Volvo Group Korea, a specialized excavator manufacturer, announced on April 24 that it has completed the construction of Asia’s first group battery pack production facility at its Changwon Plant in South Gyeongsang Province, South Korea.On April 23, Volvo Group Korea held a ceremony at the Changwon
LG Energy Solution has declared war against technology theft, believing that patent infringement by overseas battery-related manufacturers in regions like China and Europe is severe. The company’s own investigation revealed 580 cases of confirmed patent infringement. They are ready to pursue legal a
Macrogen, a global genome analysis company, has officially started building the largest Global Genome Center in Asia.The Incheon Free Economic Zone Authority announced that Macrogen held a groundbreaking ceremony on April 24 at the Advanced Industry Cluster in Songdo International City, Zone 5, for
Seoul Mayor Oh Se-hoon held a press briefing at Seoul City Hall on April 24 to announce a comprehensive plan to develop the Han River. The plan is a sequel to the Great Han River Project launched in March last year with the goal of creating a waterfront city in Seoul.Accordingly, the city aims to cr
The Korean construction industry is on edge due to the conflict between Israel and Iran and between Israel and Hamas, which has led to a decline in orders from the Middle East and concerns about lower profitability due to rising raw material prices. The Middle East is a big overseas market for Korea
Toss Lab, the provider of the enterprise collaboration tool JANDI, announced that it has been honored with the 'Technology Rising Star Partner of the Year' award at the AWS Partner Summit Seoul 2024. This prestigious award is presented to an AWS Independent Software Vendor (ISV) partner that has dem
OCI Holdings announced on April 23 that it will expand its solar power business in earnest after signing a memorandum of understanding (MOU) for investment cooperation with the Malaysian central government at the KL20 Summit 2024, a global investment attraction event held in Kuala Lumpur, Malaysia,
A Canadian trade mission led by Canadian Minister of International Trade Mary Ng visited HD Hyundai and Hanwha Ocean.According to industry sources, the visiting Canadian trade delegation toured HD Hyundai and Hanwha Ocean’s facilities on April 22 at the invitation of the two Korean shipbuilders.Cana
Hyundai Mobis, a global leading company in the electric vehicle supplier, announced the construction of a new plant in Spain, the heart of Europe's automotive market. Mobis currently operates battery system production facilities in Korea, China, and the Czech Republic and is building several more in
Instagram has surpassed Naver and YouTube to claim the spot of Korea’s second-most-used app.On April 23, sample data from domestic smartphone users by app and retail analysis service WiseApp showed that Instagram’s average monthly launch count for the first quarter was 14.93374 billion times. This p
Hyundai Motor Group has signed a power purchase agreement for 147 megawatts (MW) of solar power to run an electric vehicle factory under construction in the U.S. state of Georgia with renewable energy.Hyundai Motor Group announced on April 22 that it recently signed a 15-year long-term power purchas
The author is an analyst for Shinhan Securities. He can be reached at ldh@sinhan.com -- Ed.1Q24 review: OP of engines surpasses construction equipmentHD Hyundai Infracore posted sales of KRW1.16tr (-10% YoY), operating profit of KRW92.8bn (-39% YoY), and operating margin of 8% (-3.8%p YoY) for 1Q24.
The author is an analyst for Shinhan Securities. She can be reached at sunmi.kim@shinhan.com -- Ed.Strong top-line drives earnings surprise & annual forecast revisionHyundai Engineering & Construction posted sales of KRW8.5tr and operating profit of KRW250.9bn for 1Q24, beating consensus estimates b
The number of affiliates belonging to Korea’s conglomerates crossed 3,000 for the first time in 2023. The increase is the result of business diversification in response to an unstable global business environment, but the increase has generated many negative side effects.As of May 2023, the number of
Lotte C&T announced on April 21 that it held the 2024 Sky Run, a vertical marathon event, at Lotte World Tower in Jamsil, Seoul on April 21. The Sky Run is the largest vertical marathon event in Korea, with runners climbing 2,917 stairs from the first floor to the 123rd floor of Lotte World Tower.Sk
The New Zealand Wine Festivals, which promise an unforgettable experience of New Zealand culture and remarkable wines, are returning this year by popular demand. The events in Seoul and Busan will leverage the growth and recognition of an array of New Zealand’s premium wines.“New Zealand wine is a f
As of last year, the cumulative overseas sales of the Korea Electric Power Corporation (KEPCO) reached a total of 41.8 trillion won (US$30.29 billion). More than half of the overseas sales came from nuclear power projects.According to KEPCO on April 18, the cumulative overseas sales of the company a
On April 17, Chairman Shin Dong-bin of Lotte Group visited the Lotte Energy Materials’ smart factory in Kuching in the state of Sarawak in Malaysia to inspect the secondary battery material business and engage with local employees.Since 2019, Lotte Energy Materials has been producing copper foil in
bereum co.,ltd, a specialist in postbiotic, led by CEO Hwan Kwon Il, has signed an export and supply contract worth $980,000 for postbiotic pet food with Tecnocalidad of Colombia, under the leadership of CEO Harvey Ibanez Ortiz.Tecnocalidad is a subsidiary responsible for product imports of Agrocamp
After years of double-digit growth, the global electric vehicle market is entering a chasm, considered to be a slowdown in demand just before mass adoption. Global automakers that have been aggressively investing to expand their electric vehicle lineups are scrambling for survival by making use of a