In the domestic automotive market, a significant deceleration in the demand for electric cars is becoming apparent. Specifically, there will also be a decrease in government subsidies for electric car purchases this year. The aversion of domestic consumers towards electric cars, which are positioned
Samsung Heavy Industries has secured an order worth about 2 trillion won for a Floating Liquefied Natural Gas (FLNG) facility. With this order, Samsung Heavy Industries now commands 71% of the global market share for new FLNG construction contracts.On Jan. 2, Samsung Heavy Industries disclosed that
The demand for spandex, a functional fiber known for its strength and elasticity and widely used in clothing such as hiking apparel and leggings, is showing signs of recovery. This has led to Hyosung TNC’s spandex facilities operating at over 90% capacity.Industry sources reported on Jan. 2 that the
Korea Aerospace Industries (KAI) announced on Jan. 2, 2024, that it has completed the delivery of 12 FA-50GF aircraft to Poland just 15 months after signing the export contract.KAI stated, “After signing a contract in September 2022 for the export of 48 FA-50 jets to Poland, the first and second FA-
The foundry business that produces batteries developed and designed by customers is rising as a hot issue in the battery industry with automakers set to launch a large number of new electric vehicle (EV) models this year.The foundry business generally belongs to the semiconductor industry. In the 19
South Korea recorded a trade deficit of US$9.97 billion last year, marking the second consecutive year of deficit since 2022. However, the trade deficit in the past year contracted compared to 2022 when it was US$47.78 billion, primarily due to the recovery in exports in the latter half of the year.
In December of last year, domestic semiconductor exports recorded the highest annual growth rate yet. The prices of memory semiconductors, the main export products of Samsung Electronics and SK hynix, have consistently been on the rise.According to the Ministry of Trade, Industry, and Energy on Jan.
In 2024, Hyundai Motor Group is focusing its business on transitioning to Purpose-Built Vehicles (PBVs) and Software-Defined Vehicles (SDVs).Hyundai Motor Group’s PBV strategy takes its first step with Kia unveiling its PBV lineup at the Consumer Electronics Show (CES) 2024, after a five-year hiatus
According to industry sources on Jan. 1, Hanwha Ocean is set to make a pioneering move by installing lithium-ion batteries in a 3,000-ton class submarine (KSS-III Batch-II), a first in South Korea's submarine history. Traditionally, submarines operate by using diesel engines to charge batteries, whi
The National Tax Service (NTS) announced on Dec. 28 that it has collected 1.35 trillion won (US$1.05 billion) in tax assessments in the area of overseas tax evasion alone through tax investigations conducted this year. The figure exceeds the average annual collection for the three years before the C
Last month witnessed a turnaround in domestic production and consumption with an increase, while investments declined for the second consecutive month.According to the “Industrial Activity Trends for November 2023” report released by Statistics Korea on Dec. 28, overall industrial production, exclud
LS Group announced on Dec. 28 that it plans to invest over 2 trillion won to venture into the secondary battery materials sector. LS Corporation, the holding company, and its subsidiary, LS MnM, is set to embark on the construction of production facilities for secondary battery materials in earnest
On Dec. 27, POSCO Holdings announced that it signed a joint venture agreement with China’s Zhongtai Cryogenic Technology on Dec. 22 for the production of high-purity rare gases. POSCO Holdings and Zhongtai will hold 75.1% and 24.9% in the joint venture, respectively.Zhongtai, listed on the Shenzhen
The recently sold Hyundai Motor Russia plant, acquired by a Russian company for a mere 10,000 rubles, approximately 140,000 won (US$108), is showing signs of resuming operations early next year.Interfax reported on Dec. 26 (local time) that the Hyundai Motor plant in St. Petersburg, Russia is expect
As a consequence of the aftermath of the Russia-Ukraine war, Samsung Heavy Industries has suspended the production of blocks and components for 10 out of 15 liquefied natural gas (LNG) carriers contracted with a Russian shipyard. This move aligns with the international community’s collaborative effo
SK on, a battery subsidiary of SK Innovation, is collaborating with domestic and foreign companies possessing global-level core technologies to advance the intelligence of battery production equipment.On the afternoon of Dec. 26, SK on announced the signing of a six-party memorandum of understanding
The rivalry in the advanced 2-nanometer (nm) semiconductor process among leading chipmakers from South Korea, Taiwan, and the United States is expected to intensify next year.According to industry reports on Dec. 25, global foundry leaders – Taiwan’s TSMC (first in the industry), South Korea’s Samsu
Samsung Electronics has postponed the start of mass production at its new semiconductor factory in Taylor, Texas, to the year after next. Initially, mass production was expected to begin by next year. The delay is speculated to be due to issues related to U.S. government subsidies and various permit
On the morning of Dec. 23 a fire broke out at POSCO’s Pohang Works, temporarily halting the operation of three blast furnaces. The government and POSCO said that the restart of the furnaces after putting out the fire would not cause any major disruption to the production and supply of products. Howe
Leading defense industry companies in South Korea, including Hanwha Aerospace, Korea Aerospace Industries (KAI), LIG Nex1, Hyundai Rotem, and Hanwha Ocean, have hit “contract jackpots” in countries like Poland and Australia, marking a significant shift for South Korea from a defense equipment import