The competition between Korean conglomerates Hanwha and HD Hyundai to expand their work with the US Navy has heated up as both secured key certification for maintenance and repair projects this month. Hanwha Ocean, which was known as Daewoo Shipbuilding and Marine Engineering before Hanwha Group’s acquisition last year, said Monday that it had signed a master ship repair agreement (MSRA) with the US Naval Supply Systems Command to secure the right to bid for maintenance, repair and operati

Mobility July 22, 2024

South Korea logged an all-time high trade surplus with the United States in the first half of this year based on strong auto exports, as the country monitors the US presidential race carefully and the chances of a second Donald Trump administration’s heavy protectionism. According to the Ministry of Trade, Industry and Energy and Korea International Trade Association on Sunday, Korea posted a record US trade surplus of $28.7 billion from January to June this year, up 55.1 percent from the

Economy July 21, 2024

BlueOval SK, a joint venture between Korean battery maker SK On and US automaker Ford, will begin mass production of batteries at its first plant in Glendale, Kentucky, in the first half of next year, a company official said Wednesday. “We are very excited about Kentucky 1 going online, the first of our three plants,” said Keli McAlister, external affairs director at BlueOval SK in an interview with The Korea Herald in Seoul. “There’s a lot of moving parts in a project th

Mobility July 18, 2024

SK온이 포드와 합작으로 짓고 있는 미국 배터리 공장이 이르면 내년 상반기 양산을 시작할 것으로 확인됐다. 블루오벌SK 캘리 맥알리스터 대외협력 총괄은 수요일 코리아헤럴드와의 인터뷰에서 켄터키 1공장이 내년 상반기 완공과 동시에 생산을 시작할 것이라고 밝혔다. 지난 주말 방한한 그는 “켄터키 1공장이 준비 중인 세 공장 중 가장 먼저 가동된다는 것에 굉장히 흥분된다”며 “장비 설치가 이미 시작됐다”고 설명했다. 2022년 SK온과 포드는 총 114억 달러를 투자해 합작사 블루오벌SK를 공식 출범시켰다. 켄터키주와 테네시주에 배터리공장이 각 2개, 1개 설립될 예정이고 이곳에서 생산된 배터리들을 포드의 전기차에 탑재한다는 계획이다. 미국 전기차 시장 성장세가 둔화하면서 지난 4월 포드는 신규 전기차 출시를 연기한 바 있다. 이에 블루오벌SK의 양산계획에도 차질이 생기는 것이 아니냐는 일부 우려가 있었다. 맥알리스터 총괄은 “전기차

한국어판 July 18, 2024

SK Innovation on Thursday vowed to create synergy and lead the global energy sector through the realignment of its affiliates by merging itself with SK E&S and amalgamating battery-maker SK On with SK Trading International and SK Enterm. “We decided the merger with SK E&S to lay the groundwork for the growth of future energy businesses and push for a bold, structural innovation,” said Park Sang-kyu, CEO of SK Innovation, in a press conference at the SK Seorin Building in Seou

Companies July 18, 2024

Kia on Tuesday presented the most cutting-edge technologies applied to craft the automaker’s latest all-electric vehicle EV3 to auto journalists in Seoul, showcasing several new technologies developed to make the car a leader in popularizing EVs amid slowing EV growth. The EV3 has been equipped with the i-Pedal 3.0, which offers different levels of regenerative braking to allow more flexible ways to slow down the vehicle. Unlike the automaker’s previous i-Pedal technology which only

Mobility July 17, 2024

Renault Korea has begun the mass production of its new Grand Koleos at its Busan plant, the company said Tuesday. The company held a ceremony to roll out its new Grand Koleos at the Busan plant on the previous day. The automaker plans to begin delivery of the new sports utility vehicle to customers in autumn. Renault Korea debuted the new Grand Koleos at the 2024 Busan International Mobility Show at Bexco on June 27, marking the first new car from the Renault subsidiary in four years. According

Mobility July 16, 2024

This article is the fifth installment in a series of interviews and analyses on how South Korean corporations can sharpen their diplomatic capabilities to brighten their prospects for overseas growth in this mega-election year around the world. -- Ed. Hyundai Motor Group has been exerting all-out efforts into strengthening its government relations capabilities in the United States after the Korean auto conglomerate got caught off-guard by the impact of the Joe Biden administration’s In

Companies July 15, 2024

BUSAN -- Yoon Young-bin, the head of Korea AeroSpace Administration, or KASA, on Monday reiterated the importance of collaboration and cooperation in space to make progress across borders for the prosperity of humanity at the 45th Committee on Space Research, or COSPAR, at Bexco in Busan. “In order to become an influential member of the international space community, we will actively pursue cooperative activities in the field of space exploration and space science where global collaboratio

Technology July 15, 2024

LS Cable & System pledged Monday to take every legal action possible against Taihan Cable & Solution if the latter’s alleged theft of the former’s technologies is found true, labeling Taihan’s maneuver as a clear crime. The police have recently opened a probe into Taihan over the suspected violation of the Unfair Competition Prevention and Trade Secret Protection Act. Last month, the police initially suspected Gaun Architects & Engineers of leaking technologies it o

Companies July 15, 2024

South Korean conglomerate Doosan Group has decided to shake up its business structure to focus on clean energy and smart machine sectors to maximize synergy between it’s affiliates. According to Doosan’s regulatory filing Thursday, Doosan Bobcat, a compact equipment and industrial vehicle builder, will undergo a spin-off merger process to become a 100 percent-owned subsidiary of Doosan Robotics. Doosan Enerbility, which currently owns a 46 percent stake in Doosan Bobcat, will split i

Companies July 12, 2024

Genesis will launch the GV60 Magma, a high-performance electric compact crossover sports utility vehicle, in Korea next year to mark the first Magma model to undergo mass production, Hyundai Motor Group's luxury auto brand announced at the 2024 Goodwood Festival of Speed in England's Chichester on Thursday. According to the automaker, the sales of the GV60 Magma are expected to begin during the third quarter of next year in Korea and follow in Europe in the fourth quarter. The company

Mobility July 11, 2024

HD Hyundai Heavy Industries said Thursday that it has secured the right to bid for the United States Navy's warship maintenance, repair and operations, or MRO, projects to become the first South Korean shipbuilder to do so. According to the shipbuilder, HD HHI signed the master ship repair agreement with the US Naval Supply Systems Command. Under the agreement, HD HHI has been given the qualification to submit bids for MRO projects of the US Navy's warships as well as support ships of

Companies July 11, 2024

Hyundai Rotem has renewed a consortium agreement with Poland's state armament group PGZ to carry out the production and delivery of K2PL, the Polish variant of Hyundai Rotem's K2 Black Panther tank, the Korean company said Wednesday. The renewed contract has laid out the foundation for the two sides to engage in accelerating talks for a second K2 tank contract. According to Hyundai Rotem, the previous consortium, which began its term in March last year, reached its expiration date last

Companies July 10, 2024

LS Cable & System on Wednesday announced its plan to invest $681 million to build the largest submarine cable manufacturing plant in the United States. According to the announcement, the new facility will be in Chesapeake, Virginia. LS GreenLink USA, a US subsidiary of LS Cable & System, will break ground for the plant next year. The facility is expected to begin operations by 2027 and create over 330 jobs. The site will include a 200-meter-tall submarine cable manufacturing building, wh

Companies July 10, 2024