South Korean battery materials company EcoPro said Wednesday it is poised to set up a joint venture for a battery cathode materials manufacturing plant with SK On and Ford Motor Company in Quebec, Canada. Of the 1.2 trillion won ($897.3 million) investment, the joint venture, called EcoPro Cam Canada LP, plans to provide 600 billion won, while the Canadian government and Quebec will cover the other half in subsidies. EcoPro said the company will hold the largest stake in the joint venture compar

LS e-Mobility Solutions, an electric vehicle parts manufacturer under LS Electric, said Tuesday it has clinched a deal with Hyundai and its smaller affiliate Kia to supply EV battery management components worth 250 billion won ($186.5 million). The company’s products, called EV Relay, are used to maintain the safe operation of batteries in EVs by transferring battery current to inverters, while shutting it down in case of fire or current voltage overload. The company plans to supply EV Rel

Skepticism among scientists has been deepening in the past few days over a Korean research team’s discovery of the room-temperature superconductor known as LK-99, after a slew of replication efforts have fallen short. The University of Maryland’s Condensed Matter Theory Center on Tuesday said on the social media platform X, formerly Twitter, “With a great deal of sadness, we now believe that the game is over. LK-99 is not a superconductor, not even at room temperatures or at ve

Hyundai Motor Group’s economic impact on South Korea's economy outpaced that of Samsung Electronics for the first time last year, data showed Wednesday. The combined economic contribution of Hyundai and its smaller affiliate Kia came to 164.6 trillion won ($124.7 billion), going beyond the 148.1 trillion won of Samsung Electronics, according to data from market tracker CEO Score. The economic impact of companies measures the wealth they create and return through local business activit

Defense-to-energy giant Hanwha Group operates the largest number of overseas units among the nation’s top chaebol groups, with the figure surging from last year’s 102 to 739 this year, according to a recent report by corporate tracker Korea CXO Institute on Tuesday. Hanwha, the nation’s seventh-largest conglomerate, outpaced its bigger rivals such as Samsung, SK and Hyundai Motor. In particular, the number of affiliates in the US jumped by 45 to 241, while those in Spain increa

A South Korean research team recently created a buzz with a claim that it has created one of the holy grails in science -- a room-temperature superconductor called LK-99 – prompting researchers around the world into a race to replicate the experiment. Two weeks after their claimed discovery, no one has yet been able to completely reproduce the sensational result that could revolutionize power grids. Amid the mixed assessment on the research's validity, the Korean team, led by Lee Suk-

With global carmakers, mainly Tesla, making forays into the growing Indian market, Hyundai Motor Group is seeking to acquire General Motors’ manufacturing plant there -- but faces challenges in its efforts. The world’s third-largest carmaker plans to complete the acquisition of GM’s Indian plant in Talegaon by this year, however, is still facing opposition from some 1,000 workers formerly employed by the US automaker. On whether the terms of the deal to acquire the plant incl

Hyundai Motor Group said Thursday it has invested $50 million in Canadian artificial intelligence semiconductor startup Tenstorrent in a move to secure key technology for future mobility. Tenstorrent recently closed a $100 million strategic funding round, for which Hyundai and its smaller affiliate Kia shelled out $30 million and $20 million, respectively. Samsung Catalyst Fund, Samsung Electronics’ evergreen multi-stage venture capital fund, was also reported as one of the largest investo

Hyundai Mobis, the car parts manufacturer affiliated with Hyundai Motor Group, said Wednesday it has supplied newly developed glove compartments inspired by airplane overhead bins to Kia’s three-row family electric car, the EV9. The parabolic motion glove compartment refers to its design that opens and closes following a parabolic trajectory similar to overhead airplane luggage compartments. Unlike typical glove compartments with covers or rotational pull handles, it gradually slides open

HD Korea Shipbuilding & Offshore Engineering, the shipbuilding unit under HD Hyundai, said Tuesday it will acquire STX Heavy Industries, a Korea-based marine diesel engine manufacturer in a 81.3 billion won ($63.5 million) deal. The company said it signed a contract with the private equity firm Pinetree Partners to purchase its 6.52 million shares in the engine manufacturer and an additional 5.36 million newly issued shares. The shipbuilder will become the largest shareholder holding a 35 pe

SK Nexilis, an SKC subsidiary, said Monday it has partnered up with Japan-based Toyota Tsusho Corp. to set up a joint venture and produce copper foil for electric vehicle rechargeable batteries in North America. Under the joint investment, SK Nexilis will be in charge of copper foil production, while Toyota Tsusho Corp. plans to secure battery makers in North America. Copper foil is used as a key anode material for lithium-ion batteries. Details such as the size of the deal and the location wh

