Hyundai Motor Group Executive Chair Chung Euisun will join a lunch auction event to better connect with the younger generation, the Federation of Korean Industries said Monday. The business lobby has invited the Hyundai Motor chief, along with car-sharing company SoCar CEO Park Jae-uk and TV celebrity Noh Hong-chul, to take part in the event, similar to billionaire Warren Buffett's famous charity lunch. A total of 30 people will be selected for the power lunches targeted at the “MZ ge

Industry May 1, 2023

SK IE Technology, an electronics materials maker affiliated with SK Group, said Monday it is supplying battery separators to Chinese battery maker Sunwoda Electronic, paving the way for it to secure a footing in China’s burgeoning electric vehicle market. The two companies recently signed a memorandum of understanding at Sunwoda’s headquarters in Shenzhen, with senior executives of both companies in attendance. A battery separator is one of the key components of EV batteries, as it p

Industry May 1, 2023

Hyundai Motor’s all-electric compact sport utility vehicle Kona has returned to the market after a yearslong hiatus. Its first-generation model was suspended in 2019 following a series of battery fires, leading to a 1.4 trillion won ($1 billion) recall of some 80,000 vehicles. For the vehicle's second generation, dubbed the All New Kona Electric, the carmaker has teamed up with Chinese battery giant CATL to enhance safety while minimizing price hikes, according to Hyundai’s prod

Mobility April 30, 2023

Hyundai Motor Group Executive Chair Chung Euisun (second from right in second row) was spotted during President Yoon Suk Yeol’s address to a joint meeting of the US Congress, celebrating the 70th anniversary of the bilateral alliance at the House Chamber of the US Capitol, Washington, D.C., on Thursday. Chung and top executives including Hyundai Motor Group CEO Chang Jae-hoon and Jose Munoz, president and CEO of Hyundai and Genesis Motor North America, had reportedly signed up to make sure

Mobility April 28, 2023

South Korean chip suppliers and automakers have been left unimpressed by the summit between Presidents Yoon Suk Yeol and Joe Biden, after it failed to bring out any tangible measures to ease their concerns over Washington's increasingly protectionist policies. Holding a joint press conference after their summit on Wednesday, the two presidents announced their agreement on strengthening cooperation in advanced technology sectors, including chips, electric vehicles and batteries. But they did

Industry April 27, 2023

Hyundai Motor Group is highly likely to outpace Toyota in first quarter earnings this year for the first time, according to industry estimates on Wednesday. The South Korean auto giant’s Hyundai and Kia brands posted a combined 6.5 trillion won ($4.8 billion) in operating profits in the first three months of this year. It is a record figure for the carmaker, exceeding the estimated 5.98 trillion won of operating profits of its archrival Toyota, the world’s No. 1 carmaker in terms of

Mobility April 26, 2023

South Korean battery and automakers are shelling out big funds to set up joint ventures for electric vehicle batteries in the US in response to the protectionist Inflation Reduction Act, industry sources said Wednesday. Samsung SDI announced Tuesday it is poised to build a joint venture with General Motors in the US. Details of the deal including the location were not made available. Under $3 billion investment, the plant will have an annual production capacity of 30 gigawatt-hours, supplying

Mobility April 26, 2023

South Korean battery materials maker Posco Future M said Wednesday it has inked a deal worth 30.25 trillion won ($22.6 billion) to supply high-nickel cathode to LG Energy Solution, the nation’s largest electric vehicle battery maker, for the next seven years. The mega deal comes after the company secured a 10-year supply deal worth 40 trillion won with Samsung SDI, another major battery maker here, in January. Cathode, making up more than 40 percent of battery prices, is a key battery ma

Technology April 26, 2023

Hyundai Motor, the flagship unit of Hyundai Motor Group, said Tuesday it posted record operating profits of 3.6 trillion won ($2.7 billion) in the first three months of this year, outpacing Samsung Electronics in quarterly earnings for the first time. The auto giant reported surprising earnings in the first quarter, with operating profits jumping up 86.3 percent on-year. During the same period, Samsung Electronics posted 600 billion won in operating profits. It is the first time that Hyundai

Mobility April 25, 2023

LG Energy Solution said Tuesday it will set up an advanced production line at its Ochang plant in a bid to supply more certified battery prototypes to global electric carmakers. Under a 600 billion won ($450.7 million) investment, the battery maker plans to build what it calls a “mother" production line, where a battery cell prototype can be mass-produced, in its Ochang plant located in Cheongju, North Chungcheong Province. The existing pilot line manufactures such prototypes but do

Mobility April 25, 2023

South Korean battery materials firm EcoPro said Monday it is poised to build a cathode manufacturing plant in Hungary, seeking to establish its footing in the burgeoning European electric car market. Under the 382.7 billion won ($287.2 million) investment, the company plans to produce 108,000 tons of cathodes annually, capable of supplying some 1.35 million electric vehicles. The plant is set to start production in 2025 after completing construction next year. EcoPro’s subsidiaries lin

Mobility April 24, 2023

Hyundai Mobis, a car parts maker affiliated with Hyundai Motor Group, said Sunday it has succeeded in demonstrating its upcoming self-driving technology, called e-Corner System, on public roads for the first time. The technology incorporates in-wheel motors, rotational steering and electronic braking in one module installed in the car wheels – the first of its kind globally. In a video unveiled by the company, Hyundai’s Ioniq 5, equipped with the module, completed tricky parking an

Mobility April 23, 2023

South Korean battery makers LG Energy Solution, Samsung SDI and SK On have supplied batteries for roughly 8 out of 10 electric vehicle models eligible for US tax credits, industry sources said Thursday. Of the 22 electric vehicles, 17 models have installed Korea-made batteries, with LG Energy Solution topping the list with 11 models. LG’s list includes GM’s Cadillac Lyriq and Chevrolet Volt, Volt EUV, Equinox, Silverado and Blazer; Chrysler’s Pacifica PHEV. Ford counts the E-Tr

Mobility April 20, 2023

All Hyundai and Kia cars are no longer eligible for tax credits for electric vehicles in the US amid increased protectionist sentiment there. As the result of the Inflation Reduction Act that took effect in August last year, the US Treasury Department on Monday announced a total of 16 EV models that will qualify for a tax credit of up to $7,500. All of the cars are produced by US carmakers, including Tesla, GM, Ford and Stellantis. The list includes: Tesla’s Model 3 Performance, Model

Mobility April 18, 2023

By Cho Ju-hyeon Small and midsized enterprises in Korea have shown remarkable progress in innovation in the global markets, pushing the need for systematic support from the government. Of the 20 Innovation Awards winners at the 2023 Consumer Electronics Show held in January, nine were Korean companies. Among them, five were ventures and startups. This result was driven by continuous efforts from small companies, as well as the government’s stable funding in research and development. Bu

Industry April 18, 2023