LG Innotek is speeding up its entry into the camera market for autonomous driving and the optical component market for Extended Reality (XR) by joining forces with a global lens manufacturing enterprise.LG Innotek announced on Jan. 18 that it has signed a main contract with AOE Optoelectronics, a Ta
Almac, a Korean electric vehicle (EV) parts company, announced on Jan. 18 that it has signed a new contract with Kenona, a U.S. EV parts company, to supply EV platform frame parts worth 10.7 billion won (US$8.00 million).The ordered parts will be supplied from February to October. Almac will supply
POSCO International announced on Jan. 18 that it has secured an order for 1.03 million units of drive motor cores. These cores will be utilized in electric vehicles of the Seltos class, which Hyundai Motor and Kia Motors plan to produce locally in Europe from 2025 to 2034. The drive motor cores will
A forecast has emerged predicting substantial growth in South Korea’s exports this year. On Jan. 18, the Bank of Korea (BOK) published an issue note titled “Assessment and Insights on Global Growth and Trade Post-Pandemic – BOK Issue Note.”The BOK foresees an expansion in South Korea’s export growth
South Korean ramen exports nearly reached US$1 billion last year. According to the Ministry of Agriculture, Food and Rural Affairs on Jan. 17, ramen exports stood at US$952.4 million last year and marked a whopping increase of 24.4 percent compared to the previous year. Ramen exports have been consi
SK on, a leading global electric vehicle battery manufacturer, will strengthen its partnership with Solid Power, a U.S.-based leading developer of solid-state battery technology, to accelerate the development of all-solid-state batteries (ASSBs).SK on announced today it signed a research and develop
Iljin Electric disclosed on Jan. 16 that it secured a contract with Malaysia’s state-owned electricity utility, Tenaga Nasional Berhad (TNB), on Jan. 9. The US$36 million contract involves the supply of materials and connection construction for a 52.4 km, 275 kV high-voltage underground cable projec
LX International announced on Jan. 16 that it has acquired 60% ownership of the AKP mine in Indonesia for 133 billion won (US$98.9 million), securing management rights.The acquisition was completed through LX International’s Indonesian subsidiary PT.EBI, which paid the full price for the AKP mine st
Samsung Electronics announced on Jan. 16 that its 2024 The Frame has become the first display to receive an ArtfulColor Validation certification from Pantone, recognizing its outstanding color reproduction and differentiated picture quality.Pantone, the global color company, awards an Artful Color V
Hyundai Motor Group has sold its Chongqing plant in China for about 300 billion won. This has reduced the number of production bases in China from five to three since Hyundai entered the country in 2002. The decision was made to reorganize the structure of its Chinese business, thereby boosting its
Korea’s automobile exports hit a record high of USUS$70.9 billion in 2023.Korea’s automobile exports increased 31.1 percent year on year to US$70.9 billion last year, according to 2023 annual automotive industry data released by the Ministry of Trade, Industry and Energy (MOTIE) on Jan. 16. This sur
The government has recently come up with a new plan for the promotion of the robot industry, aiming to invest over 3 trillion won (US$2.24 billion) in the public and private sectors by 2030 to deploy one million robots across various industrial and societal sectors.The Ministry of Trade, Industry, a
Lotte Chemical said on Jan. 15 that its plan to sell its Pakistani subsidiary engaged in non-core businesses, such as the production of high-purity terephthalic acid (PTA), has been canceled due to unstable situations in Pakistan.Lotte Chemical announced that a share purchase agreement it signed wit
Samsung Electronics and SK hynix will build the world’s largest and best semiconductor mega cluster in the southern part of Gyeonggi Province with a total investment of 622 trillion won. The Korean government will support this project by creating infrastructure and an investment environment, strengt
Samsung SDI has acquired a stake in a Canadian nickel mine developer to strengthen its supply chain for key minerals for battery materials.According to an announcement from Canada Nickel on Jan. 15, Samsung SDI has signed an agreement to acquire a stake in Canada Nickel worth US$18.5 million. Samsun
Samsung Heavy Industries and Hanwha Ocean are expected to wrap up shipbuilding contracts in March. QatarEnergy has expanded the size of its second phase LNG carrier ordering project.QatarEnergy, Qatar’s state-run energy company, has increased the number of reserved slots at Samsung Heavy Industries,
LG Electronics recently announced the establishment of an electric vehicle (EV) charger manufacturing plant in Fort Worth, Texas, in the U.S. The facility, covering an area of approximately 5,500 square meters, has the capacity to produce over 10,000 chargers annually.The Texas plant serves as a pro
SK ecoplant is strengthening cooperation with the US state of Nevada, which is rising fast as a hub for the U.S. electric vehicle and battery industry.SK ecoplant announced on Jan. 14 that it had a business meeting with Nevada Governor Joe Lombardo at a Las Vegas plant of its recycling subsidiary TE
It has been reported that China, which has implemented export controls on graphite, a key material for battery cathodes, since December of last year, has granted permission for the export of graphite to major battery companies in South Korea. However, there remains the possibility of further tighten
Due to a slowdown in global demand for electric vehicles, leading to an “oversupply,” the prices of battery materials have significantly fallen. Companies in this sector are noticeably tense. According to Taiwan’s market research firm TrendForce on Jan. 14, in December last year, the prices of lithi