SK On's announcement Wednesday that it will merge with SK Trading International and SK Enterm has raised hopes of a potential turnaround in its financial performance and competitiveness in the battery industry. SK On has been grappling with persistent financial losses. The company, spun off from SK Innovation in October 2021, reported an operating loss of 581.8 billion won ($419.5 million) last year and 315 billion won in the first quarter of this year. This marked its 10th consecutive quar

Companies July 19, 2024

South Korea is close to securing a landmark contract to build nuclear power plants in the Czech Republic in a deal valued at approximately $17.3 billion, with finalization expected by March 2025. On Thursday, Minister of Trade, Industry, and Energy Ahn Duk-geun held a press briefing to confirm the Czech government’s selection of Korea Hydro & Nuclear Power as the preferred bidder. "The Czech government announced last night that it has chosen KHNP as the preferred bidder for the

Industry July 18, 2024

The Volvo XC40 has emerged as Korea’s best-selling premium compact sport utility vehicle in the first half of this year. The XC40 sold 1,089 units between January and June, with its B4 Ultimate all-wheel drive trim leading in single-trim sales, according to data from the Korea Automobile Importers & Distributors Association. In second place for single-trim sales was the MINI Cooper Countryman with 945 units, followed by the BMW X1 2.0 with 727 units. The same XC40 model secured second

Mobility July 18, 2024

Doosan Group’s recently announced governance restructuring plan has divided investors, raising questions about its viability. Central to the plan, unveiled on July 11, is the proposal to make Doosan Bobcat a wholly-owned subsidiary of Doosan Robotics, which has sparked debate over the fairness of the merger ratio based on the stock prices of both companies. Doosan Bobcat, a significant revenue generator for the group, stands at the heart of this controversy. Shareholders of Bobcat are conc

Companies July 17, 2024

The Korea Fair Trade Commission has approved HD Korea Shipbuilding & Offshore Engineering's acquisition of STX Heavy Industries, subject to conditions that prevent supply refusal and price increases for marine engine parts for three years to ensure fair competition. The merger of HD Korea Shipbuilding & Offshore Engineering, the leader in the marine engine and components market, with STX Heavy Industries, the third-largest player in the same sector, is set to significantly enhance H

Industry July 15, 2024

Hyundai Steel is expanding sales bases in international markets such as Europe and America for carbon-reduced steel plates in response to the global push for carbon neutrality and the European Union's Carbon Border Adjustment Mechanism. Recently, Hyundai Steel signed a memorandum of understanding with Tawesco, a leading auto parts company in the Czech Republic, and Eusider, an Italian company specializing in automotive steel plate processing. These companies supply steel materials to major

Industry July 15, 2024

In the wake of several tragic car accidents across Korea, pedal cameras are being proposed as a new tool to address the contentious issue of sudden unintended acceleration, or SUA. These cameras, which capture drivers’ foot movements, are being touted as a means to provide clear evidence and settle disputes over the true cause of accidents. The conversation is divided: Should car manufacturers include pedal cameras as standard equipment, or should individual drivers be responsible for inst

Mobility July 14, 2024

Hanwha Qcells, a division of Hanwha Solutions specializing in solar energy, has started construction on a solar power project totaling 267 megawatts in the United States. On Wednesday, Hanwha Qcells announced its partnership with the Platte River Power Authority, a US public power provider, to launch the full-scale construction of a new solar plant in Weld County, Colorado. Hanwha Qcells is responsible for the project's engineering, procurement and construction, ensuring a streamlined proce

Industry July 11, 2024

Starting in 2027, consumers in Korea can look forward to purchasing more affordable electric vehicles equipped with reconditioned and tested used batteries. The Korean government, during a meeting chaired by Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok on Wednesday, unveiled a plan to support the used battery industry, announcing a series of laws, systems, and infrastructure projects. This initiative aims to tackle the growing environmental issue of waste batteries by

Mobility July 10, 2024

The global battery industry is showing signs of a comeback amid a challenging market, with LG Energy Solution as one of the companies leading the charge. Their advanced nickel-manganese-cobalt batteries, typically reserved for pricier electric vehicles, are set to power upcoming mass-market models such as Kia’s EV3 and General Motors’s Chevrolet Equinox EV, setting the stage for a new era of affordable, high-performance electric vehicles. The past year has been tough for the EV batte

Mobility July 9, 2024

Renault Korea, the Korean subsidiary of French carmaker Renault S.A., is grappling with a backlash over promotional videos that included a controversial finger-pinching gesture perceived as offensive towards men in South Korea. This gesture has a charged history here, as previous backlashes against it appearing on other content have threatened the sales and reputations of companies and even government institutions. In a video promoting the carmaker's new Renault Grand Koleos vehicle, posted

Mobility July 7, 2024

Cho Hyun-moon, former vice president of Korea's industrial chaebol Hyosung and the estranged second son of the late founder Cho Suck-rai, announced on Friday his decision to donate his entire inheritance to charity in hopes of ending the feud with his brothers. "I’ve set up a public trust and will donate every penny of the inheritance left to me by the late honorary chairman. I hope my brothers will support this initiative," Cho stated at a press conference in Gangnam, Seoul

Companies July 5, 2024

Samsung SDI is set to supply energy storage solution batteries worth 1 trillion won ($724 million) to NextEra Energy, the largest electric utility in the United States. Industry sources report that Samsung SDI is finalizing a contract to provide batteries with a total capacity of 6.3 gigawatt-hours to NextEra Energy. This supply is equivalent to 11.5 percent of North America's total energy storage solution capacity of 55 GWh last year. The key product in this deal is the Samsung Battery Box

Industry July 5, 2024

Hyundai Motor Group has launched a new joint battery cell manufacturing facility with LG Energy Solution in Indonesia, set to supply cells for Hyundai's upcoming Kona Electric. This makes Hyundai the first automaker in Indonesia with a fully localized production ecosystem for electric vehicles, spanning from battery cells to finished vehicles. Hyundai Motor Group celebrated the opening of the joint HLI Green Power plant in Indonesia's Karawang New Industry City on Wednesday. The event,

Mobility July 3, 2024

LG Energy Solution, South Korea's largest electric vehicle battery maker, has secured its first major order for lithium-iron-phosphate batteries from French auto giant Renault Group's EV unit Ampere. The contract, announced in Paris on Monday, will see LG Energy Solution supplying pouch LFP batteries for Renault’s next-generation electric vehicles over five years, from late 2025 to 2030. It involves producing about 39 gigawatt-hours of batteries, enough to power approximately 5

Mobility July 2, 2024