Energy-to-construction conglomerate GS Group said Thursday it has signed an agreement with South Korea's top steel maker Posco to establish a joint venture for battery recycling business to create synergy in the rapidly expanding industry. Named Posco-GS Eco Materials, the joint venture will be 51 percent owned by Posco Holdings and 49 percent owned by GS Energy. It will be established within this year. Posco and GS said they saw new business opportunity amid shifting industry ecosystem and

Industry Oct. 6, 2022

  Half a year has passed since Hyundai Motor Group suspended operations of its Russian plant over global logistics issues, without a clear vision for a breakthrough while global competitors have already exited the market. But market experts say Hyundai simply leaving Russia is not an answer, due to massive investment and significant market share. According to a report recently released by Hyundai Motor Group, Hyundai Motor Manufacturing Russia shipped zero cars in August, as opposed to the

Mobility Oct. 6, 2022

South Korea’s defense exports are expected to reach $20 billion this year, bringing it a step closer to becoming the world’s fourth-largest defense exporter, according to an industry report Wednesday. But at the same time, calls are growing to strengthen defense cybersecurity amid surging hacking attacks in recent years. The country's defense exports have already reached $10 billion this year, surpassing last year’s annual exports of $7 billion, according to the Korea Institut

Industry Oct. 5, 2022

Hyundai Motor Group’s electric vehicle sales in the United States dropped significantly last month after a new US act that excludes tax benefits on vehicles produced outside of the US took effect, data showed on Tuesday. Hyundai Motor America sold a total of 1,306 Ioniq 5 units in September, far less than the 2,853 units of the EV model sold in June, 1,978 in July and 1,517 in August. Its sister company Kia’s sales of its flagship model EV6 also dropped to 1,440 units last month fr

Mobility Oct. 4, 2022

US electric vehicle maker Tesla plans to develop its own vehicle diagnosis system for the first time and apply it to all Tesla models sold in South Korea from October next year, instead of going through mandatory safety checks conducted by the local authority, drawing concerns among the public as Tesla could hide fatal technical glitches on purpose. According to Korea Transportation Safety Authority data obtained by Rep. Park Sang-hyuk from Democratic Party of Korea on Monday, Tesla plans to a

Mobility Oct. 3, 2022

South Korean auto parts and mobility solution maker Hyundai Mobis said Monday that it has developed a 5G-based communication module for cars, a core part for autonomous driving and connected car systems that enables real-time, large-volume data processing. According to Mobis, the new module combines communication and memory functions, as well as a radio frequency circuit and GPS, based on ultra-high speed, ultra-low latency and hyper connectivity technology. The company will apply this 5G comm

Industry Oct. 3, 2022

  Hyundai Motor Group will supply 1,700 hydrogen fuel-cell cars to Jeju Island by 2030 as part of joint efforts to build a green hydrogen ecosystem in the country's resort island. A large green hydrogen production facility is planned to be built in Jeju by 2026. This would enable operations of hydrogen-powered vehicles on the island, according to the company, adding that it is working with Trade Ministry, Jeju Special Self-Governing Province, and Korea Southern Power Co. Currently, Jeju has

Industry Sept. 29, 2022

Posco Group said Wednesday its two affiliates – Posco Holdings and Posco E&C – have signed a memorandum of understanding with the nation’s largest hydrogen production and sales company Approtium in a fresh push for hydrogen business. Under the agreement, the three companies will invest a combined 200 billion won ($139 million) by 2026 into establishing facilities for hydrogen production. The annual production capacity is expected to reach 40,000 tons. Approtium, based in the

Industry Sept. 28, 2022

Ian Callum, the man behind the British carmaker Jaguar’s renaissance in recent decades, urged designers to transform the way they interpret transportation as a mere object for mobility, saying that the world that is rapidly changing and facing an array of problems that didn't exist before. “Design creates order out of chaos, but chaos is often required as a prerequisite to being creative,” he said, adding that designers today must come with ideas that not only reflect hu

Industry Sept. 27, 2022

  South Korea's defense-to-energy conglomerate Hanwha Group said Monday it has signed a conditional memorandum of understanding with Daewoo Shipbuilding & Marine Engineering to acquire a controlling stake of 49.3 percent and managerial control of the shipbuilder, which has been under the state supervision for 21 years. Under the memorandum, Hanwha’s six affiliates -- including its defense unit Hanwha Aerospace and an energy equipment company, Hanwha Systems Co. -- will purchase D

Industry Sept. 26, 2022

  Pernod Ricard's Kyoto dry gin KiNoBi made its South Korean debut earlier this month, targeting a growing number of drinkers here who may drink less but are willing to spend more to elevate at-home bar experience after pandemic years. “COVID-19 has reduced opportunities for people to mingle and socialize, so people looking for a luxury experience started to choose to enjoy them at home, trying out geekier types (of premium liquor) as they have more budget while staying in. With

Industry Sept. 26, 2022

At first glance, Hyundai Motor’s second flagship electric vehicle Ioniq 6 looks more like a sports car similar to Porsche’s 911 Carrera, mainly for its coupe-like frame. But inside, the spacious interior gives the feeling of a SUV, thanks to its unique platform built on E-GMP. The carmaker's adoption of EV-only seat material that is 30 percent thinner than ordinary seat fabric was a good choice. This unlikely combination of exterior and interior clearly shows where Hyundai Mot

Industry Sept. 25, 2022

    Cho Sung-hwan, CEO of Hyundai Motor Group’s auto parts affiliate Hyundai Mobis, has been elected president of the International Organization for Standardization, the company said Friday. Cho is the first Korean to take the highest position at ISO, a non-profit organization that develops and publishes more than 24,000 international standards for various industries, and has 167 national standard bodies as members. South Korea has been a member since 1963. Cho was elected from a

Industry Sept. 23, 2022

Concerns over steel supply disruption is rising over unionized workers at South Korea's second-largest steelmaker Hyundai Steel threatening to stage sit-in protests. The workers’ threats come amid stalled wage negotiations at a critical time, as the country’s largest steelmaker Posco is reeling from typhoon damage. According to industry news reports on Wednesday, Hyundai Steel’s labor union, which has been at the negotiation table since March, warned of going on strike if its

Industry Sept. 21, 2022

Kakao Mobility and Hyundai Motor Group said Monday they have teamed up to debut a new taxi-hailing service using autonomous driving technology, with the first test-run set to be carried out within the year. The two firms said they have recently signed a memorandum of understanding to test driverless driving technology and seek a mass-market debut of the new service. Under the partnership, Hyundai Motor’s self-driving taxi RoboRide, based on the carmaker’s flagship electric model Ioni

Industry Sept. 19, 2022