LG Energy Solution has secured a major long-term contract to supply electric vehicle batteries to a key affiliate of Mercedes-Benz. The deal, announced Tuesday, primarily targets North America and other key markets, although the exact regions were not specified. Under the terms of the agreement, LG will provide 50.5 gigawatt-hours of EV batteries over 10 years, starting in 2028. While financial details of the deal remain undisclosed, industry analysts believe it likely reaches billions of dollar

Mobility Oct. 8, 2024

Hyundai Motor Group has reportedly begun early-stage production of electric vehicles at its new Hyundai Motor Group Metaplant America facility, located near Savannah, Georgia. According to a report on Saturday by the Atlanta Journal-Constitution, a major local newspaper in Georgia, Hyundai commenced production at the facility earlier last week. The company also reportedly held a private event on Thursday for employees to mark this achievement. The official completion ceremony for the plant is st

Mobility Oct. 8, 2024

Korean electrical equipment manufacturer LS Electric announced a partnership with Kyudenko, a Kyushu Electric Power Company subsidiary, to enter Japan’s growing battery energy storage system market. The two companies signed a memorandum of understanding at the Grand InterContinental Seoul Parnas Hotel on Sunday, with LS Electric Chairman Koo Ja-Gyun and Kyudenko Vice President Masaaki Jono in attendance. Kyudenko, based in Fukuoka, is a major player in Japan’s electrical construction

Industry Oct. 7, 2024

LG Energy Solution has reaffirmed its commitment to growing its presence in the rapidly expanding North American energy storage system market, aiming to capitalize on the region’s increasing demand for sustainable energy solutions. In a recent interview with UK-based industry publication Energy Storage News, Kim Hyung-sik, vice president and head of the ESS battery division at LG Energy Solution, outlined the company’s strategy for targeting North America. He emphasized the crucial r

Industry Oct. 6, 2024

A growing number of foreign automakers in Korea -- Mercedes-Benz, Volkswagen and Audi among them -- are now cooperating with local authorities to improve EV safety by providing detailed information on their battery management systems in the wake of a serious electric vehicle fire in Incheon this past August. A BMS monitors EV battery safety by tracking key factors like temperature and voltage, preventing malfunctions, and reducing the risk of fires. According to information provided by the Korea

Mobility Oct. 6, 2024

SK Innovation, with its subsidiary SK IE Technology and researchers from Yonsei University, has developed a next-generation technology designed to capture carbon emissions more efficiently and at a lower cost. This breakthrough could have significant implications for the biggest carbon-emitting industries, such as power plants, steel mills and cement factories. The research, a collaboration between the SK Innovation Institute of Environmental Science and Technology, SKIET’s R&D Center,

Industry Oct. 1, 2024

Hyundai Motor Group has partnered with Saudi Arabia’s Misk Foundation to develop young local talent and explore collaboration in smart city development. The two organizations signed a memorandum of understanding on Monday in the Saudi capital Riyadh, with the agreement formalized by Lee Jae-yong, head of smart city development at Hyundai’s Global Strategy Office, and Badr Hamoud Albadr, CEO of the Misk Foundation. The Misk Foundation, established in 2011 by Saudi Crown Prince Mohamme

Companies Oct. 1, 2024

Hyundai Motor Company and General Motors seem like very different automakers. One is a South Korean juggernaut known for its efficiency and clean design, while the other is a symbol of American muscle, built on a century of dominance in trucks and sport utility vehicles. Yet earlier this month, these two giants signed a sweeping partnership. “In a time of intense competition from Tesla and an ever-growing Chinese EV threat, Hyundai and GM are probably betting that their combined strengths

Mobility Sept. 30, 2024

LG Energy Solution has been recognized in China for delivering the most high-quality electric vehicle batteries by the 2024 China Automotive Quality Research Awards, surpassing local manufacturers CATL and BYD in this category. The award ceremony, held in Beijing on Tuesday, was organized by Chinese automotive media platform CheZhiWang and Car Research Consulting Beijing, a Chinese automotive think tank established in 2017. The awards were based on consumer surveys, evaluating 128 vehicle models

Mobility Sept. 27, 2024

Posco Future M and General Motors have pushed back the completion of their cathode material plant in Canada, which is part of their joint venture, Ultium CAM. Originally scheduled to be finished by the end of this month, the plant’s completion has now been delayed to a yet-to-be-determined date. Posco Future M announced the delay on Friday, citing "local conditions" without providing specific details. The plant, located in Becancour, Quebec, is set to produce high-nickel cathode

Mobility Sept. 27, 2024

SK On, the battery manufacturing subsidiary of SK Group, has announced the launch of a voluntary retirement program as part of its efforts to enhance workforce efficiency and to turn a profit by the end of this year. In a statement released Thursday, SK On outlined two key initiatives: a special leave program aimed at fostering employee development and a voluntary departure program for workers considering early retirement. These measures come as the company navigates a slowdown in the EV industr

Companies Sept. 26, 2024

Egypt's Ambassador to Korea, Khaled Abdelrahman, highlighted the growing potential for collaboration between Egypt and South Korea, particularly in investment and tourism, during the second session of the Global Business Forum Wednesday. Hosted by The Korea Herald, the forum seeks to facilitate knowledge exchange and build networks among Korean business and academic leaders to address the challenges posed by technological advancements and societal shifts. The GBF commenced its sixth edition

Economy Sept. 26, 2024

The H2 MEET 2024, a major global exhibition on hydrogen technology held in South Korea, kicked off Wednesday at Kintex in Goyang, Gyeonggi Province, to showcase the latest innovations in hydrogen technology, including key contributions from Hyundai Motor Group. This year’s exhibition runs for three days and is the largest in the event’s five-year history, bringing together 317 companies and organizations from 24 countries. “This is a great opportunity to showcase Korean innovat

Industry Sept. 25, 2024

Starting in the second half of 2026, the US will ban the sale of connected cars using Chinese-made software, with further restrictions on hardware to begin in 2029, a move that will pressure global automakers, including South Korea’s Hyundai Motor and Kia, to diversify their supply chains. On Monday, the US Department of Commerce’s Bureau of Industry and Security announced a proposed rule that would prohibit the sale and import of connected vehicles containing Chinese or Russian soft

Mobility Sept. 24, 2024

SK On will begin mass production of electric vehicle batteries for Hyundai Motor Co. in the US next month, a move expected to help the battery maker turn a profit for the first time after years of losses. The company’s US unit, SK Battery America, will reportedly begin partial production at its Georgia Plant 2, supplying batteries for Hyundai’s new EV production facility, Hyundai Motor Group Metaplant America, also located in Georgia. According to industry sources on Monday, SK On ha

Mobility Sept. 23, 2024