For the first time, a Korean high-speed rail vehicle will be deployed internationally, with Uzbekistan as the destination. Hyundai Rotem announced Friday that it has secured a 270 billion won ($194 million) contract to supply and maintain power-distributed high-speed trains for Uzbek Railways in collaboration with the Korea Railroad Corporation. Hyundai Rotem is a Korean rail transport manufacturer that pioneered the nation’s first high-speed rail system, the Korea Train Express, in 2004.

Industry June 16, 2024

South Korean battery material companies are emerging as key players in Tesla's revamped supply chain as the carmaker upgrades its 2170 battery cells -- integral to its most popular models. Tesla's initiative to enhance battery performance centers on upgrading the anode and cathode materials, which are critical for improving energy density and charging speeds. The anode, which determines how much energy the battery can store, directly impacts the driving range of electric vehicles. Mean

Mobility June 16, 2024

Doosan Group Chairman Park Jeong-won met with Kazakh President Kassym-Jomart Tokayev in Astana to discuss energy sector collaboration, as part of his role in the economic delegation accompanying South Korean President Yoon Suk Yeol on a state visit to Central Asia. Chairman Park and President Tokayev met Wednesday at the Hilton Astana Hotel, accompanied by high-ranking officials and executives including Kazakhstan's Minister of Energy Almassadam Satkaliyev, Samruk-Kazyna CEO Nurlan Zhakupov

Mobility June 13, 2024

SK Inc., the investment arm of South Korea's SK Group, has announced a partnership with China's Zhejiang Geely Holding Group to advance green mobility initiatives, focusing on electric vehicle batteries and automotive electronics. This collaboration aims to integrate SK's business development capabilities with Geely's expertise in mobility technology. The partnership was formalized with the signing of a framework agreement Wednesday. The global networking efforts of Chey Jae-

Mobility June 12, 2024

LG Energy Solution and General Motors' joint venture, Ultium Cells, have tentatively agreed to a 30 percent wage increase over the next three years, significantly boosting worker pay amidst concerns about rising production costs. The United Auto Workers announced Monday that their local chapter at the Ultium Cells plant in Warren, Ohio, has reached a preliminary agreement with the company. This tentative deal still requires ratification by union members. UAW President Shawn Fain stated that

Mobility June 11, 2024

The proposed deepwater oil and gas field development off the coast of Yeongil Bay in Pohang, South Korea, is under intense scrutiny, with debates surrounding the reliability of the discovery and the credibility of Act-Geo, the US consulting firm behind the survey. The Ministry of Trade, Industry and Energy has been actively addressing these concerns, including allegations of a fake Korean-language website for Act-Geo that was quickly found to be fraudulent on Monday. Doubts about Act-Geo's

Industry June 10, 2024

The 2024 Busan International Mobility Show will take place later this month amid challenges faced by traditional auto shows worldwide, with Hyundai-Kia, Renault Korea and BMW Korea expected to unveil their latest electric and hybrid models. The biannual event, hosted at the Busan Exhibition and Convention Center, will commence with a press day on June 27 and continue until July 7. This year’s show coincides with the decline of long-standing auto exhibitions like the Geneva Motor Show, whic

Mobility June 10, 2024

In the wake of a generative artificial intelligence-driven energy surge and favorable regulatory shifts, Hanwha Solutions’ Qcells is poised to benefit from massive government subsidies in the US solar market. As many US solar companies have been scaling back investments due to the influx of inexpensive Chinese solar products, the Korean solar panel maker is seizing the opportunity to become the only company with a fully integrated local solar value chain that allows it to benefit from a co

Industry June 10, 2024

Doubts persist over the potential of newly identified oil and gas reserves off South Korea’s southeastern coast, despite a press briefing on Friday led by the expert behind the discovery to address public concerns about the drilling project's feasibility and the credentials of the company involved. Since the announcement a week ago, the claim has triggered a wave of public attention, expressing both excitement and skepticism, with the government providing multiple clarifications for rumors

Industry June 9, 2024

The existence of oil and gas reserve in the East Sea is "highly prospective" as seismic data show the examined wells contain all four key elements of a petroleum system, Vitor Abreu, the owner and adviser of the US geoscience research firm Act-Geo said Friday. Act-Geo is the company that suggested substantial oil and natural gas deposits may be buried in the deep sea near Pohang's Yeongil Bay. "So to summarize ... the basin is highly prospective," Abreu said during a pre

Industry June 7, 2024

Following the recent announcement that South Korea may have discovered up to 14 billion barrels of oil and gas reserves off its southeastern coast, Vitor Abreu, the owner of Act-Geo, the firm responsible for the discovery, arrived in Seoul on Wednesday to elaborate on these findings. Abreu landed at Incheon Airport earlier in the day to meet with government and industry officials. According to industry sources, he is to hold a press conference in Sejong City on Friday to address questions regard

Industry June 5, 2024

Hyundai Motor and Kia are investing some 253 billion won ($185 million) in 42dot, the global software center within Hyundai Motor Group, to aggressively recruit top-tier talent and accelerate the group's software-defined vehicle strategy. On Tuesday, Hyundai and Kia announced through Korea's Financial Supervisory Service that their boards had approved a capital increase, with Hyundai contributing over 152 billion won and Kia adding more than 101 billion won. This investment is based on

Mobility June 5, 2024

LG Energy Solution said Wednesday it has signed a memorandum of understanding with American semiconductor manufacturer Analog Devices, Inc. to enhance battery management technologies for electric vehicles. Over the next two years, ADI will supply high-performance battery management integrated circuits, or BMIC, while both companies develop algorithms to measure the internal temperatures of EV battery cells accurately. Analog Devices specializes in impedance measurement technologies. Impedance, t

Mobility June 5, 2024

The South Korean government is making headlines with claims of potentially substantial oil and natural gas reserves discovered off its southeastern coast, near Pohang's Yeongil Bay. If confirmed, this discovery could elevate Korea’s status as an oil-producing nation. However, transitioning from finding these reserves to harnessing them is a complex journey. Here, we address the key questions surrounding this development.   What is the basis of the government's claim? In February 2023,

Economy June 4, 2024

Hyundai Motor Group is aiming to list its Indian subsidiary, Hyundai Motor India, in the coming months, raising up to $3 billion in a landmark initial public offering, according to industry sources Monday. HMI reportedly plans to file for the IPO in June, with Kotak and Morgan Stanley newly joining the syndicate as the deal advisers. If successful, it could surpass the $2.5 billion raised by the Life Insurance Corporation of India in 2022, potentially setting a new record in the Indian stock mar

Mobility June 3, 2024