Hyundai Motor Group is expected to post record earnings this year, breaking its own record for the third year in a row since Executive Chair Chung Euisun took the helm of the world's third largest carmaker in 2020. Hyundai and its smaller affiliate Kia are projected to post 260.8 trillion won ($192.5 billion) and 26.6 trillion won in sales and operating profits this year, according to estimates by market tracker FnGuide. Both figures stand at an all-time high. Since Chung took up leadership

Mobility Oct. 10, 2023

Hanwha Aerospace said Monday it participated in the Association of the US Army exhibition, one of the world’s largest military shows, to showcase its state-of-the-art ground weapons systems. At its 232-square-meter exhibition booth, the company displayed the K-9 Thunder -- the world’s No. 1 self-propelled artillery -- k56 automatic ammunition resupply vehicle and a modular charge system. “Our goal is to join the US Army’s upgrade project of self-propelled artillery and ma

Industry Oct. 9, 2023

BMW’s 5 Series, one of the bestselling premium sedans in Korea, has returned with full-change upgrades in design and driving performance, making its global debut in the country in six years. The 5 Series has sold over 8 million units worldwide since its launch of the first generation model in 1972. Korea, in particular, has shown great enthusiasm for the high-end sedan, taking approximately 20 percent of total sales last year, according to the German carmaker. “We know how important

Mobility Oct. 8, 2023

South Korean electric wire and cable manufacturer Taihan Cable & Solution has faced challenges of quality control after using impure copper from a new supplier in its production process, industry sources said Wednesday. For approximately three weeks -- from early last month to Sept. 24 -- the company’s Dangjin plant in South Chungcheong Province had shut down its copper rod manufacturing. Copper rods are a basic metal element in cable production. The melting furnace was reportedly clog

Industry Oct. 4, 2023

Hyundai Motor Group on Tuesday unveiled the updates to its high-end brand Genesis’ sport utility vehicles, the GV80 and GV80 Coupe, in Korea. “Our latest design masterpieces -- the new GV80 and GV80 coupe -- will play a key role in further establishing Genesis as a truly original Korean luxury brand,” said Graeme Russell, Genesis chief brand officer, during a press conference in Yongin, Gyeonggi Province. “Building upon our foundation here in Korea, our global momentum is

Mobility Sept. 27, 2023

Toyota launched its fourth electrification model in Korea for this year, the luxury hybrid minivan Alphard that features a chauffeured, sedanlike driving experience. The fourth generation of the multipurpose vehicle that has sold some 150,000 units in Japan and abroad hopes to offer “omotenashi” -- a Japanese expression that describes hospitality and mindfulness -- to customers ranging from company executives who need private space, to family car lovers. “Compared to the previo

Mobility Sept. 24, 2023

KG Mobility on Thursday vowed to sell 200,000 cars in global markets by 2026, expanding its global networks from the Asia-Pacific region to Europe. The South Korean carmaker’s planned sales target consists of 200,000 exports -- 100,000 cars and 100,000 units of complete knock-downs -- unassembled car parts -- and 120,000 units of domestic sales in the citied period. “Based on the cumulative $1 billion exports, we are expected to be awarded as one of the Korean companies to have con

Mobility Sept. 21, 2023

The nation's top three battery makers have gone on a hiring spree, and it shows no signs of stopping. LG Energy Solution, Samsung SDI and SK On have hired thousands of new employees during the first six months of this year alone, but the mass hiring fell short of easing the talent shortage to keep up with their business expansion at home and abroad. According to their regulatory filings in August, LG Energy Solution, the largest among the three, hired 1,688 workers in the January-June perio

Mobility Sept. 19, 2023

Posco Holdings said on Friday it has reduced its dependence on China by strengthening the integration of its electric vehicle battery value chain that covers mining and refining minerals, manufacturing materials and recycling batteries. “It’s almost impossible to be a top-tier firm in the battery materials business without the vertical integration of manufacturing,” said Nam Sang-cheol, head of the research and development division at Posco Holdings, during the Korea Advanced B

Mobility Sept. 15, 2023

South Korean battery materials manufacturer EcoPro said Friday it will boost its closed-loop electric vehicle battery recycling business amid rising concerns over battery waste disposal. Closed-loop recycling refers to the process that can convert a used product back into raw materials to create a new version of the same product. EcoPro operates a battery recycling value chain called Eco-battery Pohang Campus in North Gyeongsang Province where its six subsidiaries -- EcoPro CnG, EcoPro Innovatio

Mobility Sept. 15, 2023

South Korea’s top three battery makers are highly likely to see a surge both in sales and operating profits despite their reduced market share in the global electric vehicle battery market, which is dominated by Chinese rivals, according to market tracker SNE Research on Thursday. “Due to China-made low-priced lithium iron phosphate (LFP) batteries, LG Energy Solution, Samsung SDI and SK On’s combined market share worldwide dropped from 30.4 percent in 2021 to 23.8 percent in t

Mobility Sept. 14, 2023

Hyundai Motor Group said Wednesday it has signed a tentative wage agreement with the company’s labor union, extending their strike-free negotiation streak to five consecutive years. The management and labor union members including Lee Dong-suk, president of the domestic production department at Hyundai Motor Group, and the company’s union representative Ahn Hyun-ho carried out the 21st round of negotiations at the Ulsan plant on Tuesday. The key agendas on the table were the wage hik

Mobility Sept. 13, 2023

LG Energy Solution said Tuesday it will expand its footing in the burgeoning energy storage systems market in the US. ESS refers to a device or group of devices assembled to convert the electrical energy from power systems and into energy that can be stored for later use. It can be used in a variety of settings ranging from power grids to commercial buildings and residences. The company has unveiled its latest ESS business vision and technologies at the Re+ 2023, one of the biggest renewable e

Mobility Sept. 12, 2023

Hyundai Motor Group, having already spent billions of dollars to respond to the US Inflation Reduction Act, is tackling another protectionist policy looming large in Europe, a crucial market for the carmaker’s extensive EV strategy. The French government recently announced its new EV subsidy policy, which is based on measuring the carbon footprint throughout the whole process of car manufacturing from production to shipping. Carmakers importing EVs to France from their faraway home countri

Mobility Sept. 11, 2023

Following President Yoon Suk Yeol’s visit to Indonesia for the South Korea-Association of Southeast Asian Nations summit, South Korean conglomerates’ chiefs embarked on a business trip to the emerging country to boost cooperation on electric vehicles and construction projects, industry sources said Thursday. Business leaders including Hyundai Motor Group Executive Chair Chung Euisun, LG Group Chairman Koo Kwang-mo, Lotte Group Chairman Shin Dong-bin and LS Chairman Koo Ja-eun were

Industry Sept. 7, 2023