LG Energy Solution has embarked on establishing a solid supply chain for the expansion of its lithium iron phosphate (LFP) battery business.On Feb. 22, LG Energy Solution announced a long-term supply contract for LFP cathode materials used in electric vehicles (EVs) and Energy Storage Systems (ESS)
CJ Logistics announced on Feb. 22 that it has established an integrated logistics center for the globally renowned shoe brand Crocs in Icheon, Gyeonggi Province.Spanning an area of 20,000 square meters, the new facility can handle up to 50,000 boxes per day, doubling the capacity compared to the pre
The Export-Import Bank of Korea (Korea Eximbank) announced on Feb. 22 that it has signed a memorandum of understanding (MOU) with Germany’s KfW IPEX-Bank (KfW IPEX) for cooperation in the field of advanced industries and supply chains.KfW IPEX is a subsidiary fully owned by the German federal govern
Kumho Tire has achieved a series of excellent results in a tire performance test conducted by ADAC, a world-class automotive magazine published in Germany.In the summer tire performance test organized by ADAC Magazine, which has a 120-year history and the largest circulation in Germany, Kumho Tire’s
General Motors (GM) is considering investing to build a plug-in hybrid electric vehicle (PHEV) production facility at its Bupyeong plant in Incheon, Korea.GM is considering investing in the construction of a PHEV facility at its Bupyeong plant, according to sources in the automobile industry on Feb.
LG Innotek has taken a significant step towards dominating the autonomous driving camera market by developing a “high-performance heating camera module” suitable for harsh winter conditions.On Feb. 20, LG Innotek announced the development of a high-performance heating camera module for autonomous dr
Carrot General Insurance announced on Feb. 19 that it has secured a contract for the implementation of Behavior Based Insurance (BBI) solutions with Indonesia’s Lippo General Insurance.This contract acquisition marks the first instance where Carrot’s inherent technological expertise and data capabil
Hyundai Motor Group which runs Hyundai Motor, Kia Corp. and Genesis sold a total of 7.34 million vehicles globally in 2023, ranking third in sales, according sources in the automobile industry. This marked the second consecutive year that the group has ranked among the big three.Toyota Group, with b
South Korea’s exports to China are expected to surge in 2024 due to a recovery of the IT market in China. However, South Korea is unlikely to record a large trade balance surplus as in the past due to an increase in imports of Chinese batteries and the declining competitiveness of Korean products.“I
Hyundai Motor Company is recalling about 90,000 Genesis vehicles in the United States due to the risk of engine fire.Hyundai Motor America is recalling a total of 90,907 vehicles, including the 2015-2016 Genesis, the 2017-2019 Genesis G80-G90, and some 2019 Genesis G70 cars, according to the Nationa
Despite the current economic downturn, South Korea’s top three battery manufacturers are ramping up their investments in infrastructure this year to strengthen their business foundations. According to industry sources on Feb. 18, LG Energy Solution plans to invest approximately 10.9 trillion won in
SK telecom and KT have announced their plans to showcase advanced technologies based on artificial intelligence (AI) at the Mobile World Congress (MWC) 2024, which opens on Feb. 26 in Barcelona, Spain. SKT is set to occupy a large exhibition space of 992 square meters in the Fira Gran Via Hall 3, un
Global sales of hydrogen vehicles fell more than 30 percent in 2023 from the previous year. The decline was largely due to a slump in sales of Hyundai Motor which ranked first in the global hydrogen vehicle sales standings and held the majority of the global hydrogen vehicle market share.The total n
Hanwha Aerospace is building the largest private space launch vehicle production facility in South Korea.The company announced on Feb. 15 that it held a groundbreaking ceremony for the tentatively named “Space Hub Launch Vehicle Manufacturing Center” in Suncheon, South Jeolla Province, on the same d
Korean forklifts set a new export record last year, benefiting from the increased demand for factory expansions in North America due to supply chain restructuring.According to the Customs Service’s export and import trade statistics on Feb. 14, Korea exported forklifts (forklift trucks and industria
Hanon Systems (018880) announced on Feb. 14 that its preliminary consolidated financial results for last year showed an operating profit of 277.2 billion won (US$207.9 million), up 8.1% from the previous year. Sales revenue increased by 10.8% to 9.5593 trillion won and net income rose by 120.2% to 5
Global electric vehicle registrations, excluding those in China, crossed 5.5 million units in 2023, marking a growth rate of 30 percent. Hyundai and Kia also fared well, ranking fourth in global deliveries.About 5,648,000 electric vehicles were registered globally in 2023, excluding those China, up
LS Eco Advanced Materials, a subsidiary of LS Cable & System, announced that it has signed a memorandum of understanding (MOU) with the German-based Vacuumschmelze, the largest permanent magnet manufacturer in Europe, to establish a joint venture corporation.The two companies plan to establish the j
News about BYD’s entry into South Korea has drawn attention to changes in the share of the South Korean electric vehicle market dominated by Hyundai Motor. BYD is a Chinese electric vehicle maker. Experts predict that BYD’s price competitiveness will play a big role in determining its success in the
SAESOL Tech, at the forefront of providing security solutions for autonomous connected cars under the leadership of CEO Junhyouk Han, is delighted to announce the recent achievement of Grade 1 GS (Good Software) Certification for its flagship solution, V2X SCMS. This certification underscores SAESOL