The Korean automobile industry including Hyundai Motor Group and the Korean battery industry have submitted a letter of opinion in order to ask the U.S. government to allow the use of key minerals for electric vehicle (EV) batteries produced in China for a limited period of time.Hyundai Motor Group
Domestic construction companies have shown a consecutive two-year increase in the amount of construction projects secured overseas, riding an upward trend.According to the International Contractors Association of Korea (ICAK) on Jan. 22, the total value of construction projects secured by domestic c
LG Innotek is speeding up its entry into the camera market for autonomous driving and the optical component market for Extended Reality (XR) by joining forces with a global lens manufacturing enterprise.LG Innotek announced on Jan. 18 that it has signed a main contract with AOE Optoelectronics, a Ta
The won-dollar exchange rate has been on the rise, leading to an influx of foreign selling. The KOSPI index experienced volatility as foreign investors unloaded their holdings, causing it to fall below the 2440 level from the previous day.On the morning of Jan. 18, the KOSPI is indicating a modest r
Hyundai Motor, Tesla, BYD, and Volkswagen, the top four players in the electric vehicle (EV) industry, have embarked on a race to mark down electric vehicle prices in major markets. The price cuts are a defensive move in response to the double whammy of slowing demand for EVs and the recent suspensi
South Korean ramen exports nearly reached US$1 billion last year. According to the Ministry of Agriculture, Food and Rural Affairs on Jan. 17, ramen exports stood at US$952.4 million last year and marked a whopping increase of 24.4 percent compared to the previous year. Ramen exports have been consi
Iljin Electric disclosed on Jan. 16 that it secured a contract with Malaysia’s state-owned electricity utility, Tenaga Nasional Berhad (TNB), on Jan. 9. The US$36 million contract involves the supply of materials and connection construction for a 52.4 km, 275 kV high-voltage underground cable projec
LG Electronics recently announced the establishment of an electric vehicle (EV) charger manufacturing plant in Fort Worth, Texas, in the U.S. The facility, covering an area of approximately 5,500 square meters, has the capacity to produce over 10,000 chargers annually.The Texas plant serves as a pro
SK ecoplant is strengthening cooperation with the US state of Nevada, which is rising fast as a hub for the U.S. electric vehicle and battery industry.SK ecoplant announced on Jan. 14 that it had a business meeting with Nevada Governor Joe Lombardo at a Las Vegas plant of its recycling subsidiary TE
HD Hyundai XiteSolution announced on Jan. 11 (local time) that it has signed a memorandum of understanding (MOU) with CNH, a leading global company in agriculture and construction machinery, at the CES 2024 event in Las Vegas, Nevada, in the U.S. The MOU focuses on establishing a joint research cent
South Korean passports took second place in the global passport power rankings. They moved up one spot from third place last year.The number of countries that give visa-free entry to Korean passport holders stood at 193, which means Korean passports claim second place, tied with Finland and Sweden,
In the global electric vehicle (EV) market, the market share of South Korean battery manufacturers has fallen below 50%. China’s CATL, previously dominant only in the domestic market, is now matching LG Energy Solution in the global market outside China, enhancing its presence significantly.Accordin
LG Energy Solution is actively expanding its business in North America. Following its success in electric vehicle batteries, the company is now accelerating its Energy Storage Systems (ESS) business. The growth of ESS is closely tied to the increasing generation of renewable energy.According to the
According to the BioEconomy Research Center of the Korea Biotechnology Industry Organization on Jan. 10, WuXi Biologics, a leading Chinese biopharmaceutical Contract Development and Manufacturing Organization (CDMO), is confirmed to be constructing a commercial biopharmaceutical raw material product
The Incheon Free Economic Zone Authority announced that Yoo Jeong-bok, mayor of Incheon Metropolitan City, participated in the Consumer Electronics Show 2024 being held from Jan. 9 to 12.At this year’s CES 2024, Incheon is operating a 132.23 square meter pavilion in the North Hall of the Las Vegas C
Samsung Electronics has been revealed to have been emitting toxic substances over the past decade at its Bac Ninh plant in Vietnam, failing to take appropriate measures. According to Newstapa on Jan. 9, the American investigative journalism outlet The Examination reported this issue based on a conve
Hyundai Motor Company today presented its vision for a hydrogen-powered, software-driven transformation beyond mobility applications at CES 2024. Under the theme ‘Ease every way,’ the company held its Media Day at the Mandalay Bay Convention Center in Las Vegas to highlight its future blueprint for
In 2023, overseas construction orders totaled US$33.31 billion, exceeding US$30 billion for the fourth consecutive year. However, it is just short of the target of US$35 billion.According to the Ministry of Land, Infrastructure, and Transport (MOLIT) on Jan. 8, 321 Korean overseas construction compa
The joint battery plant of Chinese battery maker CATL and U.S. automaker Ford in the United States is not excluded from those eligible for subsidies under the local Inflation Reduction Act (IRA) of the U.S. government, a leading Chinese newspaper reported.“Ford has not found anything in the IRA or i
After facing performance setbacks last year, Amorepacific is aiming for a rebound in the U.S. market this year.A report released by Kiwoom Securities on Jan. 5 forecasts that Amorepacific’s revenue for this year will be 4.2177 trillion won, with operating profits expected to be 406.1 billion won.In