Harim Group’s consortium was named as the preferred bidder for debt-ridden container ship company HMM, leaving concerns about how it would fund the acquisition worth 6.4 trillion won ($4.9 billion), industry sources said Tuesday. Outbidding rival Dongwon Group, the company is expected to take over the 57.9 percent stake owned by controlling shareholders of HMM -- the state-run Korea Development Bank and Korea Ocean Business Corp. The creditors have sought to get the shipper back on track t

South Korea’s car exports climbed 84.2 percent from January to September this year compared to 2019, while imports of electric vehicles and EV batteries from China gradually increased, a report showed Monday. The export volume surged to $50.5 billion in the cited period after the prolonged COVID-19 pandemic and global supply glitches, according to the Korea Automotive Technology Institute, or Katech. Compared to last year, exports of battery-powered cars and hydrogen fuel cell vehicles sky

The joint venture between Washington-based Group14 Technologies and SK Materials, a chemical materials unit under Korea’s SK Group, will start the commercial operation of Asia’s first large-scale manufacturing plant for silicon battery materials in Sangju, North Gyeongsang Province, early next year. “(SK Materials Group14), the joint venture in Sangju, is the Asia’s first electric vehicle-scale silicon anode manufacturing facility that will go online very soon in the next

SES AI Corp., a Boston-based company pioneering in lithium-metal batteries, is strengthening business ties with Hyundai Motor Group in developing the next-generation power source for electric vehicles and Urban Air Mobility. “Of the three production lines in Korea, we are preparing one for developing B-Sample lithium-metal batteries for EVs in Uiwang, near Seoul, with Hyundai Motor Group,” said SES AI Corp. CEO Qichao Hu during an interview with The Korea Herald in Seoul on Wednesday

The Korean Society of Superconductivity and Cryogenics’ review committee on Wednesday said LK-99, an alleged room-temperature superconductor created by a South Korean research team, has not shown any key features of superconductivity. “There is no ground for saying that LK-99 is a superconductor,” the committee said in a report, stressing that it showed no signs of superconductivity in a series of tests on resistance and magnetic susceptibility in either room- or low temperatur

A recent report showed that Germany, the largest European automotive market, is expected to see a drop in electric vehicle sales this year for the first time in seven years, piling pressure on Korean battery makers who have operated core businesses in the all-important region. From January to November, the number of EVs sold in Germany decreased 5 percent on-year to 627,000 units, according to a report from Eugene Investment & Securities. In November alone, the country witnessed a 39 percent

[코리아헤럴드=간형우, 변혜진 기자] 르노코리아자동차가 내년 본격적인 리브랜딩에 나선다. 4년 간의 공백을 깨고 새로 출시할 중형 하이브리드 SUV(스포츠유틸리티 차량)를 시작으로 ‘구식’ 브랜드 이미지를 탈피하고 한국과 글로벌 시장을 공략한다는 구상이다. 르노코리아자동차 스테판 드블레즈 사장은 최근 코리아헤럴드와의 인터뷰에서 “내년 가장 중요한 두 가지 사업은 브랜드 이미지 제고와 2분기 오로라1(가칭) 차량 출시”라며 “지난 22년 간 우리는 (한국 시장에서도) 유럽 중심적인 차량을 선보였기 때문에 프랑스 자동차제조사의 정체성과 한국 소비자의 요구를 조화롭게 융합하는 데 실패했다”고 말했다. 이어 그는 “르노삼성자동차 시절 삼성의 헤리티지 덕분에 SM5, QM6, QM3 등 르노 자동차의 브랜드 이미지가 좋았다”면서도 “하지만 시간이 흐르면서 르노는 구식이라는 인식이 강해졌고 신선한

Renault Korea Motors is pinning high hopes for next year to be the beginning of a complete turnaround after years of struggle, as the French automaker has big plans for 2024 and beyond, its CEO says. “Next year, we will have two big events. One related to the brand uplift and one related to the launch of the Aurora 1,” said Renault Korea Motors CEO Stephane Deblaise in an interview with The Korea Herald at the automaker’s office in Seoul on Dec. 5. The Aurora 1, codenamed AR1,

DS Dansuk, South Korea’s resource recycling company, on Friday threw its hat into the ring as the last candidate for a market debut this year, with bold plans for businesses ranging from biodiesel to battery and plastic waste recycling. “After the initial public offering, we will set up additional production facilities and invest more in research and development to create a strong foothold as a global brand leading the circular economy," said DS Dansuk co-CEO Kim Jong-wan during

