Innospace, a South Korean startup specializing in developing hybrid space rockets, said it has launched the Hanbit-TLV -- an 8.4-ton single-stage thrust hybrid rocket standing at 16.3 meters tall -- from the Alcantara Space Center in Brazil at 2:52 p.m. on Sunday local time. “We will announce the results of the engine’s flight performance and whether the payload’s mission ends up in a success after a comprehensive analysis of the flight data,” said Innospace in a text to

Technology March 20, 2023

LG Energy Solution is looking to keep ramping up its battery businesses in the US as the North American electric vehicle market is projected to see a compound annual growth rate of 33 percent through 2030. According to the South Korean battery maker, the company’s backlog orders reached 370 trillion won ($284 billion) as of September last year, an increase of over 100 trillion won from the end of 2021. Of the backlog orders, 70 percent were due for the North American market. LG Energy Solu

Mobility March 20, 2023

Moving toward autonomous driving, Volvo Trucks is developing the technology to offer the best truck-driving experience to draw in young drivers and female drivers, while investing into its driver environment. “If you later get the opportunity to drive the electric vehicle, it’s a fantastic driving experience. Smooth driving and great comfort in order to make the driver occupation more attractive, because we need to attract more younger, more females to drive trucks,” Johan Selv

Mobility March 20, 2023

Korea Aerospace Industries will spend 4.5 trillion won ($3.5 billion) in research and development to achieve a quantum jump in the global aerospace industry, according to its CEO on Friday. “In the aerospace industry, you cannot survive if you are not looking ahead 40 to 50 years from now. From the perspective of a CEO, (spending money on) research and development drags down (short-term) performance because it cuts down revenue. But if we don’t (invest in R&D) now, KAI will not h

Industry March 17, 2023

The two biggest business groups from South Korea and Japan will establish two future partnership funds as the two countries’ economic sectors try to mend ties and strengthen cooperation, according to officials Thursday. Kim Byong-joon, acting chief of the Korean Federation of Industries, and Masakazu Tokura, chairman of the Japan Business Federation, commonly known as Keidanren, announced the joint declaration at Keidanren's office in Tokyo. The announcement was made on the occasion o

Industry March 16, 2023

HD Hyundai Chairman Kwon Oh-gap on Wednesday received South Korea’s highest state industrial award -- Gold Tower Order of Industrial Service Merit -- for his achievements as a business leader in enhancing the country’s shipbuilding industry and promoting the culture of giving. The award ceremony took place during the ceremony of the 50th Commerce and Industry Day organized by the Ministry of Industry, Trade and Energy. The event was held at the Korea Chamber of Commerce and Industry

Companies March 15, 2023

CJ제일제당이 미국 등 해외에서 폭발적인 인기를 얻고 있는 만두 제품군에 새로운 제품으로 ‘붕어빵 만두’를 개발 중인 것으로 파악됐다. 15일 업계 관계자에 따르면 CJ가 준비하고 있는 붕어빵 만두는 겉면이 바삭한 기존 붕어빵에 팥소 대신 비비고의 만두소를 넣은 것으로 새로운 맛과 식감에 최근 임직원들을 대상으로 한 사내시식회에서는 반응이 엇갈렸다고 한다. 이 관계자는 “붕어빵 만두의 경우 비비고 라인업이 아닌 고메 베이커리 제품으로 출시하기 위한 상품화 과정이 진행중”이라며 “추후 해외에서는 비비고의 만두 라인업으로 출시될 가능성이 있다”고 설명했다. 다만 아직까지 구체적인 출시 일정은 정해지지 않았다고 한다. CJ제일제당은 지난해 국내 식품기업으로는 처음으로 해외 매출이 연간 5조원을 돌파했다. 식품 사업 중 해외 매출 비중이 역대 최고인 47%까지 올랐다. 전체 식품 분야 해외 매출 중 약 80%가 미국에서 발생했

한국어판 March 15, 2023

CJ CheilJedang is developing a new Korean-style dumpling, or "mandu," in the shape of "bungeoppang" -- a popular fish-shaped waffle generally filled with red bean paste or cream -- as the food giant looks to expand its future portfolio, according to a source familiar with the matter, Wednesday. The source told The Korea Herald that the food giant has recently completed an internal review of the bungeoppang mandu product in a pop-up store format at the company’s headquar

Consumer March 15, 2023

Hyundai Motor Group has decided to donate eight customized sleeper buses worth 5.2 billion won ($4 million) to the National Fire Agency for the Korea Chamber of Commerce and Industry’s first social responsibility project, the South Korean auto giant said Tuesday. As part of the project, Hyundai Motor Group, along with the KCCI and Hyosung Group, held a social event at a fire station in the southeastern port city of Ulsan. The KCCI’s Entrepreneurship Roundtable, a corporate gathering

Companies March 14, 2023

Hankook Tire and Technology has stopped production altogether at its Daejeon plant after a fire burned some of the factory buildings and left severe damage, the South Korean tire manufacturer said Monday. Although buildings in one of the two factory complexes were not damaged by the fire, a Hankook Tire official explained that the company is shutting down its operation for the day as part of safety measures. "We don't know when the plant will resume operation at the moment," the o

Mobility March 13, 2023

Hanwha Group, South Korea's seventh-largest conglomerate by total value of assets, solidified itself as the leading player in the country’s space race in the private sector when its aerospace arm, Hanwha Aerospace, won the bid to lead the project of upgrading the homegrown Nuri rocket over Korea Aerospace Industries in December 2022. On top of advancing the Nuri rocket through four more launches by 2027, Hanwha has made it clear that it aims to become what it calls a “total spac

Companies March 12, 2023

South Korean automotive and battery companies are closely monitoring the soon-to-be-unveiled European Union’s Critical Raw Materials Act as the new regulation intends to strengthen the availability of critical raw materials and enhance the regional supply chain. For Korean businesses, the EU’s CRMA -- set to be made public on Tuesday -- is widely seen as the European version of the US’ Inflation Reduction Act. The IRA, which was signed into law by the Biden administration in Au

Mobility March 10, 2023

SK Geocentric, a chemicals unit under South Korean conglomerate SK Group, said Friday it has completed technological preparations for the Ulsan Advanced Recycling Cluster with its US partner, Purecycle Technologies. The Ulsan Advanced Recycling Cluster is expected to be the world’s first plastic recycling complex, according to SK Geocentric. The companies aim to complete construction of the recycling complex in 2025. Researchers and engineers at the South Korean chemicals firm conducted te

Technology March 10, 2023

Hyundai Motor Co. on Thursday laid out its goals to ramp up domestic production and exports to the highest figures since the COVID-19 pandemic began three years ago, showing the auto giant’s willingness to overcome various economic and geographical uncertainties. The record-high targets were announced as President Yoon Suk Yeol visited the automaker’s Ulsan plant. Hyundai Motor Group Executive Chair Chung Euisun accompanied Yoon as the president toured the automaker’s plant. Ac

Mobility March 9, 2023

South Korean battery maker Samsung SDI and US auto giant General Motors will build a joint battery manufacturing plant for electric vehicles in the US with an investment worth up to 5 trillion won ($3.8 billion), according to reports Sunday. The battery alliance, which will mark the first collaboration between the two companies, will become official later this week as they are expected to sign a memorandum of understanding in Michigan on Wednesday. Citing unnamed industry sources, the reports sa

Mobility March 5, 2023