Hanwha Aerospace has secured a 1.4 trillion won ($1 billion) arms contract with Romania to export 54 units of the K9 self-propelled howitzer and 36 units of the K10 ammunition resupply vehicle, the Korean defense firm said Wednesday. According to Hanwha Aerospace, the delivery of the arms machinery will begin in 2027 in phases. The company said it beat out the competing bidders from the North Atlantic Treaty Organization such as Germany's PzH2000 and Turkey's Firtina to secure the cont

Companies July 10, 2024

Hyundai Motor Group and the University of Oxford in the UK have established a joint Foresight Center to explore the former's long-term strategies and visions together, the Korean auto conglomerate said Tuesday. "The automotive industry is undergoing a paradigm shift and significant changes in business environments, leading to unprecedented uncertainty," said Kim Gyun, head of Hyundai Motor Group Business Intelligence Institute. "In such times, it is crucial for companies to m

Companies July 9, 2024

HD Korea Shipbuilding & Offshore Engineering said Tuesday that it developed an artificial intelligence translation technology to support foreign workers. According to the company, the service named AI Agent was developed using generative AI technology and has been implemented at the HD Hyundai Samho shipyard in Yeongam, South Jeolla Province. Combined with the shipbuilder's self-developed messaging app Team Up, the AI Agent translates the messages originally written in Korean to a langu

Companies July 9, 2024

The United States and its capital, Washington, DC, have one of the biggest lobbying sectors in the world. Hilary Braseth, executive director of OpenSecrets, a Washington DC-based nonprofit organization specializing in tracking and publishing the money flows in politics, says transparency is integral to lobbying. “In the US, the case for making lobbying legal I believe, or some form of it legal, was on the basis of our Constitution, which some (court rulings) believe that (it’s) the F

Companies July 8, 2024

LG Energy Solution CEO Kim Dong-myung said Thursday that the company needs to focus on strengthening fundamentals and review ways to cut down any dissipation amid the stagnating demand for electric vehicles forecasting a troublesome outlook for the battery industry. "As we have been pushing for aggressively winning contracts and expanding businesses, it's true that there have been a lot of inefficiencies across various sectors such as personnel, facilities, and purchases," he said

Companies July 4, 2024

Italian luxury auto brand Maserati on Wednesday signaled a new beginning in Korea as it launched a regional office, seeking a revitalization in the local market. “Maserati for more than 110 years has delivered the excitement on the road in terms of performance, design, innovation and luxury,” said Davide Grasso, CEO of Maserati, in a press conference at Dongdaemun Design Plaza in Seoul. “Today we are emphasizing our focus in the market as a luxury brand with extreme confidence.

Mobility July 3, 2024

LG Energy Solution said Tuesday that it had struck a deal to secure a large-scale lithium supply with Australian mining firm Liontown Resources, bolstering its global supply chain of key raw materials for electric vehicle batteries. According to the Korean firm, the contract guarantees about 1.75 million tons of lithium spodumene concentrate over the next 15 years. The supply is enough to produce batteries for approximately 5 million EVs with a range of at least 500 kilometers per charge. LG Ene

Companies July 2, 2024

Hyundai Motor Group is looking to spearhead the burgeoning auto markets within the Association of Southeast Asian Nations, or ASEAN, based on its established footings in a number of countries in that region, the South Korean auto conglomerate said Monday. According to the automaker, Hyundai Motor Manufacturing Indonesia, the conglomerate’s first vehicle manufacturing plant in the ASEAN region, rolled out 22,520 units in the first quarter of this year to reach an overwhelming operation rate

Mobility July 1, 2024

The 2024 Busan International Mobility Show began at Bexco in Korea’s second-largest southeastern port city on Thursday, just like any other global auto exhibition. The press day allowed numerous journalists to take a firsthand look at what the event had in store. However, despite the global intentions behind the title of the event, the exhibition venue had only one auto importer present: BMW Group Korea. BMW Group Korea President Han Sang-yun noted in his presentation that the German autom

Mobility June 30, 2024

BUSAN -- The Korean-tailored features, positioning and unique name of the Grand Koleos, the sports utility vehicle Renault Korea debuted at the 2024 Busan International Mobility Show last week, will lure Korean customers, according to the CEO of the French automaker’s local office. “This car is completely answering to a different proposal that we can give as a French brand,” said Renault Korea CEO Stephane Deblaise in an interview with the Korea Automobile Journalists Associa

Mobility June 30, 2024

Hanwha Systems said Friday that its in-house venture Flexell Space had teamed up with US satellite manufacturer Terran Orbital, paving the way to enter the US market and expand its businesses. According to the announcement, the two sides inked a memorandum of understanding on solar cell supply and international business cooperation. They plan to co-develop satellite solutions to bolster their presence in both US and Asian markets. As the first part of their partnership, Flexell Space will supply

Companies June 28, 2024

BUSAN -- BMW Group Korea exhibited the new high-performance model M4 and the brand’s first all-electric sports activity coupe, the iX2, for the first time in Korea at the 2024 Busan International Mobility Show on Thursday. As the only import auto brand taking part in the local auto exhibition, BMW Korea rolled out 18 models including the new Mini Countryman JCW, the new all-electric Mini Cooper and the new BMW M 1000 XR at the event, which will welcome visitors at Bexco from Friday to July

Mobility June 27, 2024

BUSAN -- Kia on Thursday outlined its vision for realizing an all-electric vehicle ecosystem with the lineup of various EVs and purpose-built vehicles, or PBVs, at the 2024 Busan International Mobility Show. The second largest automaker by sales under Hyundai Motor Group displayed its EV portfolio spearheaded by the latest subcompact crossover electric sports utility vehicle the EV3 at the biannual auto exhibition that will be open for the public from Friday to July 7 at Bexco in Busan. The auto

Mobility June 27, 2024

BUSAN -- Hyundai Motor debuted the Casper Electric, the Korean automaker’s newest small all-electric sports utility vehicle, at the 2024 Busan International Mobility Show held at Bexco on Thursday. Hyundai Motor underscored that the Casper Electric is expected to lay out new standards to lead the popularization of EVs, with its unique marketability and affordable price. Equipped with a 49-kilowatt-hour nickel, cobalt and manganese -- or NCM -- battery, the EV boasts 315 kilometers of drivi

Mobility June 27, 2024

BUSAN -- Renault Korea premiered the Grand Koleos, the first new car from the French automaker in four years, at the 2024 Busan International Mobility Show on Thursday as the brand vowed to turn around its ailing sales in the local market. “This car perfectly embodies our core values of design: human-centric focus and modernity,” said Renault Korea CEO Stephane Deblaise in a press conference at Bexco. “We are excited to launch the new Grand Koleos as a world premiere, highlight

Mobility June 27, 2024