South Korea’s defense firm LIG Nex1 said Friday it has signed a 3.7 trillion won ($2.78 billion) deal with Iraq’s defense ministry to export its medium-range surface-to-air missile defense system Cheongung-II. This is the third export contract worth over 1 trillion won that LIG Nex1 has clinched, following those with the United Arab Emirates and Saudi Arabia. Cheongung-II includes four launch vehicles with eight tubes, multi-function radar and traffic management command. It will be p

Industry Sept. 20, 2024

South Korean electric wire and cable maker Taihan Cable & Solution said Thursday it has secured a 90 billion-won ($67.5 million) cable system supply deal in the US. The company has been selected as supplier to US-based LS Power Grid California for 320-kilovolt voltage source converters used in high-voltage direct-current (HVDC) transmission and a 500-kilovolt heating, ventilation and air conditioning (HVAC) power systems. Making its first foray into North America’s high-capacity, long-

Industry Sept. 19, 2024

In the aftermath of the massive fire caused by a Mercedes-Benz electric vehicle in August, Mathias Vaitl, CEO of the German auto giant’s Korean unit, might appear for next month's government audit, industry insiders said Friday. Given the severity of the incident that took out an apartment complex parking lot and over 100 vehicles in Incheon on Sept. 1, the Land Infrastructure and Transport Committee of the National Assembly is reportedly considering calling Mathias as a key witness f

Mobility Sept. 13, 2024

Posco Future M said Thursday it has signed a 1.8 trillion won ($1.4 billion) deal to supply high-nickel cathode materials for electric vehicle batteries with a battery maker. The details of the agreement including the other signing party will not be disclosed until Dec. 31, when the two companies will finalize the terms and conditions, according to Posco Future M. “We sometimes hold back the information on the parties involved following the company’s request (of not making a full dis

Mobility Sept. 12, 2024

Collapsing lithium prices are expected to put more pressure on Korean battery companies that are already reeling from an electric vehicle chasm, industry insiders said Wednesday. According to a recent Goldman Sachs report, the global lithium price is projected to fall by 18 percent from the monthly average price of $12.70 per kilogram in August to $10.40 next year. The price would be an 84.1 percent drop compared to the lithium boom in 2022 and on a similar level to 2015, when automakers just st

Mobility Sept. 11, 2024

EcoPro’s former Chairman Lee Dong-chae has returned to management after a yearlong hiatus, at a critical time when the battery materials maker and the entire EV industry are reeling from slowing demand. According to the company on Tuesday, Lee was recently named an executive adviser on the board following a presidential pardon granted last month. He had been serving prison time for insider trading since May last year. It remains to be seen when Lee could be reinstated as chairman, but expe

Industry Sept. 10, 2024

LS Cable & System CEO Koo Bon-kyu has pledged to achieve 10 trillion won ($7.5 billion) in sales by 2030 by accelerating business expansion abroad. “Joining hands with (our subsidiary) LS Eco Energy, we will set up our global production bases in Europe, Asia and North America,” Koo said during a press conference in Yeouido, Seoul, Thursday. “With LS Marine Solution, the company aims to strengthen its business portfolio for cable supply, installation and maintenance using t

Industry Sept. 9, 2024

Posco Future M said Wednesday it broke the record in revenue last year, driven by large-scale supply deals of electric vehicle battery materials. According to the company’s earnings report, annual sales revenue soared 44.2 percent on-year to 4.76 trillion won ($3.57 billion). In particular, sales of the battery materials business skyrocketed 73.4 percent to 3.36 trillion won, with an increase in the supply of cathode products, largely consisting of premium high-nickel products. Anode bat

Industry Jan. 31, 2024

Samsung SDI said Tuesday it posted an all-time high revenue last year with robust growth in sales of electric vehicle batteries. In its earnings report, the company said annual sales revenue soared 12.8 percent to 22.7 trillion won ($17.1 billion). Its operating profit, on the other hand, dropped 9.7 percent to 1.6 trillion won due to sluggish sales of small batteries and electronics materials. “Although we missed the profit target for last year, the EV battery business has seen 38 percent

Mobility Jan. 30, 2024

Kim Jun-hyung, CEO of Korean battery materials manufacturer Posco Future M, urged the Ministry of Environment to reinforce measures to boost the rechargeable battery industry, according to the company on Monday. Kim met with Lim Sang-jun, deputy minister at the Environment Ministry, who visited the company’s artificial graphite anode materials manufacturing plant in Pohang, North Gyeongsang Province, earlier in the day. Posco Future M shared its achievements in the cathode and anode materi

Industry Jan. 29, 2024

Hyundai Mobis, an auto parts manufacturing unit under Hyundai Motor Group, said Friday its revenue surged over 14 percent last year to nearly 60 trillion won ($44.9 billion). The company posted an annual revenue of 59.25 trillion won in 2023, breaking the record of 51.9 trillion won it set the year before. Its operating profit came to 2.29 trillion won, a 13.3 percent increase over the same period. The stellar performance comes after an increase in the supply of electric car parts, following a b

Mobility Jan. 26, 2024

Despite the slowdown of electric vehicle sales, LG Energy Solution broke the record in earnings last year, largely driven by a boost in sales in the all-important US market. In its earnings report released Friday, the battery maker said its annual revenue surged by 31.8 percent to 33.7 trillion won ($25.3 billion) while operating profit skyrocketed 78.2 percent to 2.2 trillion won -- both hitting all-time high figures. With robust sales in the US, some 677 billion won worth of tax credits were a

Mobility Jan. 26, 2024

Hyundai Motor Group pulled in an all-time high annual operating profit of 26.7 trillion won ($20 billion) last year, outpacing Samsung Electronics, which held the No. 1 position among the listed companies in Korea for 14 consecutive years, for the first time. Hyundai Motor Company saw a 15.1 trillion won record profit in 2023, a 54 percent jump from the earlier year with a 9.3 percent operating profit margin, while its sales revenue surged 14.4 percent to 162.7 trillion won, the company’s

Mobility Jan. 25, 2024

Hyundai Motor Group might not receive full tax credits from the US for setting up an electric vehicle manufacturing plant in the state of Georgia, although it made hefty investments in the new production base, media reports said Wednesday. According to the Korea-based news outlet, Seoul Economic Daily, the US Department of Energy is putting off responding to the carmaker’s request to apply the maximum 30 percent tax break for the Georgia plant. Given that the company has vowed to inject mo

Mobility Jan. 24, 2024

Hyundai Motor Group’s smaller affiliate Kia’s second auto manufacturing plant in Gwangmyeong, Gyeonggi Province, will resume operation in February, after an eight-month refurbishment to prepare the plant for electric vehicle production, industry sources said Tuesday. The company reportedly announced to the factory’s production line staff, who were on paid leave during the monthslong shutdown, that they would start working from Jan. 30. An official from Hyundai Motor Group confi

Mobility Jan. 23, 2024