South Korea’s Fair Trade Commission is closely reviewing Hanwha Group’s acquisition of Daewoo Shipbuilding and Marine Engineering as it could lead to unfair trade practices if completed, officials said Monday. “The issue is that ships are used in battle. They are weapons. In terms of the weapons system, Hanwha has a high market share and possesses control over the market. There are other companies that make military ships other than DSME. In this case, there is a possibility th

Industry April 3, 2023

LS Materials, a secondary battery subsidiary of LS Cable & System under the South Korean conglomerate LS Group, will attempt to go public on Korea’s secondary tech-heavy bourse, the Kosdaq, this year, officials said Monday. According to LS Cable & System, LS Materials signed a representative management contract with KB Securities and Kiwoom Securities for its initial public offering. The secondary battery maker plans to file for a preliminary review with the Korea Exchange before t

Industry April 3, 2023

South Korean battery makers are breathing a sigh of relief as the US Treasury Department’s newly unveiled guidance on battery sourcing does not require them to change their current production process right away to receive the US government’s subsidies provided to electric vehicle buyers under the Inflation Reduction Act. Under the IRA, EV and battery makers have to meet certain requirements for both the critical minerals and battery components contained in the vehicle to be eligible

Industry April 2, 2023

South Korean oil refiners are turning to eco-friendly energy and searching for future growth engines to cope with the rise of electric vehicles threatening the current business model of traditional gas stations. According to the Korea Energy Economics Institute’s report on the oil industry’s countermeasures in regard to electric mobility, the number of gas stations in South Korea is expected to drop to 2,980 in 2040 to maintain the level of operating performance to keep their busines

Industry April 2, 2023

BMW has revived the high-performance M lineup with the launch of the BMW XM, the automaker’s first plug-in hybrid model in the BMW M series and the first standalone model since the debut of the BMW M1 coupe in 1978. At first sight, the BMW XM gives an overwhelming impression with its size and forceful exterior design. The sports activity vehicle is measured at a length of 5,110 millimeters, a width of 2,005 mm and a height of 1,755. The massive kidney grills on the front that light up on t

Mobility April 2, 2023

The swap to electric vehicles from cars equipped with internal combustion engines is happening much faster than we think, and EVs will eventually replace traditional cars, Mercedes-Benz Korea CEO Thomas Klein says. “I believe, sorry to say, the internal combustion engine is dead. The energy efficiency of that compared to electric engine is unfortunately not very good, and the one thing that we will all be short of is sustainable energy,” said Klein in an interview with The Korea Hera

Mobility April 2, 2023

Hyundai Motor Company on Thursday launched the newest edition of its Sonata at the 2023 Seoul Mobility Show held at Kintex in Gyeonggi Province. The latest version of the midsize sedan is named “Sonata The Edge.” As the long-time popular model of the carmaker, the eighth-generation model has undergone almost a full face-lift with its design and technology updates. The automaker said it will begin taking pre-orders for the new Sonata on April 20. The new Sonata, which will go on sale

Mobility March 30, 2023

Mercedes-Benz Korea on Thursday reemphasized the German carmaker’s firm commitment to bolstering its lineup of luxury and electric vehicles in the Korean market. “Mercedes-Benz stayed true to the promise that we would ‘Lead in Electric,’ which it promised here in 2021, by completing the EQ lineup in all segments, without compromising its brand promise of ‘building the world’s most desirable cars,’” Thomas Klein, CEO of Mercedes-Benz Korea, said dur

Mobility March 30, 2023

Kia on Thursday unveiled its first all-electric large sports utility vehicle, the Kia EV9, at the 2023 Seoul Mobility Show at Kintex in Gyeonggi Province. The Kia EV9 is the South Korean automaker’s second all-electric vehicle equipped with the company’s self-developed EV platform named Electric Global Modular Platform, or E-GMP after the launch of the EV6 in 2021. “As Korea’s first large SUV EV model that has been equipped with innovative technology and spaciousness, the

Mobility March 30, 2023

South Korea needs to join the “inner club of global space powerhouses” by developing unmatched space technology and becoming an attractive partner within the club, according to the first vice minister of the Ministry of Science and ICT. “There are areas where we need to stand on our own in terms of technology. But we can’t do everything by ourselves. For instance, we can’t do space exploration alone,” said First Vice Minister Oh Tae-seog in a recent interview

Technology March 29, 2023

South Korean livestreaming platform AfreecaTV is attracting fans of the globally popular esports game League of Legends by providing various ways to connect with their favorite players and teams. LoL boasts over 150 million monthly active players worldwide. AfreecaTV has signed a contract with the organizers of League of Legends Champions Korea to broadcast its games. The LCK Spring regular season began in January this year and will continue through April. According to AfreecaTV, the livestreami

esports March 28, 2023

ULSAN -- Spring has arrived early in Ulsan as cherry blossoms were in already full bloom along the streets of the southeast port city on Wednesday, about two weeks before the forecasted blossoming dates. In a similar trend, Hyundai Heavy Industries, the world’s top shipbuilder under South Korean conglomerate HD Hyundai, is enjoying the industry’s much-awaited revival as the company looks to widen its lead over global competitors on its large number of backlog orders. The engine depar

Mobility March 26, 2023

LG Energy Solution will invest 7.2 trillion won ($5.6 billion) to build two battery plants in the US to solidify its leadership in the battery value chain in North America, the South Korean battery maker announced Friday. The battery plants will break ground in Queen Creek, Arizona, this year. The company is spending 4.2 trillion won on the first plant to produce cylindrical batteries, which will be supplied to US electric vehicle makers. The company said it will be the first Korean battery make

Mobility March 24, 2023

Government officials and business leaders from South Korea and Indonesia on Friday underscored combined efforts to expand the electric vehicle ecosystem in the Southeast Asian country at a business forum marking the 50th anniversary of bilateral ties. “The collaboration is very important because you (Korea) have very good technology on the lithium battery. By 2027, we are hopefully going to be the largest lithium battery producer globally,” said Luhut Binsar Pandjaitan, coordinating

Mobility March 24, 2023

Rolls-Royce Motor Cars will present the Spectre -- the British high-end carmaker’s first and much-anticipated electric vehicle -- in Korea in June for the first time in Asia, according to CEO Torsten Muller-Otvos. “Korea is one of the fastest-growing markets for us worldwide. We decided that Spectre will be first shown here in Korea for Asia,” said Muller-Otvos in an interview with the Korea Automobile Journalists Association in Seoul on Wednesday. According to the Korea Automo

Mobility March 23, 2023