Articles by Byun Hye-Jin
Byun Hye-Jin
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LG Energy Solution shares close higher, beats market jitters
South Korean battery giant LG Energy Solution’s stocks stood strong on Monday, despite the end of a year-long lock-up period. The company’s shares rose by 0.79 percent to 510,000 won ($415.5) from the last trading day, according to the bourse operator Korea Exchange. The stocks tumbled by 3.16 percent to 490,000 won at one point in the morning but ticked upwards approximately one hour before the closing bell. Foreigners and institutions each bought 29.1 billion won and 15.9 billion w
Mobility Jan. 30, 2023
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Samsung SDI hits W20tr in sales for first time
Samsung SDI said Monday it posted record-high earnings in both sales revenue and operating profit last year, largely driven by the surge in sales of value-added battery products. Revenue skyrocketed 48.5 percent to 20.1 trillion won ($16 billion) last year, while its operating profit jumped 9 percent to 1.8 trillion won. It is the first time sales have reached the 20 trillion won mark. Operating profit soared to new heights as well, surpassing the 1 trillion won mark for the second consecutive
Mobility Jan. 30, 2023
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[KH Explains] In land of Hyundai-Kia, smaller carmakers struggle for survival
SsangYong Motors, Renault Korea Motors and GM Korea are facing another challenging year ahead, with market leader Hyundai Motor Group’s big sales push showing little signs of abating. Hyundai and its smaller affiliate Kia, driven by demand for their full electric models, sold 688,884 and 541,068 vehicles, respectively, at home last year. Their market share stood strong at almost 90 percent in a market with a total of 1.39 million unit sales, excluding some 300,000 import car sales. For t
Mobility Jan. 29, 2023
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Hyundai-Kia EVs post double-digit market share in Europe
Hyundai Motor Group recorded double-digit market share last year in 10 European countries, stepping up as the fourth-largest carmaker to have sold battery-powered electric vehicles, data showed Wednesday. