The South Korean National Assembly concluded a contentious decision to reduce the national research and development budget to 26.5 trillion won ($20.4 billion) on Thursday, a 15 percent reduction from this year and marking the first R&D budget cut in 33 years. The reduction of 4.6 trillion won is a slight adjustment from the government's initial proposal of a 5.2 trillion won cut, a concession in response to significant backlash and criticism from both the scientific and political com

Economy Dec. 22, 2023

Hyundai Motor on Thursday shared a glimpse into its upcoming presentation at CES 2024 in Las Vegas, set for Jan. 8, previewing the company’s vision for a hydrogen-powered ecosystem and a future shaped by software innovations. The presentation, under the theme of "Ease every way," is scheduled from 1:00 p.m. to 1:45 p.m. Pacific Standard Time and will be livestreamed on Hyundai's global YouTube channel. Central to Hyundai's hydrogen strategy is the "Hydrogen Busines

Mobility Dec. 21, 2023

The Kia Carnival, a top choice for a family vehicle in South Korea, reflects the classic American family minivan. Three years after the success of the fourth generation, Kia is upping its game with a revamped Carnival lineup, most notably with its first-ever hybrid model that tackles the vehicle's main shortcoming: fuel efficiency. The hybrid model, entering its precontract phase last month alongside other models, has quickly attracted consumer attention, with hybrids making up 70 percent o

Mobility Dec. 20, 2023

Hyundai Motor Group could compete head-to-head with Apple in software, a domain where Apple, as the world's most valuable company, is known to excel, as the South Korean automaker is progressing toward its own software-defined vehicle vision that aims to incorporate its proprietary connected car operating system into all new models by 2025. This bold move could be part of its strategy to dominate in-car screens with its own software, potentially opening new revenue streams through content a

Mobility Dec. 18, 2023

Sport utility vehicle sales in the South Korean market are projected to surpass 900,000 units in 2023 for the first time, marking a significant milestone as SUV sales rapidly approach double that of sedans. There were 856,362 new SUV registrations, including recreational vehicles, in the first 11 months of 2023, data from the Transport Ministry analyzed by the CarIsYou data lab showed Monday. This exceeds the 837,948 SUV units sold throughout 2022 and represents the highest annual total since 20

Industry Dec. 18, 2023

Hyundai Motor Co. and Mubadala Investment Co., the United Arab Emirates sovereign wealth fund, have entered into a partnership set to advance projects in hydrogen energy, green aluminum production, eco-friendly mobility solutions, and advanced air mobility. This agreement was sealed at a signing ceremony in Abu Dhabi's Mubadala Tower on Friday, with Chang Jae-hoon, president and co-CEO of Hyundai Motor, and Waleed Al Mokarrab Al Muhairi, the deputy group CEO of the Investment Committee at

Industry Dec. 17, 2023

KG Mobility, formerly SsangYong Motor, and Saudi National Automobiles Manufacturing Company, a licensed producer of international and domestic automobiles, signed a partnership agreement on Friday to assemble the carmaker's Torres EVX electric vehicle in Saudi Arabia. The agreement expands an existing deal between the companies for SNAM to manufacture KGM's internal combustion engine vehicles. Under the new pact, SNAM will augment production capabilities to assemble the all-electric To

Mobility Dec. 17, 2023

Hyundai Engineering and the Korea Atomic Energy Research Institute on Monday formalized an agreement to export Korean-made small modular reactors internationally, beginning with a project in Canada. Hyundai Engineering CEO Hong Hyeon-sung and KAERI President Joo Han-gyu signed the agreement at the institute's Daejeon headquarters to globally promote Korea’s System-integrated Modular Advanced Reactor, or "Smart." Under this partnership, Hyundai Engineering will spearhead busi

Industry Dec. 13, 2023

Posco Future M, a South Korean producer of battery materials, has newly joined the 2023 Dow Jones Sustainability Indices Asia Pacific Index in recognition of its commitment to sustainability and responsible business practices, the company said Tuesday. The DJSI, published annually by S&P Global, serves as a benchmark for investors globally, evaluating companies based on their economic, environmental, social and governance performance. The inclusion in the Asia Pacific Index positions Posco

Industry Dec. 12, 2023

Hyundai Motor and its sister company Kia on Monday unveiled a new tire technology that promises to improve winter driving safety and convenience by offering an automatic, hassle-free alternative to traditional snow chains. The patented technology integrates snow chains into the tire using a shape memory alloy. Traditional snow chains, known for their cumbersome installation and removal process, often deter drivers from using them. This new technology enables automatic deployment and retraction o

Mobility Dec. 11, 2023

South Korean aerospace and defense firm LIG Nex1 has decided to acquire a 60 percent stake in American quadruped maker Ghost Robotics for some 315 billion won ($240 million) to secure a future growth platform and penetrate the US defense market. In a regulatory filing on Dec. 8, LIG Nex1 disclosed its plan to purchase the controlling stake in Ghost Robotics. For the deal, the Korean company will inject 187.7 billion won into LNGR, a specially formed entity provisionally named for this acquisitio

Industry Dec. 10, 2023

LG Energy Solutions and the nation's top-ranked Korea Advanced Institute of Science and Technology have made a significant discovery in lithium metal battery technology, as revealed in a research paper in the prestigious journal Nature Energy, potentially increasing electric vehicle range by 50 percent and drastically enhancing battery efficiency and lifespan. The discovery stems from a collaboration that began over two years ago at the Frontier Research Laboratory, a joint venture between

Mobility Dec. 7, 2023

Doosan Robotics, seemingly buoyed by its high-profile stock debut last month, on Tuesday invited a group of reporters to its Suwon plant in Gyeonggi Province, the production base of the nation’s largest robotics company. “At Doosan Robotics, we aim to revolutionize work by developing cobots for augmenting human efforts with great precision, safety and high cost-effectiveness to help address labor shortages across numerous sectors more accessibly," said Ryu Jung-hoon, CEO of Doos

Industry Dec. 7, 2023

Park Sang-woo, the former CEO of the Land and Housing Corporation (LH), has been nominated as the new minister of land, infrastructure and transport, according to the presidential office on Monday. Having joined the ministry in 1983, Park boasts expertise in land and transport policy for decades. He is known to have played a role in shaping housing policies during the Lee Myung-bak and Park Geun-hye administrations. He also served as the head of the state-run housing agency between 2016 and 2019

Economy Dec. 4, 2023

Hanwha Momentum, a supplier of manufacturing facilities and equipment for batteries, solar panels and displays, hosted its 2023 Hanwha Battery Day on Monday to reveal the company's strategies and technological road map in response to burgeoning global demand for secondary battery manufacturing equipment. During the event, CEO Yang Ki-won unveiled an ambitious target of 1.4 trillion won ($1.07 billion) in sales solely from secondary battery process equipment solutions by 2027. The company&

Mobility Dec. 4, 2023