Hyundai Glovis is entering the fast-growing recycling market for used electric vehicle batteries by developing a renewable energy complex and power grid models in Shinan-gun, South Jeolla Province, the company said Monday. Joining hands with Korea Hydro & Nuclear Power, Sinan County Office and LS Electric, the company will set up energy storage systems using used batteries next year to help the eco-friendly transition of the county’s fuel-based power plant. Glovis said its ESS technolo

Industry Nov. 7, 2022

South Korea's defense-to-energy conglomerate Hanwha Group is expected to complete on-site inspection on Daewoo Shipbuilding & Marine Engineering this month, with plans to finish the acquisition process within the first half of next year, industry sources said Monday. Hanwha began inspection on DSME last month, but had extended the original four-week long period to six weeks, citing its need to thoroughly analyze DSME’s status and competitiveness in the market. The shipbuilder has

Industry Nov. 7, 2022

The first iPhone, introduced in 2007, wowed markets around the world because it had everything that people wanted. The very first smartphone combined everyday features in one single palm-sized device, opening a new era for humanity to pursue technology-driven lives. The next revolutionary technology will be led by robots, according to the Korea Institute for Robot Industry Advancement (KIRIA) President Shon Woong-hee, if they provide breakthrough services that cater to "human desires"

Industry Nov. 6, 2022

Posco International said Tuesday that it clinched a partnership with Dutch hyperloop technology provider Hardt, with an aim to seek business opportunities in the global market for ultra high-speed, eco-friendly transportation system. Under the agreement, Posco International will work on securing a smooth supply of Posco-manufactured steel materials for hyperloop facilities in Europe, and work further with Hardt on marketing the transportation. It is also considering a minor stake investment in

Industry Nov. 1, 2022

Naver said Monday it will inject 5.2 billion won ($3.6 million) over the next five years, along with Canadian social storytelling platform Wattpad which has become part of the company last year, to conduct joint research on AI-based content service platforms with the University of Toronto. South Korean internet giant said this study would allow application of advanced, exclusive technologies to Wattpad’s content platform leading to more innovative user experience. Naver bought Wattpad at

Technology Oct. 31, 2022

South Korea’s major business groups on Sunday offered condolences to victims and their families following an overnight crowd surge that killed more than 150 people celebrating Halloween in the bustling district of Itaewon in Seoul on Saturday, also calling for the reestablishment of the public safety system. The Korea Chamber of Commerce and Industry, the largest business lobby here, representing some 180,000 large and small companies, released a statement saying it shares the same view

Industry Oct. 30, 2022

Hyundai Motor Group Executive Chair Chung Euisun visited Slovakia to request its support for South Korean port city Busan’s bid to host the World Expo in 2030, to the auto giant said Sunday. Chung visited Slovakia on the leg of his European trip to meet country leaders. He met with Czech Prime Minister Petr Fiala last week. Slovakia holds a significant status as the chair country of Visegrad Group, a cultural and political alliance of four Central European countries that also includes Czec

Mobility Oct. 30, 2022

Hyundai Motor Group will launch promotional activities in Latin America to support South Korean port city Busan’s bid to host the 2030 World Expo, the carmaker said Thursday. According to the company, Hyundai Motor President and CEO Chang Jae-hoon will visit three Latin American countries – the Bahamas, Chile and Paraguay – and meet high-level government officials to explain Busan's competitiveness and the port city’s future vision for hosting the global event. The Latin

Mobility Oct. 27, 2022

Samsung Electronics chief Lee Jae-yong’s promotion to executive chairman on Thursday completes the generational power shift among South Korea’s four major chaebols. Lee, 54, is a third-generation chaebol scion, like Hyundai Motor's Chung Euisun who is two years younger. SK's Chey Tae-won is the eldest son of the group founder's brother, while LG's Koo Kwang-mor is a fourth-generation chaebol leader. Chey, 61, assumed the top position at the relatively early age of 38, after his fath

Industry Oct. 27, 2022

The South Korean defense industry sold over 21 trillion won ($14.7 billion) worth of defense systems and weapons to Poland this year, double that of Seoul's total defense exports in last year alone. The value of the deals clinched by top defense companies Hanwha Defense, Korea Aerospace Industries (KAI) and Hyundai Rotem this year was two times more than the $7.2 billion in weapons South Korea exported globally in 2021, according to market data and news reports. The order list includes 4

Industry Oct. 27, 2022

  Hyundai Motor Group on Wednesday officially kicked off a construction of its first electric vehicle-dedicated manufacturing plant in Georgia, US, gearing up for mass production of 300,000 cars annually from the first half of 2025 amid the US government pushing ahead with a full implementation of a new law that removes subsidies on electric vehicle made outside of American soil. The envisioned plant named Hyundai Motor Group Metaplant America (HMGMA) illustrates the carmaker’s latest

Mobility Oct. 26, 2022

Posco Holdings said Monday that its third quarter operating profit plunged 71 percent to 920 billion won ($363.9 million), largely due to operation suspension and damages from typhoon that hit the company’s steel plant in Pohang, North Gyeongsang Province, last month, as well as the continuously falling global price of steel. The holding company of the steelmaker Posco said in its regulatory filing that its third quarter net profit dropped sharply to 592 billion won, a 77.2 percent fall on

Industry Oct. 24, 2022

Hyundai Motor on Monday reported 37.7 trillion won ($26.2 billion) in total sales for the third quarter, an increase of 30.6 percent on-year. It was boosted by a significant increase in global sales, which the automaker forecast would expand in the final quarter as the auto parts supply crunch eases. Hyundai Motor sold 1.02 million cars from July to September, according to a regulatory filing. The third quarter is regarded as a low season for the carmaker, as employees take vacations for the sum

Mobility Oct. 24, 2022

Korean Air, the country’s largest air carrier, said Friday it had been named the world’s ninth best air carrier by UK-based airline and airport consultancy Skytrax. The company climbed 13 slots this year to enter the world’s top 10, from 22nd last year. This year’s World’s Best Airline award went to Qatar Airways, followed by Singapore Airlines and Emirates in the second and third, respectively. Skytrax evaluates 390 full-service and 180 budget carriers each year

Industry Oct. 21, 2022

Hyundai Motor’s flagship electric vehicle Ioniq 5 has been picked as MotorTrend’s 2023 SUV of the Year, the first award for the Korean automaker from the renowned US auto magazine with 74 years of history. The Ioniq 5 beat out 44 other models, of which 24 were electric. MotorTrend said the Ioniq 5 stood out for its luxurious exterior, outstanding driving performance, spacious interior and efficient battery pack, along with the fast-charging system. The award for SUV of the year is ev

Mobility Oct. 21, 2022