At the 47th regular shareholders’ meeting held on March 28, Ssangyong Engineering & Construction announced that it achieved a profitability turnaround in 2023 as it approved the financial statements for the year.In the 2023 fiscal year, the company achieved sales of 1.44 trillion won (US$1.06 billio
Ssangyong Engineering & Construction (Ssangyong E&C) announced on March 25 that it has simultaneously secured contracts for two luxury residence projects, “Creek Waters,” in the Dubai Creek Harbour area. Creek Waters 1 and 2, set to be located in the new residential hub of Creek Harbour in Dubai, wi
On March 19, the Anti-Corruption Investigation Division of the Seoul Metropolitan Police Agency conducted a search and seizure at the headquarters of KG Mobility (KGM) in Pyeongtaek City, Gyeonggi Province. The CEO of KGM, Jung Yong-won, and employees have been under investigation for embezzling com
Ssangyong Engineering & Construction (E&C) announced that it has won the final order for the construction and operation of solar power generation facilities and energy storage system (ESS) facilities in Haiti ordered by Haiti’s Ministry of Economy and Finance (MEF).The project is to build and operat
KG Mobility is set to build a battery pack manufacturing plant in South Korea, leveraging the technology of BYD, China’s largest electric vehicle manufacturer.On Nov. 1, KG Mobility announced that it had signed a “Battery Pack Factory Construction and Hybrid System Joint Development Agreement” at th
Chinese lithium iron phosphate (LFP) batteries will be brought to Korea in large numbers. As electric buses and electric scooters that use LFP batteries have penetrated the Korean market, major automakers are also expanding the volume of Chinese-made LFP batteries for electric vehicles. The problem
KG Mobility (formerly SsangYong Motor) has been selected as the final prospective buyer of Edison Motors by the Changwon District bankruptcy court.On July 3, Edison Motors announced that since a decision to commence corporate rehabilitation proceedings was made by the bankruptcy court in January, it
Renault Korea, KG Mobility (formerly SsangYong Motors), and GM Korea, three major domestic mid-tier automobile manufacturers, have begun preparations to enter the electric vehicle market. They are preparing for the launch of electric car models and the expansion of some production facilities. Howeve
Following the Korean Supreme Court’s decision to reduce the liability of the Hyundai and SsangYong labor unions for damages from illegal strikes, business leaders and experts said it will become increasingly difficult to build a mutually balanced labor-management relationship.On June 15, the Supreme
In May, the Korean automobile industry posted a double-digit year-on-year sales increase, marking the ninth consecutive month of export growth.The five major Korea-based automakers (Hyundai Motor, Kia Motors, KG Mobility, GM Korea, and Renault Korea Motors) sold a total of 718,608 units, including t
The author is an analyst for NH Investment & Securities. He can be reached at minjae.lee@nhqv.com -- Ed.For May, we maintain our Neutral rating on the construction sector and continue to recommend Samsung Engineering and Hyundai E&C as top picks. We advise focusing on constructors with overseas proj
In the first quarter of 2023, domestic automobile production exceeded 1 million units for the first time in six years in Korea. This is because a shortage of automotive semiconductors that had continued until last year was largely resolved.According to the Korea Automobile Manufacturers Association
The author is an analyst of NH Investment & Securities. He can be reached at minjae.lee@nhqv.com -- Ed.We maintain our Neutral rating on the construction sector for April. We continue to recommend Samsung Engineering and Hyundai E&C as top picks, given that overseas order conditions and government a
SsangYong E&C announced on March 29 that it has won an order for the construction of Park Views Residences in the Kifaf region of Dubai.This construction is a follow-up project to the 44-story, two-building One Residence. SsangYong E&C won the order for One Residence in 2019 and completed it in June
The Korean automobile industry saw a new high in export volume after just two months. Exports of eco-friendly cars crossed US$2 billion for the first time. Its total car and parts exports topped US$7.6 billion, rising to the No. 1 spot among Korea’s export items.According to the automobile industry
Ssangyong E&C has won a 200 billion won (US$153 million) order to build a new campus in Korea for ASML, a world-class semiconductor equipment company. The two companies announced on March 3 that they signed a contract for the construction of the ASML campus in Hwaseong, Gyeonggi Province, in South K
Ssangyong E&C announced on Feb. 21 that it successfully completed the construction of the Atlantis The Royal Hotel in Dubai in mid-February after about 80 months of construction. The Korean builder received the order from Dubai, the most populous city in the UAE, in December 2015 and began the const
Korea’s automobile exports hit an all-time monthly high in January as the shortage of automotive semiconductors eased and sales of eco-friendly cars grew. However, exports of auto parts contracted. Car exports in January totaled US$4.984 billion, the highest monthly figure ever, according to the dat
SsangYong Motor announced on Feb. 16 that it has obtained a European Cybersecurity Management System (CSMS) certification.The United Nations Economic Commission for Europe (UNECE) enacted a relevant act (UNR155) in July 2020. The act stipulates that a CSMS certification be obtained, and vehicle type
Pure car and truck carriers (PCTCs) are becoming increasingly insufficient in East Asia as China’s car exports are increasing fast.According to Clarksons Research, the daily charter rate for a PCTC with a capacity of 6,500 CEU, that is, 6,500 cars was US$25,000 in 2021 but topped US$110,000 in Decem