Articles by Moon Joon-hyun
Moon Joon-hyun
mjh@heraldcorp.com-
LS Cable, Germany’s VAC team up for EV magnets
LS Cable & System, through its subsidiary LS Eco Advanced Materials, has partnered with European magnet manufacturer Vacuumschmelze to create a joint venture aimed at making special magnets needed for electric vehicles. Announced on Wednesday, this partnership will start producing 1,000 tons of neodymium permanent magnets annually by 2027, enough for half a million electric cars. Neodymium permanent magnets are crucial for the motors that power electric cars, making this venture particularly
Mobility Feb. 16, 2024
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Hyundai Motor to cut foreign chip reliance with local push
South Korea's Hyundai Motor Group has initiated a project aimed at significantly boosting the local production and procurement of automotive semiconductors from early this year, according to industry sources on Friday. Challenges stemming from the auto group's heavy reliance on international suppliers for its semiconductor needs, such as supply chain vulnerabilities exposed during the global pandemic, are expected to be resolved through the initiative. Over 90 percent of Hyundai's
Mobility Feb. 16, 2024
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[KH Explains] Will Korea's new EV subsidies undercut Tesla's edge?
The South Korean government is carrying out a strategy to boost the price competitiveness of electric vehicles from domestic automakers with a revised EV subsidy policy for this year. It is seen as a response to aggressive pricing strategies of Chinese automakers and models equipped with Chinese batteries, such as the Tesla Model Y, which utilizes cost-efficient lithium iron phosphate batteries from China's CATL. These models are becoming increasingly pervasive due to their affordability. Chines
Mobility Feb. 15, 2024
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Hyundai Motor fast-tracks US EV plant to 2024
Hyundai Motor Group has once again moved up the launch of its new US plant solely dedicated to producing electric vehicles to October this year, three months ahead of its current schedule, to enhance its readiness to toughened subsidy rules. "We're pulling ahead because everybody knows how important it is because so far we don't qualify for federal tax credits," Hyundai Motor America CEO Jose Munoz said during an interview with Automotive News, an American automotive industry media ou
Mobility Feb. 14, 2024
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Renault Korea hires new lead for smart vehicle tech
Renault Korea Motors, the South Korean unit of French automotive giant Renault Group, said Tuesday it has appointed Regis Brignon, a software and electrical systems specialist, to lead the development of its software-defined vehicles, or next-generation smart vehicles, for the Korean market. Starting in February as the director of systems engineering operations at Renault Technology Korea, he will lead teams in developing next-generation technologies for future Renault models made in Korea, inc
Mobility Feb. 13, 2024
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Hyundai Motor nears 100m sales milestone
Hyundai Motor Group is highly likely to surpass the 100-million-vehicle sales mark this year, 56 years after it started selling cars in Korea in 1968. According to the carmaker on Monday, it has sold close to 97 million vehicles around the world as of last year. Of these, about 24 million were sold in Korea's domestic market, accounting for approximately 25 percent of total sales, while the remaining 73 million, or 75 percent, were sold internationally. To achieve the 100 million milestone,
Mobility Feb. 12, 2024
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Korea’s defense exports amount to $14b last year
South Korea secured its place among the world's top 10 defense exporters for the second consecutive year in 2023 with approximately $14 billion in exports, anticipating continued demand this year bolstered by substantial deals already in place. Data from the Korean Ministry of National Defense and domestic defense companies published on Monday show that Korea, ranking ninth globally behind Spain, expanded its export markets to 12 countries last year, including new partners like the United A
Industry Feb. 12, 2024
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Rolls-Royce unveils 2024 Year of the Dragon exclusive editions
