Global EV battery usage continued to enjoy double-digit growth this year despite concerns that the growth of the EV market will slow down.The total usage of batteries in battery electric vehicles, plug-in hybrids, and hybrid vehicles registered in various countries from January to October this year
Automakers are making changes in their strategies as they grapple with the increasingly complex rules of the Inflation Reduction Act (IRA), which subsidizes electric vehicles built in North America while excluding Chinese supply chains. Some automakers are looking to keep Chinese companies as partne
Hyundai Motor will shut down its local plant, which once drove the automaker’s strong sales in Russia, by the end of this year. Some local reports say that the Korean carmaker will sell the plant to a local company in Russia in the aftermath of the Russian-Ukrainian war.Hyundai Motor plans to close
Pernod Ricard Korea, the Korean unit of global wine and spirits company Pernod Ricard, announced that it will expand its professional training in sustainable and responsible bar operations at Jeju University.The ‘Bar World of Tomorrow' is a training program designed by the Pernod Ricard Group to pro
Samsung Electronics is set to release its Galaxy Fit 3 smart band early next year, marking the revival of its healthcare wearable devices after a four-year hiatus.Industry sources revealed on Dec. 6 that Samsung has confirmed the release of the Galaxy Fit 3 for the first half of next year with an ex
LOTTE Fine Chemical recently contracted for 5,000 tons of Vietnamese urea, signaling a shift towards alternatives to Chinese imports amid growing concerns over shortages in supply of diesel exhaust fluid (DEF), essential for diesel vehicles, due to disruptions in Chinese urea imports.On Dec. 6, the
The gap in market share between Taiwan’s TSMC, the industry foundry leader, and Samsung Electronics, which ranks second, has widened again in the third quarter of this year.According to market research firm TrendForce on Dec. 6, Samsung Electronics’ foundry sales for the third quarter (July to Septe
Mirae Asset Global Investments announced on Dec. 5 the listing of two new Exchange Traded Funds (ETFs) on the Korea Exchange: the “TIGER U.S. Tech TOP10INDXX (H) ETF (472160)” and the “TIGER U.S. Tech TOP10 Bond Mixed ETF (472170).”The TIGER U.S. Tech TOP10INDXX (H) ETF invests in the top 10 market
SK gas has disclosed on Dec. 6 that it will acquire 18,200 shares of GridFlex, a U.S. electric sales company, for about 69.7 billion won (US$52.8 million).Following the acquisition, SK gas’s stake in the company will rise to 80%, with the acquisition scheduled for April 30, 2025. SK gas has stated t
POSCO International has recently announced on Dec. 6 that it has secured an order worth 300 billion won for eco-friendly car parts from a major U.S. automaker.The electric vehicle (EV) components acquired in this order are reducers, essential parts of the EV drive system, and are increasingly spotli
HD Hyundai Heavy Industries announced the world’s first application of a damping material made from graphene, often referred to as a dream material, on warships on Dec. 6.The damping material for warships, similar to a coating, is applied to the lower engine deck and the upper structure of the prope
The new regional head of the Hyundai Motor’s labor union, the largest single union in the country, has pledged to introduce a “4-day workweek” starting next year. This commitment has reignited the debate over reduced working hours, often described as a “hot potato” in the industry.On Dec. 6, Hyundai
In the market on Dec. 6, there is a stark difference in perspectives regarding the public acquisition of Hankook & Company by MBK Partners, the largest private equity fund in South Korea. Some view it as “an intervention for the normalization of corporate value,” while others perceive it as “a hosti
In a collective lawsuit related to suspicions of intentional performance degradation of the Apple iPhone smartphone in the United States, some domestic consumers have won a partial victory.On Dec. 6, the 12-3 Civil Division of the Seoul High Court ruled in favor of seven consumers in the appeal tria
In November, Lexus sold 1183 units, a 42.4 percent surge from the same month of 2022 in Korea.Mercedes-Benz topped import sales last month. Volvo and Lexus were also strong. By vehicle type, sales of internal combustion engine cars declined, while sales of eco-friendly cars such as hybrids and elect
Korea’s shipbuilding industry lost to rival China’s in November, slipping to second place in order intakes for the first time in a month. Korea had claimed the top spot in three months after knocking China off the top spot in October.Global ship orders in November reached 1.59 million standardized e
Apple recently sent Apple Pay terms and conditions to three Korean credit card issuers -- Shinhan Card, KB Card, and BC Card -- proposing that they join the Apple Pay camp, according to industry sources on Dec. 5. In addition to explaining Apple Pay’s global standard contract terms such as the Apple
Starting on Dec. 6, it will be possible to use automated teller machines (ATMs) without a card if you have a smartphone.According to the Bank of Korea on Dec. 5, the Financial Information Technology Promotion Council, the Korea Financial Telecommunications and Clearings Institute (KFTC), and 17 Kore
SK Group Chairman Chey Tae-won, who visited Washington, D.C., on Dec. 4 (local time) reiterated his proposal for the formation of a trilateral economic union, saying, “If South Korea and Japan develop into a single market-type economic partnership like the European Union, it will not only create tre
The government is opening up industrial research and development (R&D) to foreign institutions to discover and develop key technologies in areas vulnerable to becoming weak links in South Korea’s flagship industry value chains, such as “technology critical for leapfrogging,” “next-generation growth-