Japan has committed to developing and exporting a next-generation fighter jet by 2035 in collaboration with the United Kingdom and Italy.On March 26, Japan decided to relax the “Three Principles on Transfer of Defense Equipment and Technology” during a Cabinet meeting, thereby approving the export o
Hyundai Motor Group which runs Hyundai Motor, Kia Corp. and Genesis sold a total of 7.34 million vehicles globally in 2023, ranking third in sales, according sources in the automobile industry. This marked the second consecutive year that the group has ranked among the big three.Toyota Group, with b
Global electric vehicle registrations, excluding those in China, crossed 5.5 million units in 2023, marking a growth rate of 30 percent. Hyundai and Kia also fared well, ranking fourth in global deliveries.About 5,648,000 electric vehicles were registered globally in 2023, excluding those China, up
Hyundai Motor Group running Hyundai Motor and Kia Corp. is expected to have set a new sales record in 2023. It is also expected to claim the No. 3 global position for the second consecutive year.Hyundai Motor and Kia Corp. are expected to have logged record annual operating profits of 15 trillion wo
L&F has decided to make a significant new investment of 2.55 trillion won (US$1.96 billion) in Daegu in response to surging global demand. This move comes as Chinese battery materials face constraints in the global market following the implementation of the Inflation Reduction Act (IRA) in the Unite
Japan’s Mitsubishi Motors has decided to exit the Chinese market as local Chinese car brands dominate the scene, tarnishing the reputation of automobile powerhouses like Germany and Japan.According to a report by Japan’s NHK Broadcasting on Oct. 19, sources have indicated that Mitsubishi Motors has
South Korea’s major government-run banks and commercial banks, including the Korea Development Bank, the Export-Import Bank of Korea, Kookmin Bank, and Woori Bank, are planning to provide multi-million-dollar loans for Hanwha Group’s 24 trillion won (US$17.71 billion) investment in a U.S. liquefied
Korean battery material, parts, and equipment companies preparing to enter the North American market are turning their eyes to Canada instead of the United States. This is because Korean battery makers such as LG Energy Solution, Samsung SDI, and SK on have proactively announced large-scale investme
Hyundai Motor and Toyota, two major players that have been struggling in the world’s largest automobile market, China, are taking different paths. Hyundai Motor has recently considered outsourcing local car brand production as it played its “sell Chinese factories” card. On the other hand, Toyota ha
Hyundai Motor Company is leading the electrification trend in the automotive industry in Indonesia, the world’s fourth-most-populous country and the world’s top nickel producer.According to the Association of Indonesia Automotive Industries (GAIKINDO) on Friday, Hyundai sold 3,913 electric vehicles
The Korean government will issue yen-denominated foreign exchange stabilization bonds, also known as samurai bonds, for the first time since the 1998 foreign exchange crisis in Korea. Private investors, including major Japanese banks, are being targeted. They are expected to help Korean companies to
Hanwha Group has been designated as the 26th global defense company. Its revenue for the past year amounted to US$4.38123 billion (approximately 5.65 trillion won). LIG Nex1 and Korea Aerospace Industries (KAI) have also ascended in the ranks, securing the 52nd and 56th positions, respectively. This
On July 28, Doosan Enerbility completed a continuous 240-hour operational test of its first domestically produced gas turbine engine with 270 MW output and initiated commercial operation at the Gimpo Combined Heat and Power Plant operated by Korea Western Power (KOWEPO). Through this achievement, KO
Samsung C&T announced on May 17th that it has signed a Memorandum of Understanding (MOU) with Diamond Generating Asia (DGA), a subsidiary of Mitsubishi Corporation, for the collaborative development and operation of a green hydrogen/ammonia project in Australia.Through this agreement, both companies
The national competitiveness ranking of Korea, invited to the Group of Seven (G7) Summit scheduled from May 19 to 21 in Hiroshima, Japan, has emerged as the sixth in the world, demonstrating a level comparable to G7 nations.On May 17, the Federation of Korean Industries (FKI) announced the findings
Attention is focusing on South Korea-Japan collaborations in the EV industry after their recent summit.At present, LG Energy Solution is the only South Korean EV battery maker that is doing business with Japanese automakers. It has supplied batteries to Nissan and Isuzu and is discussing a partnersh
Hyundai Motor Group ranked third in the global car sales standings last year, following Toyota and Volkswagen. This marked the first time Hyundai Motor Group has joined the Big 3 Club and in 12 years since the Korean carmaker beat Ford in 2010, taking fifth place.According to data from automotive gr
The heads of the top five South Korean business groups are scheduled to visit Japan on March 16 together with President Yoon Suk-yeol. There, a round table of the Federation of Korean Industries and the Japan Business Federation is scheduled for March 17.The South Korean and Japanese governments rec
The South Korean and Japanese governments are pushing ahead with third-party payment to wrap up their forced wartime labor issue. The plan is to set up a foundation so that South Korean enterprises that benefited from a 1965 agreement can raise financial resources and pay victims via the foundation.
Lotte Chemical will set up a global consultative body on clean ammonia with RWE, a German energy company, and Mitsubishi Corp. of Japan. It plans to cooperate with its partners to develop a large-scale clean ammonia production system and supply chain in Asia, Europe and the United States.As the firs