Rolls-Royce Motor Cars is commemorating the year 2024 ahead of the Lunar New Year with limited Year of the Dragon Bespoke Commissions, featuring four distinctively designed vehicles, exactly 12 years after its first dragon-themed Phantom in 2012, which sold out in China within two months of release. Introduced last Friday, the 2024 exclusive collection includes three extended versions of the Phantom and one Cullinan sport utility vehicle, each adorned with design elements inspired by the dragon,
Mobility Feb. 10, 2024
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Hanwha Ocean propels Navy with stealth submarines, frigates
Hanwha Ocean, the South Korean maritime defense systems provider, is playing a vital role in modernizing the nation’s naval prowess by providing advanced stealth submarines and multi-purpose warships. For more than four decades, the company has been building vessels for the Navy, with the most recent deliveries including KSS (Korean Submarine-III) submarines, KDX-III (Korean Destroyer-III) destroyers and FFX (Future Frigate eXperimental) Batch-II frigates, with more advanced vessels in the
Industry Feb. 6, 2024
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GM Korea unveils 2024 roadmap with four new vehicles
General Motors will release four new vehicles in South Korea this year including two electric vehicles as the global automaker looks to expand its presence in the local market, GM's Korean office said Friday. "We plan to strengthen GM’s presence in the fiercely competitive domestic market and meet the needs of those seeking the unique American product experience and new lifestyle that only GM can provide by expanding our comprehensive range of products," said Hector Villarre
Mobility Feb. 4, 2024
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SPC Chairman Hur cleared of tax evasion charges
The Seoul Central District Court on Friday acquitted Hur Young-in, chairman of South Korea's largest bakery chain, SPC Group, of charges related to gift tax evasion through undervalued share transactions. Hur was accused of selling shares of Mildawon, the family-owned grain company, at below-market rates in December 2012 to avoid gift taxes. The shares sold for 255 won each, markedly lower than their 2011 appraised value of 1,180 won and their 2008 purchase price of 3,038 won. Prosecutors c
Companies Feb. 2, 2024
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Hyundai sticks to premium pricing in US with new Santa Fe
Hyundai Motor continues to implement a premium pricing strategy emphasizing brand power and quality in global markets, as the automaker unveiled the pricing for the all-new 2024 Santa Fe sport utility vehicle which is substantially more costly than both its predecessors and South Korean counterparts. The US market will see an increase in the sticker price of all 2024 Santa Fe trims, ranging from an additional $2,250 to as much as $5,200, in comparison to the 2023 model, according to Hyundai Moto
Mobility Feb. 1, 2024
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Daewoo E&C, Nigerian Petroleum reaffirm joint project goals
Daewoo Engineering & Construction CEO Baek Jung-wan and Nigerian National Petroleum Corporation’s Group General Manager Mele Kolo Kyari reaffirmed their commitment to their ongoing joint oil and gas projects in Nigeria, a sector vital to the African country's economy, during a meeting at Daewoo's Seoul headquarters on Monday. Daewoo E&C Chairman Jung Won-joo and Nigdel Oil Chairman Joseph T. Penawou were also present at the meeting. Daewoo E&C, with a history in Niger
Industry Jan. 31, 2024
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Doosan Bobcat debuts Korea's first hydrogen-powered forklift
Doosan Bobcat, a South Korean compact equipment manufacturer, has commercialized the country's first hydrogen-powered forklift. The development was marked by a first shipment ceremony on Tuesday at the company's Incheon forklift plant. Korea Zinc, which operates the world's largest zinc smelter, is set to be the first customer for the forklift, in alignment with their 2050 decarbonization goals under the RE100 initiative. The 3-ton model hydrogen forklift, equipped with a 20-kW fu
Industry Jan. 31, 2024
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Are Korean drivers losing appetite for EVs?
A recent survey released Tuesday by Encar, the largest used car platform in Korea, has revealed a shift in consumer preferences toward gasoline vehicles for new car purchases in 2024, with them regaining prominence over hybrids and electric vehicles, which were the top choices in 2022. The survey, titled "What's Your Next Car in 2024?" and conducted over a week in mid-January, involved 2,090 participants. 65.3 percent of these car owners plan to sell their current vehicles, primar
Mobility Jan. 30, 2024
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