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
Korean shipbuilders lagged behind Chinese shipbuilders to take second place in global ship orders in January.Global ship orders totaled 2.57 million CGT (96 ships) in January, down 26 percent year on year, according to Clarkson Research, a U.K.-based shipbuilding and shipping market research firm. O
Hyundai Motor and Kia Corp. are looking to ramp up their market shares by introducing more than five new electric vehicle models this year. The electric vehicle market, which grew rapidly, has slowed down somewhat, but the two automakers are expediting their electrification transition with the new m
According to industry sources on Feb. 12, Hanwha Impact, an affiliate of Hanwha Group, recently received final approval for a merger related to the acquisition of HSD Engine from the Korea Fair Trade Commission. This came one year after the company signed a memorandum of understanding for a stock pu
Korea’s four major oil refiners are posting a gradual drop in their exports to China. They are diversifying their export destinations to Australia, Japan, and other countries to fill the void. China used to be Korea’s top petroleum product export market.According to the Korea National Petroleum Asso
It has been revealed that the dividend payouts of major domestic companies increased by nearly 10 percent last year. Particularly noteworthy is the recent announcement by the government regarding the introduction of the “Corporate Value-Up Program” aimed at addressing the “Korea Discount,” which ref
Following the announcement of the government’s introduction of a program to enhance corporate value, stocks with a low price-to-book ratio (PBR) showed strength. Over the past two weeks, foreign investors’ net purchases on the KOSPI surpassed 5 trillion won. While low PBR stocks surged due to foreig
The Ministry of Land, Infrastructure, and Transport (MOLIT) announced that a voluntary recall will start for about 40,000 vehicles from Hyundai Motor Company, Mercedes-Benz Korea, BMW Korea, Honda Korea, and Man Truck Bus Korea for manufacturing defects.According to MOLIT on Feb. 8, 18,664 Hyundai K
President Yoon Suk-yeol reiterated the importance of adopting a global standard to address the “Korea Discount,” which indicates the undervaluation of the domestic stock market, during his televised speech on Feb. 7. This has sparked increased interest in low price-to-book ratio (PBR) stocks among i
Hyundai Glovis has secured four of the world’s largest pure car and truck carriers (PCTCs). They are expected to help alleviate a shortage of vessels for the Korean automobile industry.Hyundai Glovis announced on Feb. 6 that it signed a memorandum of understanding (MOU) with Korea Ocean Business Cor
Despite a slowdown in the growth of electric vehicles, it was revealed that the usage of electric vehicle batteries increased by 38.6 percent last year compared a year earlier. Chinese companies CATL and BYD jointly secured the top two positions in the global market. The market share of South Korea’
Hyundai Engineering & Construction announced on Feb. 7 that it has been awarded the highest grade in the climate change response sector, “Leadership A,” by the Korean Committee of the Carbon Disclosure Project (CDP), a global sustainable management evaluation organization.Leadership A is a grade awa
Hyundai Rotem’s U.S. subsidiary has won an electric vehicle supply order. The company announced on Feb. 6 that Hyundai Rotem USA was selected as the final bidder for the LA Metro electric train supply project ordered by the Los Angeles County Metropolitan Transportation Authority. The business is va
Korean carmakers and car importers are in a flurry of activity as the Korean Ministry of Environment laid out a plan on Feb. 6 to change subsidies for electric vehicles (EVs) in 2024. According to the revised plan, Hyundai and Kia will remain at the same level, while mid-sized Korean-based carmakers
Samsung Heavy Industries has secured a second-phase project for liquefied natural gas (LNG) carriers worth 4.6 trillion won (US$2.5 billion), following HD Hyundai Heavy Industries, marking another success for two of South Korea’s major shipbuilders in the Qatar LNG project.On Feb. 6, Samsung Heavy I
SK innovation reported on Feb. 6 that its revenue for the last year amounted to 77.2885 trillion won (US$58.2400 billion) with an operating profit of 1.9039 trillion won. Compared to the previous year, revenue and operating profit decreased by 0.98% and 51%, respectively.In the fourth quarter of las
The global leading automotive company Toyota, which has been embroiled in a “quality certification fraud” scandal, announced a record-breaking net profit of 4.5 trillion yen, equivalent to 40.2 trillion won or US$30.28 billion, for the fiscal year 2023, spanning from April 2023 to March 2024. The pr
Hyundai Motor India, Ltd. (HMIL) is reportedly pushing for an initial public offering (IPO) on the Indian stock market later this year. HMIL is a wholly owned subsidiary of Hyundai Motor Company.According to media outlets in India, HMIL is in early-stage negotiations for an IPO later this year. Hyun
For the third year in a row since 2020, HL Mando changed the first digit of its annual sales figure, ushering in the era of 8 trillion won in sales.HL Mando announced on Feb. 5 that its sales increased 11.7 percent from the previous year to 8.3930 trillion won (US$6.3255 billion) and its operating p
LS Electric announced on Feb. 5 that it has held a completion ceremony for the Durango factory in Mexico of its electric vehicle component subsidiary, LS e-Mobility Solution.The ceremony was attended by about 50 key figures, including Koo Ja-kyun, chairman of LS Electric; Kim Won-il, representative