Amid concerns of dampened consumer sentiment in the latter half of this year, imported car manufacturers are launching aggressive discount campaigns.According to industry sources on Aug. 23, the “Big Three” German car manufacturers – BMW, Mercedes-Benz, and Audi – initiated their discount promotions
The author is an analyst for Shinhan Securities. He can be reached at jinmyung.lee93@shinhan.com -- Ed.Kukdo Chemical reported profit gains in 2Q23 despite weak ASP, backed by sales volume growth. The Chinese epoxy resin unit returned to profit. However, epoxy market conditions continued to be weigh
A bad feeling is growing among makers of electric vehicles that previously enjoyed rapid sales growth in the global automobile market. This is because their sales growth is staying on the skids year on year in major markets such as Korea, China, and the United States.According to the Korea Automobil
Korean materials companies are considering launching research about LFP cathode materials, but this is the first time they have officially announced that.EcoPro BM and POSCO Future M started developing LFP cathode materials in earnest from the second quarter of this year, according to their semi-ann
Midsize domestic automakers gearing up for electric vehicle production in South Korea are actively seeking partnerships with overseas battery suppliers from countries like China and Japan. This move comes as South Korean battery manufacturers, including the top three, are increasing their overseas i
SK on announced today it will establish a cathode manufacturing facility in Canada with global major automaker Ford Motor and cathode producer EcoPro BM as they joined a move to strengthen a value chain covering from key battery materials to electric vehicles (EVs). Cathode is a core material determ
LG Magna e-Powertrain, an electric vehicle parts joint venture between Korea’s LG Electronics and Canada’s Magnet International, is continuing to invest heavily in overseas factories in China and Mexico.LG Magna recently decided to invest 40.7 billion won (US$30.5 million) in its Nanjing production
The U.S. International Trade Commission (ITC) has conceded a defeat in the five-year-long washing machine war between the United States and Korea, but Korean companies are complaining that a more complicated situation is facing them. Samsung Electronics and LG Electronics have been able to increase
With the rapid paradigm shift towards electric and autonomous vehicles, the demand for advanced high-performance semiconductor products has surged, moving away from legacy processes.According to industry sources on Aug. 13, competition is intensifying in the automotive semiconductor market for proce
Hyundai Motor Group has initiated the development of electric vehicle motors that do not utilize “rare earth elements,” which are heavily dependent on China.According to industry sources on Aug. 13, Hyundai Motor Group is currently developing a propulsion motor at its Namyang Research Center in Hwas
Global trade is declining. China, often referred to as the “world's factory,” is experiencing a decrease in exports, while the United States, the world’s largest consumer, is reducing imports. This not only points to a slowdown in the global economy but also serves as a warning of a larger under
A total of approximately 14,000 vehicles across 8 different brands and 21 models, including Kia and Mercedes-Benz, have been identified for a recall.The Ministry of Land, Infrastructure and Transport has revealed that a total of 14,057 vehicles from 21 different models, produced or imported and sold
As China and the United States initiate efforts to reform electric vehicle subsidies, a similar action by France has prompted the South Korean government to work on devising response strategies.According to the Ministry of Trade, Industry and Energy (MOTIE) and KOTRA on Aug. 9, the French Ministry o
Mobis has successfully secured a large-scale overseas contract in the future mobility sector, specifically in the electric vehicle business. This is an extensive order for electric vehicle components that the company has received from a key global automaker, a remarkable achievement that acknowledge
China’s auto exports in the first half of the year topped the world for the first time ever by beating Japan. This is attributed to expanding sales of new energy-powered vehicles such as electric cars in the Russian market from which U.S., Japanese and European automakers have been withdrawing since
The average age of employees at Hyundai Motor and Kia Corp. is on the rise. More than half of the employees are over the age of 50, but less than one in 10 are in their 20s. In this situation, their labor unions are demanding that the retirement age be extended, raising concerns that the demand will
Korean battery makers are changing their production targets even as they are building plants. This is in response to the rapidly growing demand for batteries. Spurred on by support from North American countries, battery makers are increasingly changing production plans for plants that are barely com
KG Mobility has returned to profitability for the first time in seven years with its best-ever first-half performance in the first half of this year. The automaker gave credit for its popular Torres model, which showed brisk sales.KG Mobility announced on Aug. 2 that it sold 65,145 units in the firs
Japanese automaker Toyota has achieved a significant milestone in its history during the second quarter of this year, surpassing 10 trillion yen in revenue for the first time and outpacing the sales of Hyundai Motor Group. However, Toyota’s market share has declined in critical markets such as the U
As global automakers such as Hyundai, Volkswagen, and Ford are establishing new electric vehicle production bases primarily in North America, domestic auto parts and electronics firms are following suit in droves. Even secondary suppliers are concentrating their new investments and employment in the