Hanwha Aerospace said Friday it has clinched a deal with the Australian government to supply 3.2 trillion won ($2.4 billion) worth of armored tanks. Hanwha Defense Australia, the company’s subsidiary in Australia, is poised to deliver 129 units of Hanwha’s Redback infantry fighting vehicles by 2028. The tanks will be manufactured in a new plant in Australia set to complete construction next year. Hanwha said it will be supplying military equipment designed for export for the first ti

Samsung SDI said Thursday it has set up a team dedicated to pushing forward the development of the next generation all-solid-state batteries. All-solid-state batteries are called “game changer batteries,” in which all the components are solid. Theoretically, they have higher levels of energy density and are more stable than lithium-ion batteries using liquid or polymer gel electrolytes. The new “ASB business team,” headed by Go Joo-young, executive vice president and he

Posco Future M said Wednesday its Pohang plant in North Gyeongsang Province had started the supply of high-nickel cathode materials to the US-based Ultium Cells, the joint venture of LG Energy Solution and General Motors. Following its manufacturing plant in Gwangyang, South Jeolla Province, the Pohang site is the company’s second production base for high-nickel cathode materials. With the fast-growing demand for the materials from battery makers, it has moved up the schedule for commercia

South Korean carmaker Hyundai and its sibling firm Kia have topped the list of exporters in Korea, posting a record-high of $54.5 billion in total export volume, Hyundai Motor Group said Tuesday. Among 1,700 companies here, Hyundai and Kia ranked first and second place, respectively, the highest record since 2012 when the two recorded $350 billion in exports. From July 2022 to June this year, Hyundai’s exports surged on-year 29.6 percent to $31 billion, while Kia saw a 30.7 percent jump to

Oh Young-ju, formerly ambassador to Vietnam, has been nominated as the new minister of SMEs and startups, the presidential office said Monday. The 60-year-old is an international relations expert who has worked as the nation’s first female second vice minister of the Foreign Ministry since July this year. Before that, Oh served as Korea’s ambassador to Vietnam. Oh majored in political science and international relations at Ewha Womans University. “These days when our economy

Tighter rules from the US limiting China-made materials in batteries eligible for electric vehicle tax credits might ironically offer a boon for Chinese companies, who hold huge stakes in joint ventures with South Korean battery manufacturers. The Joe Biden administration on Friday announced new guidance for the Inflation Reduction Act barring electric car buyers from claiming a $7,500 tax credit in case the product uses materials from China and other countries deemed a “Foreign Entity of

EcoPro BM, a battery materials manufacturing subsidiary of EcoPro, said Sunday it has forged a deal with Samsung SDI to supply 44 trillion won ($34 billion) worth of cathode materials for electric vehicle batteries. From next year to 2028, the battery materials company is poised to supply high-nickel cathode materials that consist of more than 80 percent nickel to Samsung SDI’s EV battery manufacturing plant in Hungary. EcoPro BM CEO Joo Jae-hwan, Samsung SDI Vice President Kim Ik-hyeon an

Hyundai Motor Group on Tuesday unveiled a more compact, integrated wheel system that frees up more room for futuristic car designs. Called “Uni Wheel,” short for Universal Wheel Drive System, the system integrates the constant velocity joints – a device that links the vehicle’s transmission to its wheels – and other parts such as the drive shaft and car decelerator into a wheel. The system, the first of its kind, also connects smaller motors to each wheel, instead o

Hyundai Motor Group’s cars will be sold online through Amazon for the first time in the US next year, offering an opportunity for the world’s third-largest carmaker to ramp up sales in the all-important market. During the Los Angeles Auto Show on Nov. 16, Hyundai and Amazon announced that customers can purchase Hyundai vehicles -- internal combustion engine cars, electric vehicles, leased and used cars -- available in their area on the tech giant’s website from a local dealer

The Ministry of Trade, Industry and Energy said Sunday the recent supply disruptions of hydrogen for automobiles in the central region of South Korea will gradually ease next week. “(The government has made sure) the hydrogen suppliers have secured extra hydrogen, so we expect the supply glitch will slowly improve starting next week,” said Lee Ho-hyeon, head of energy policy at the industry ministry, in a statement. “Until the situation returns back to normal, we will carry out

Tesla has begun making its Superchargers in Korea accessible to all non-Tesla electric vehicles, tightening its grip on the mobility charging network on the home turf of Hyundai and Kia. Starting Wednesday, non-Tesla electric cars can use around 570 of the EV maker’s V3 chargers that can give 261 kilometers of range in approximately 15 minutes at 84 stations. That is around half of the 1,007 Superchargers at 148 stations in Korea. To use the chargers, drivers should download the Tesla app,