General Motors will launch its first Ultium platform-based electric sport utility vehicle, the Cadillac Lyriq, in South Korea later this year to expand its EV lineup in the country, the automaker announced Monday. Ultium refers to Ultium Cells, a joint venture between GM and LG Energy Solution established in 2019 to set up and operate battery cell manufacturing facilities in the US. The two shar...

Kia, South Korea’s second-largest automaker, has raised its earnings target for this year after the company recorded its best-ever figures last year on strong sales. The company said Friday in a conference call that its annual revenue and operating profit had reached 86.6 trillion won ($70.3 billion) and 7.2 trillion won last year, respectively. The numbers increased by 23.9 percent and 42.8 per...

LG Energy Solution reported a twofold jump in operating profit last year, driven by increased demand for electric vehicle batteries and energy storage systems, the South Korean battery maker said Friday. Revenue rose 43.4 percent to 25.6 trillion won ($20.8 billion) in 2022, and its operating profit hit 1.2 trillion won, a 57.9 percent increase on-year. Sales and operating profit both hit new he...

Hyundai Motor posted a record-high operating profit of 9.8 trillion won ($8 billion) last year as it sold almost 4 million vehicles across the world, the South Korean automaker said Thursday. Despite the global economic downturn, Hyundai Motor’s yearly sales also recorded 142.5 trillion won, up 21.2 percent on year to set a new high. With operating profit having shot up 47 percent on-year to an...

Hanwha Solutions on Thursday announced that it has signed a strategic partnership with Microsoft for solar energy projects, marking the first collaboration between a global solar supplier and an information and communication technology behemoth to reduce carbon emissions and boost the clean energy economy. Under the partnership, Hanwha Solutions, a chemical and energy company under South Korea’s...

LG Energy Solution on Wednesday denied earlier reports on the alleged decision to put a pause on the joint plan with General Motors to build a fourth battery cell manufacturing plant for electric vehicles in the US. “The two companies are still in discussions about Ultium Cells’ fourth plant in the US and no specific decisions have been made at this point,” an official at LG Energy Solution told...

Global cumulative sales of Hyundai Motor Group’s electric vehicles have surpassed the 1 million milestone, according to the South Korean automaker Tuesday. The automaker achieved the milestone 11 years after it began selling EVs in 2011. Hyundai Motor and its premium brand Genesis have sold 601,448 EVs while Kia has sold 420,836 EVs. The carmaker sold 236 units of its first EV, the BlueOn, in 2...

Scientists have developed the world’s first technology to recycle clothing waste by converting discarded fiber into usable materials, the Korea Research Institute of Chemical Technology said Wednesday. A group of researchers led by Cho Joung-mo, a senior researcher at the KRICT, found a screening technology that can isolate recyclable materials from clothing waste by using the chemical character...

Hyundai Motor Group on Wednesday launched the all-new Kona, a second-generation subcompact sport utility vehicle, with an aim to set new standards for small SUVs. “Kona is Hyundai Motor’s most iconic SUV. We took the creative design of the existing model and applied a new method of designing the electric vehicle first and putting it on the internal combustion engine model later to create a more ...

South Korea topped Bentley’s Asia-Pacific market in 2022 as Korean customers purchased almost 40 percent of all Bentley vehicles sold in the region last year, Bentley Motors Korea said Tuesday. Citing the data from the Korea Automobile Importers and Distributors Association, the high-end automaker said Korean customers bought a total of 775 Bentleys, about a 53 percent increase on year. It marke...

LG Energy Solution and Honda have completed the establishment of a joint venture to build a battery manufacturing plant in the US, officials announced Friday. The joint venture, tentatively named L-H Battery Company, marks the first collaboration between a South Korean battery maker and a Japanese automaker. Friday’s official announcement was a follow-up to the two companies’ previous agreement ...

Hyundai Motor Group Executive Chair Chung Euisun has been named the MotorTrend Person of the Year, the South Korean carmaker announced Thursday. With the award, Chung topped the US automobile magazine's list of the 50 most influential figures in the global automotive industry. He was ranked fifth in last year’s rankings. MotorTrend acknowledged Chung for leading Hyundai Motor Group into a new a...

Hanwha Solutions will invest 3.2 trillion won ($2.57 billion) in expanding its solar energy businesses and building additional facilities to complete the manufacturing line in the United States through next year, the South Korean company said Wednesday. The company said it plans to set up a solar hub that will be capable of producing four of the five core parts -- ingot, wafer, cell and module -...

American carmaker Ford has selected LG Energy Solution as a new partner to build an electric vehicle battery plant in Turkey, scrapping its previous deal with SK On for the battery manufacturing project, according to industry sources here Tuesday. One source on condition of anonymity told The Korea Herald that the reason Ford decided to part ways with SK On was likely due to the battery maker’s ...