LG Chem has forged a deal with US energy giant ExxonMobil to secure up to 100,000 metric tons of lithium, a key material for cathodes used in electric vehicle batteries. According to the company, LG Chem Vice Chairman and CEO Shin Hak-cheol and ExxonMobil Senior Vice President Dan Holton signed a memorandum of understanding on Wednesday in Seoul. The deal price was not revealed immediately. Under the agreement, ExxonMobil will supply lithium extracted from its Arkansas brine fields to LG Chem&r

Mobility Nov. 21, 2024

As Korean industries brace for a second nonconsecutive term of US President-elect Donald Trump, leaders of Korean defense and shipbuilding companies – namely Hanwha Group and HD Hyundai – are enhancing readiness to seize new growth opportunities. Hanwha Group Chairman Kim Seung-youn, in the process of passing the leadership baton to his sons, took on the role of chairman of Hanwha Aerospace, a key defense subsidiary of the group, last week. The move solidifies Kim's leadership i

Industry Nov. 20, 2024

Three researchers died of suffocation during a vehicle testing at Hyundai Motor Company’s car manufacturing plant in Ulsan, some 300 kilometers southeast of Seoul. According to police officials Tuesday, a man in his 40s, another in his 30s and one unidentified person were found unconscious at 3 p.m., following a vehicle test conducted in the multi-environment chamber within the plant's electrical quality division. The test involves vehicles being exposed to vibration as well as high t

Mobility Nov. 19, 2024

Hyundai Mobis, a car parts manufacturing subsidiary of Hyundai Motor Group, has committed to having global automakers account for 40 percent of its client base by leveraging its advanced automotive technology. “One of our core pillars of a long-term growth strategy is to become the world’s top three auto parts supplier, reducing reliance on Hyundai Motor Co. and Kia," which account for 90 percent of auto parts and system orders, said Axel Maschka, vice president and head of glob

Mobility Nov. 19, 2024

Battery Management Systems, or BMS, often called the “brain” of an electric vehicle battery, play a crucial role with integrated hardware and software to monitor and control battery cells while safeguarding against potential fires. While battery manufacturers excel in advancing battery technologies, the BMS field has traditionally been a specialized area for automakers, who develop and integrate their own systems into battery modules. However, since a series of EV fire incidents in K

Mobility Nov. 19, 2024

Second Vice Foreign Minister Kang In-sun visited Posco Group’s battery materials subsidiary Posco Future M’s anode manufacturing plant in Sejong, pledging to support the facility in recovering its production levels. While touring the site Monday, Kang said, “Natural graphite and anode materials are critical minerals with high reliance on imports, underscoring the urgent need to diversify the supply chains. The government will actively support companies, including Posco Future M

Industry Nov. 19, 2024

LG Energy Solution said Monday it forged an exclusive deal with US-based Bear Robotics to supply its cylindrical batteries, marking a significant expansion into sectors beyond electric vehicles. The battery maker’s 21700 cylindrical cells -- measuring 21 millimeters in diameter and 70 mm in height -- will be installed in Bear Robotics’ service robot “Servi Plus” and logistics robot “Carti.” The financial details of the deal were not disclosed. “This is n

Mobility Nov. 18, 2024

Hyundai Motor Group affiliate Kia is reportedly scaling back US production of its ambitious EV9, a large all-electric sport utility vehicle, due to stricter Inflation Reduction Act regulations. According to industry sources Sunday, Hyundai Motor Group’s manufacturing facility in Georgia, which began operation last month, produced 21 EV9s in the third quarter and only one was sold in the US. Given that the EV9’s monthly sales volume is approximately 1,800 units, the US production cons

Mobility Nov. 17, 2024

Renault Korea’s latest hybrid sport utility vehicle Grand Koleos has seen smooth driving, claiming more than 30 percent market share in its segment as of October. Having debuted in August, the Grand Koleos E-Tech Hybrid sold 5,385 vehicles last month alone, with cumulative sales reaching 9,330. Driven by the new car's transactions, Renault's total sales more than tripled in Korea in October. Renault's upbeat sales come as Korean drivers have shown a growing appetite for hybr

Mobility Nov. 13, 2024

Spot, the four-legged robotics dog developed by Boston Dynamics, a subsidiary under Hyundai Motor Group, has reportedly joined the security detail for US President-elect Donald Trump. The $75,000 mechanical canine, bearing a cautionary tag that reads “Do not pet,” was seen patrolling the grounds of Trump’s Mar-a-Lago residence in Palm Beach, Florida. News reports said that the remote-controlled dog is with the US Secret Service. “We do not have specific details on Boston

Mobility Nov. 12, 2024

LG Energy Solution has reportedly forged a deal with Elon Musk’s SpaceX to supply its cylindrical lithium-ion batteries, further strengthening its partnership with Tesla and advancing its footprint to the global aerospace sector. According to industry sources on Monday, the Korean battery-maker has started developing batteries for the power supply units of SpaceX’s next-generation Starship launch vehicle, the world's first reusable rocket, as soon as next year. This marks SpaceX

Mobility Nov. 11, 2024

Hyundai Motor Group has outpaced Volkswagen Group in the third-quarter profit, edging closer to claiming the world’s second-largest carmaker title this year for the first time. From June to September, Hyundai Motor Company, Kia and Genesis posted 69.4 trillion won ($49.7 billion) in sales revenue and 6.5 trillion won in operating profit. Volkswagen Group reported higher sales of 78.5 billion euros ($84.2 billion), but it fell behind in profit with 2.9 billion euros. This marks a significan

Mobility Nov. 7, 2024

EcoPro HN, the environmental solutions provider under EcoPro, said Wednesday it has completed the construction of a new manufacturing plant for rechargeable battery materials in Chopyeong, North Chungcheong Province. Around 100 officials, including key executives -- former EcoPro Chairman Lee Dong-chae, EcoPro CEO Song Ho-jun, EcoPro HN CEO Kim Jong-seop and Jincheon County Governor Song Ki-seop -- participated in the completion ceremony at the newly-built facility earlier in the day. The manufa

Industry Nov. 6, 2024

Hanwha Group Chairman Kim Seung-youn on Tuesday visited Hanwha Asset Management to praise the asset management unit's recent progress in its ongoing efforts for global expansion. He was accompanied by Kim Dong-won, president and chief global officer at Hanwha Life Insurance, and Hanwha Asset Management CEO Kim Jong-ho. “Despite unfavorable market conditions, Hanwha Asset Management has overcome challenges and pushed innovations, and emerged as Korea’s leading asset management co

Industry Nov. 5, 2024

SK On, SK Innovation’s battery subsidiary, reported its first-ever quarterly profits in the third quarter of this year after years of operating losses since its spinoff in 2021. During its earnings conference call on Monday, the battery maker reported an operating profit of 24 billion won ($17.4 million) in the July-September period, a significant turnaround from last year’s 86.1 billion won deficit, largely driven by inventory clearance and enhanced cost structure. Its sales fell

Mobility Nov. 4, 2024