Amid the burgeoning demand in Korea for large-sized sport utility vehicles equipped for family trips, Toyota has launched its three-row SUV model Highlander Hybrid here for the first time. Based on the Toyota New Global Architecture-K platform, the Japanese carmaker touted the family car’s strong physical structure, blended with optimal suspension control which makes for an easy drive. “The power output of the electric motor and gasoline engine in the fourth generation model of the T

Hyundai Motor said Wednesday it posted record-high sales and profits in the second quarter this year, largely buoyed by strong sales in key markets, including the US. The carmaker’s sales revenue surged by 17.4 percent to 42.2 trillion won ($33 billion) from a year earlier, surpassing the previous record posted in the fourth quarter last year. Operating profits exceeded the 4 trillion won mark for the first time to reach 4.2 trillion won, a 42.2 percent jump on-year. Of the 1.06 million

Hanwha Aerospace on Wednesday said it is poised to develop engine materials for fighter jets in a move to bolster the nation’s self-defense capabilities. The defense and aerospace unit of Hanwha Group signed a memorandum of understanding with the Korean Institute of Metals and Materials, the Korea Aerospace Technology Research Association, the Korea Evaluation Institute of Industrial Technology and Seoul National University on developing, forging and casting materials for Inconel 718, a sp

[코리아헤럴드=변혜진 기자] 현대자동차그룹이 ‘제2의 중국’으로 급부상 하고 있는 인도네시아에서 전기차 생산율을 더욱 확대할 예정이다. 이르면 내년 8월부터 현지에서 제조한 배터리팩을 장착해 아이오닉5를 생산한다는 계획이다. 25일 현대자동차그룹 이영택 아태권역본부장은 용산에서 열린 ‘한-인니 수교 50주년 기념 비즈니스 포럼’에서 "현대에너지 인도네시아는 2024년 7월부터 현대자동차-LG에너지솔루션 배터리셀 합작공장으로부터 셀을 공급받아 팩을 완성하고 8월부터 현지 생산 전기차에 탑재할 예정"이라고 말했다. 현대에너지 인도네시아는 현대자동차의 인도네시아 생산법인과 현대모비스가 공동 투자해 지난해 설립한 배터리팩 생산 법인이다. 이 본부장은 “현지화 생산 비중을 40% 이상으로 맞추고, 나아가 60% 이상 달성하면 현대차가 완성차업체 중 유일하게 인도네시아 정부의 특별소비세 (사치세) 15% 면제 혜택 등을 계

Hyundai Motor Group is poised to produce electric vehicles, including the flagship Ioniq 5, in Indonesia equipped with battery packs made at its manufacturing plant there from August 2024, ramping up production to allow hefty EV tax incentives. “Hyundai Energy Indonesia will be producing battery packs from July 2024 using cells made by Hyundai Motor Group and LG Energy Solution’s joint battery manufacturing plant. A month later, the packs will be put into EVs produced in Indonesia,&r

Top government officials and entrepreneurs from South Korea and Indonesia on Tuesday renewed their commitment to bolstering economic and business ties between the two countries, commemorating the 50th anniversary of bilateral relations this year. “As of 2022, South Korea became the seventh largest investor in Indonesia, reaching $2.29 billion, a 40.06 percent jump from a year earlier. Indonesia is ready to cooperate with Korea in the field of technology exchange, investment, education, R

Samsung SDI said Monday it is poised to build a second electric vehicle battery manufacturing plant with Stellantis in the US, ramping up its investment in the all-important EV market. The two signed a memorandum of understanding to set up the plant under StarPlus Energy, a joint venture of Samsung SDI and Stellantis, with an initial annual production capacity of 34 gigawatt hours. It is slated to start production in 2027. The location of the plant has yet to be decided. The Korean battery maker

The New QM6 by Renault Korea Motors is the only sport utility vehicle in Korea that is powered by liquefied petroleum gas or LPG. Highlighting the high demand for the LPG model among Korean drivers, the carmaker said almost seven out of 10 QM6 cars sold in the first half of this year were LPG models. Since its debut in 2019, the QM6 LPe is expected to hit the 100,000 mark in sales in the near future. According to Renault, one of the key reasons behind the LPG model’s huge success is its re

The state-run Korea Development Bank and Korea Ocean Business Corp., the two largest shareholders of debt-ridden shipping company HMM, are seeking to sell their shares for at least 5 trillion won ($3.9 billion), according to industry sources Friday. The two organizations said they are selling a combined 40.65 percent controlling stake in HMM, together with perpetual convertible bonds worth 2.68 trillion won. A perpetual bond has no maturity date and can be converted into equity. From 2018 to 2