Doosan Skoda Power, the turbine subsidiary of nuclear power plant developer Doosan Enerbility, has become the first Korean power equipment company to debut on the Czech stock market. The offering price for Doosan Skoda Power was set at 240 crowns ($9.90) apiece, with the total public offering amounting to 2.5 billion crowns, or over $100 million. The funds raised through this listing will be used to bolster growth momentum for both Doosan Skoda Power and its parent company, Doosan Enerbility. Ke

Hyundai Motor is set to temporarily shut down production of the Ioniq 5 -- its flagship electric vehicle model -- and the Kona EV at its Ulsan auto manufacturing site later this month, amid a continued downturn in the EV market. According to sources on Friday, production lines for these two battery-powered models at the Ulsan plant will suspend operations from Feb. 24 to 28. An internal memo from Hyundai’s Ulsan plant highlighted, “Sales volume and backorders (for the two car models) are declini

China remains crucial supply chain for key materials, strategic hub for emerging markets Amid an escalating trade war between Washington and Beijing, Korean battery manufacturers are struggling with slowing operations in China, exacerbated by an already sluggish demand for electric vehicles. Despite mounting pressure to cut costs and boost profits, industry insiders suggest that companies cannot significantly downsize their Chinese facilities due to their strategic importance. “Currently, batter

Doosan Robotics said Wednesday it is ramping up its market expansion in Thailand, forging a deal to supply 300 collaborative robots with Bangkok-based VRNJ, a robot systems supplier. The robots include the A, H, M and P series, which ensure a high level of safety and precision work, handling a payload of up to 30 kilograms in logistics applications. Building on its success in North America and Europe, Doosan Robotics aims to deliver manufacturing solutions featuring collaborative robots for part

Acting president vows to support homegrown AI companies, braces for China's DeepSeek shockwaves South Korea’s Acting President Choi Sang-mok vowed to create a government fund of over 34 trillion won ($23.5 billion) to support the nation’s advanced industries -- battery and biotechnology –- amid concerns over the second Trump administration’s "America First" policies. “The government is committed to wholeheartedly and swiftly boosting support for high-tech industries,” said Choi, who also doubles

Ionna, a North American EV fast-charging network that includes Hyundai Motor Group, has launched its ultrafast charging service in the US. The unveiling event was held on Tuesday at Ionna’s headquarters in Durham, North Carolina, where the operation of four EV charging stations was announced. The alliance, consisting of Hyundai, Kia, BMW, GM, Honda, Mercedes-Benz, Stellantis and Toyota, plans to install 1,000 chargers by this year and 30,000 by 2030. Within a year of its February 2024 launch, Io

KGM said Tuesday it launched the Actyon SUV in Turkey, a key emerging automotive market, marking its first global event of the year. The ceremony, held on Jan. 29 at a hotel in Istanbul, attracted over 100 attendees, including local dealership and the press. Leveraging Turkey's robust demand for SUVs, KGM sold a total of 11,870 units in the market last year, more than a fivefold increase compared to 2023. With the launch of the Actyon, KGM aims to further expand its sales volume. (KGM)

Battery-maker looks to seize opportunities as Trump’s tariffs hamper Chinese rivals Samsung SDI is set to begin mass production of cost-competitive lithium iron phosphate, or LFP, batteries for energy storage systems as early as late this year, capitalizing on the anticipated decline of Chinese competitors in the US, a major market for power storage. “Samsung SDI will complete the setup of production equipment for ESS LFP batteries at its ‘mother line’ in the Ulsan plant between July and August,

SK On, the battery manufacturing unit under SK Group, said Sunday it had completed a three-way merger with its sister companies — SK Trading International and SK Enterm — to bolster its position in the global supply chain for the electric vehicle battery industry. As part of the merger, SK Enterm, a commercial tank terminal operator, will continue its operations within SK Trading International, which in turn will function as part of SK On under a company-in-company system. The trading unit has a

Korean consumers drawn by the Chinese EV giant’s competitive pricing China’s electric vehicle powerhouse BYD has landed in South Korea and is going all out to lure local consumers who are largely loyal to the country’s homegrown brands -- Hyundai Motor Company and Kia -- with cars starting as low as 31.5 million won ($22,000). The EV giant’s Korean launches -- the Atto 3 compact SUV, Seal sedan and Sealion mid-sized SUV -- are building hype among drivers with price tags cheaper than Korean autom

Automaker hits all time high global sales of 3.1 million units Kia, Hyundai Motor Group’s smaller affiliate, set a major milestone last year, marking record-high sales and profits, even amidst a downturn in the electric vehicle market and economic uncertainties. According to the company’s earnings release on Friday, last year’s sales revenue and operating profit soared 7.7 percent and 9.1 percent compared to 2023 to 107.4 trillion won and 12.7 trillion won ($8.9 billion), respectively. This sing

Samsung SDI said Friday it posted a fourth-quarter deficit in 2024, its first quarterly loss in seven years, amid an electric vehicle slowdown largely driven by reduced consumer subsidies and increased interest rates. In the fourth quarter, the company experienced a 28.8 percent drop in sales revenue, falling to 3.7 trillion won ($2.6 billion) from the previous year, and its first operating loss since 2017 of 256.7 billion won. For the full year, it posted 16.6 trillion won in revenue, marking a

Hyundai Motor Company fell short of achieving record-breaking performance last year, as profits declined for the first time in two years amid deepening uncertainties in the domestic economy and major automotive markets. According to the automaker’s earnings report on Thursday, the auto giant’s annual operating profit for 2024 dropped 5.9 percent to 14.2 trillion won ($9.9 billion) compared to 2023, while its sales revenue climbed 7.7 percent to 175.2 trillion won. Its profit margin also fell fro

Revamped family SUV offers hybrid variant and nine-seater for 1st time, competes head on with Kia Carnival Hyundai Motor's flagship family sport utility vehicle, the Palisade, sparked a comeback after six years in Korea, offering a roaring drive and upgraded comfort. The automaker previously avoided direct competition with its smaller sibling, Kia, by excluding hybrid and nine-seater variants. However, with these offerings alongside additional premium features, the competition to lead the large

Hyundai Motor Group announced Tuesday that sales of its top-tier suppliers have surpassed a record 90 trillion won ($62.6 billion), driven largely by the automaker’s global expansion. The group’s 237 first-tier suppliers, most of which are small and medium-sized enterprises, reported combined sales of 90.2 trillion won in 2023. This figure exceeded Hyundai Motor’s own revenue of 78.3 trillion won for the same year and accounted for 66 percent of the combined sales of Hyundai and Kia brands. Incl