Due to a slowdown in global demand for electric vehicles, leading to an “oversupply,” the prices of battery materials have significantly fallen. Companies in this sector are noticeably tense. According to Taiwan’s market research firm TrendForce on Jan. 14, in December last year, the prices of lithi
The top leading economic organizations of Korea and Japan met in Tokyo for the first time in four years, agreeing to strengthen cooperation in fostering startups in the two countries. They also agreed to establish trilateral economic cooperation between Korea, the United States, and Japan, and to wo
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
Kia announced on Jan. 11 that it signed a partnership with Uber at CES 2024, the world’s largest electronics and IT trade show currently being held at the Las Vegas Convention Center in the U.S.Through the agreement, both companies will work to identify the optimal vehicle specifications for Uber dr
A bill to amend the Petroleum and Petroleum Alternative Fuel Business Act passed the National Assembly’s plenary session on Sept. 9, paving the way for refiners to produce sustainable aviation fuel (SAF).SAF is an aviation fuel derived from renewable biomass or carbon dioxide. It has the same compos
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 C&T Corporation, along with its subsidiaries Samsung Biologics and Samsung Bioepis, announced on Jan. 9 the signing of a memorandum of understanding (MOU) for strategic cooperation with the U.S.-based Flagship Pioneering through their jointly established Life Science Fund No. 2 (SVIC 64th Ne
Considering the key role of electronics in future cars, alliances between electronics and automotive companies, dubbed E-Vehicle Alliances, are being formed worldwide.Sony Honda Mobility, the electric vehicle joint venture of Sony and Honda, held a press conference in Las Vegas on Jan. 8 (local time
With the re-addition of Guatemala, the only Central American country that had previously withdrawn from the Free Trade Agreement (FTA) with South Korea and Central American nations, the FTA has reached its final completion.The Ministry of Trade, Industry, and Energy (MOTIE) announced that it formall
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
In 2023, foreign direct investment (FDI) in Korea exceeded US$32.7 billion, a record high. High-tech materials, parts, and equipment such as semiconductors, secondary batteries, and biotech items led the increase in FDI in Korea.According to the Ministry of Trade, Industry and Energy on Jan. 4, FDI
"AI is All, FAST is Fast, Death of Linear TV, Content Format Shift, M&A, Advertising, Bundling"These are the keywords that will dominate the domestic and international media, broadcast communication, and entertainment technology markets in 2024.Direct MediaLab, The Core, and the Digital Industry Pol
Chef Jimyung Lee of Park Hyatt Seoul, celebrated for his creativity and artistry, and Chef Narae Kim of Park Hyatt Paris-Vendôme, named the Best Pastry Chef of the Year by the French restaurant guide Gault & Millau, will jointly present "Four Hands Dessert: Taste of Seoul and Paris" on the top floor
SK hynix announced today that it will showcase the technology for ultra-high performance memory products, the core of future AI infrastructure, at CES 2024, the most influential tech event in the world taking place from January 9 through 12 in Las Vegas.SK hynix said that it will highlight its futur
LS Mtron is expediting its penetration of the U.S. market by securing an agricultural machinery export hub in central Texas in the United States.According to industry sources on Jan. 1, LS Mtron will complete a tractor logistics center and assembly plant in Palestine, Texas, in February. The facilit
Korea and the Gulf Cooperation Council (GCC) have finalized negotiations on a free trade agreement (FTA). The Korea-GCC FTA is Korea’s twenty-fifth FTA and the second with the Arab world after the Korea-United Arab Emirates (UAE) Comprehensive Economic Partnership Agreement (CEPA). As Korea has gain
Shinhan Card announced on Dec. 28 that Shinhan Finance, its subsidiary in Kazakhstan, will receive a joint investment of approximately 31 billion won over the next five years following the completion of a partnership agreement with Aster, a top-tier automotive dealer in Kazakhstan.The agreement enab
Thirty-one electric vehicle (EV) models, or about 80% of all subsidized EV models in the United States this year, use Korean-made batteries, according to sources in the battery industry. This is an increase of 14 in seven months from 17 in April.The 31 subsidized EV models in the United States as of
On Dec. 27, POSCO Holdings announced that it signed a joint venture agreement with China’s Zhongtai Cryogenic Technology on Dec. 22 for the production of high-purity rare gases. POSCO Holdings and Zhongtai will hold 75.1% and 24.9% in the joint venture, respectively.Zhongtai, listed on the Shenzhen