Kia Corp. will break up with its joint venture partner in China, Dongfeng Motor Corp., after 20 years of partnership.Dongfeng Motor, one of China’s four major state-run automobile groups, is producing automobiles in China under the Dongfeng Yueda Kia brand. Dongfeng Yueda Kia is a three-way joint ve
Startup Alliance Korea said on Dec. 9 that this year’s domestic startup investment is expected to exceed 20 trillion won.Last year, the investment was approximately 11.6 trillion won, consisting of 9.0815 trillion won from the government and domestic investment companies and 2.5 trillion won or so f
Hyundai Motor Co. plans to invest US$530 million by 2028 to launch six electric car models in India, a market where the company is No. 2 player.“We want to be a key contributor to the electric vehicle story in India,” said Tarun Garg, director of sales and marketing for Hyundai Motor India, Hyundai
Korea is ranked fifth in the world in terms of digital potential, the Nihon Keizai Shimbun (Nikkei) reported on Dec. 7, quoting a survey conducted by the Japan Center for Economic Research (JCER).The survey selected Korea as a leading country in digital transformation (DX), which will determine econ
Kia Corp.’s global sales are expected to surpass 2.8 million units in 2021, a level that falls short of its annual target of 2.92 million units but is close to its performance in 2018 before the outbreak of COVID-19.The company sold 2,570,478 units in the first 11 months of this year. Domestic sales
SK Group chairman Chey Tae-won hosted the Trans-Pacific Dialogue on Dec. 6 at the Salamander Resort near Washington, D.C. There, he said that South Korea, the United States and Japan need to respond together to global issues such as supply chain setbacks, climate change, nuclear weapons in the Korea
EOFlow Co., a provider of wearable drug delivery solutions, announced on Dec. 8 that it has signed a contract with PT Prasasti Nusantara Sukses of Indonesia to supply 45.3 billion won worth of 'EOPatch,' a disposable and wearable insulin pump.The company said the contract amount represented
The U.S. Federal Trade Commission (FTC) has filed a suit against Nvidia to block its acquisition of Arm, a British semiconductor design company, saying the deal would stifle competition.“The FTC is suing to block the largest semiconductor chip merger in history to prevent a chip conglomerate from st
SK Group chairman Chey Tae-won said that his group has no plan to build a semiconductor manufacturing plant in the United States, adding, however, that it is studying preconditions for such an investment.The U.S. is a huge market but human resources and cost are problems, Chey said in an interview w
Competition in the electric vehicle (EV) battery market is narrowing to a two-runner race between Korea and China. While Korean battery makers are joining forces with U.S. automakers, Chinese battery companies are also bulking up based on subsidies and tax support from the Chinese government.The tot
The Korea Institute for International Economic Policy said in its recent report that more thorough supply chain risk management is required regarding South Korean industrial items highly dependent on Japan and more long-term efforts are required for source technology development and supply chain div
SK Group chairman Chey Tae-won met with Conni Jonsson, chairman of Swedish investment company EQT Partners AB, which is affiliated with the Wallenberg Family, on Dec. 3 and discussed ways to cooperate with each other.The Wallenberg Family is considered one of the world’s best business groups in the
A survey has found that Hyundai Motor Co. is the No. 1 brand that is searched on Google with “incorrect spellings.” Although the number of searches is increasing due to the increased brand interest in Hyundai Motor, many foreigners searched for the Korean automaker with an incorrect spelling due to
SK Group is seeking to appease the Chinese government after the United States put the brakes on its plan to bring in advanced semiconductor equipment to its Chinese plant.Seo Jin-woo, the group's vice chairman in charge of its China business, met with Wu Zhenglong, governor of Jiangsu Province,
SK Group’s holding company SK Inc. has merged with SK Materials, a semiconductor and display material affiliate. The merged company was officially launched on Dec. 1SK Inc. announced the merger plan in August. It decided to merge SK Materials in a bid to secure a competitive advantage in four areas
The Born2Global Center announced on Nov. 30 that its member company, VisualCamp, was named one of the three grand finalists in the Frontier Digital Technology sector of SLINGSHOT 2021, a startup pitching contest in Singapore.SLINGSHOT is an event held as part of Singapore Week of Innovation and Tech
The Ministry of Trade, Industry and Energy announced on Nov. 30 that the combined capacity of the fuel cell power generation facilities built in South Korea before November this year is 714 MW, the largest in the world, and the capacity is 174 MW larger than that of the United States, which has the
Hyundai Engineering announced on Nov. 30 that it has won a super-large gas plant construction project worth about 2 trillion won from Saudi Arabia’s state-run oil company Aramco.On hand at the signing ceremony in Saudi Arabia were Kim Chang-hak, president of Hyundai Engineering, and Abdulkarim A. Al
The Defense Acquisition Program Administration (DAPA) recently held a meeting on defense technology protection and announced that it would set up a new agency for tighter security control in the defense sector.This has to do with the fact that cyberattacks targeting South Korean defense companies ar
The popularity of Korean foods is increasing worldwide. According to the Korea International Trade Association, South Korea’s food and beverage exports totaled US$5,324.49 million for the first eight months of this year, up 16.3 percent from a year ago. The export figure exceeded US$7 billion last y