Once recognized as a profitable commodity, secondary batteries recorded their first-ever trade deficit this year.The deficit can be attributed to the Korean battery industry’s expanded overseas investment in response to new trade environments like the U.S. Inflation Reduction Act (IRA) and the sharp
Hyundai and Kia have agreed to compensate victims in a class-action lawsuit against the two Korean automakers over vehicle thefts in the United States.Hyundai and Kia announced on Nov. 18 (local time) that they reached an agreement to settle the class action lawsuit and expected to pay a total of 20
HD Korea Shipbuilding & Offshore Engineering (KSOE) announced on May 19 that it has signed a contract on the construction of two petrochemical carriers (PCs) with an African shipping company. The order is 117.3 billion won (US$88.51 million). The ships will be built by Hyundai Mipo Shipbuilding and
The Federation of Korean Industries (FKI) has announced a reform plan to change its name to the Korean Businesspeople Association (KBA) and to transform itself into a think-tank-type economic organization by absorbing and integrating its research units. The organization appears to be making a concer
HMM, a South Korean shipping giant, has joined the race to acquire Hyundai LNG Shipping, the country's top liquefied natural gas (LNG) transporter.According to industry insiders on May 18, HMM has expressed its intention to IMM Private Equity to carry out due diligence and participate in the mai
Lotte Construction and Hyundai Engineering have shown interest in Ukraine's post-war reconstruction and petrochemical projects.On May 16, the Ukrainian Ministry of Economic Development announced during the Korea-Ukraine Future Cooperation Meeting held at the Chamber Lounge of the Korea Chamber o
Global non-life insurers have been entering the Korean market one after another. The Korean insurance market ranks seventh or eighth in the world.Star International Insurance Singapore is expected to target the Korean travel insurance and accident insurance markets beginning from 2024 if it receives
The Korean government and industry have begun to promote the Carbon Free Energy (CFE) system. CFE is a campaign to use 100% energy sources that do not emit greenhouse gases. It is regarded as a way to respond to the RE100 campaign, which requires 100 percent of electricity to be supplied through the
Hyundai Mobis is set to introduce M.Brain, a new brainwave-based technology for vehicles and healthcare, to be utilized for child psychological counseling.Hyundai Mobis announced on May 17 that it had improved the design and wearability of M.Brain, a driver inattentiveness monitoring system using br
According to industry sources on the 17th, the U.S. International Trade Commission (ITC) has determined that automotive component companies from Taiwan and the United States have infringed upon multiple patents held by Hyundai and Kia.On the same day, the ITC announced through a public notice that t
The Chevrolet Trailblazer, produced by GM Korea, has topped the monthly sales in the U.S. small sports utility vehicle (SUV) market.According to GM Korea and U.S. market research firm JD Power on May 17, the Trailblazer sold 11,130 units in the U.S. last month, a 176.3% increase from the same month
The total accumulated auto exports up to April this year reached a record a high of $23.2 billion, with the trade surplus also reaching a record among exported items at $17.7 billion, playing a leading role in the trade balance. The export volume of $6.2 billion in April also set a record for the hi
Kia is considering investing in building a new electric vehicle (EV) production plant in Mexico. The move is seen as a step toward increasing local production in response to the U.S. Inflation Reduction Act (IRA). As the IRA provides subsidies in the form of tax credits only for electric vehicles pr
Major corporations such as Samsung, SK, Hyundai, and LG are deep in deliberation over their contributions to the “Korea-Japan Future Partnership Fund,” an initiative by the Federation of Korean Industries (FKI) and Keidanren (Japan Business Federation).In March, both organizations contributed approx
Hyundai and Kia are enjoying strong sales growth in India, which has emerged as the world's third-largest auto market. Kia, in particular, saw its sales increase by more than 20 percent year on year from January through April 2023.Hyundai’s and Kia's combined sales stood at nearly 300,000 un
The author is an analyst for NH Investment & Securities. He can be reached at junsup@nhqv.com -- Ed.Hyundai M&F’s non-consolidated NP for 1Q23 (its first IFRS17 earnings announcement) exceeded W300bn. Although we are a little disappointed by forecast fluctuations and CSM-related uncertainties, we no
Hyundai Motor’s Indonesian plant has broken through the milestone of production of 100,000 units in one year, a first for the plant. This gives a green light to Hyundai’s plan to increase its share in the local and ASEAN markets by using the plant as a bridgehead.The cumulative production volume of
The author is an analyst for Shinhan Securities. She can be reached at yjjung86@shinhan.com -- Ed.1Q23 OP meets consensus at KRW60.2bn (+98% YoY, -42% QoQ)Hanon Systems posted operating profit of KRW60.2bn (+98% YoY, -42% QoQ) on sales of KRW2.3tr (+18% YoY, -0% QoQ) for 1Q23, meeting the market con
Samsung Electronics, the provider of Samsung Pay, has notified all Korean credit card companies that it will no longer extend its free Samsung Pay service agreements with them. Credit card companies are regarding this as the sign that Samsung is planning to charge fees for Samsung Pay just like Appl
The Korean government will launch a major support program to support the Korean shipbuilding industry. It will provide 180 billion won (US$135 million) in support for the development of core technologies for future ships in 2023 alone and will also expand refund guarantees (RGs) to help Korean shipb