance electric vehicle produced by Chinese EV maker BYD, read “10,000,000th” as a group of Korean journalists entered the BYD’s final assembly factory in Shenzhen on Tuesday. BYD celebrated its 30th anniversary with the completion of its 10-millionth car at the manufacturing plant the previous day. The 10 assembly lines at the site were packed with BYD vehicles. A BYD official noted that the day’

Mobility Nov. 25, 2024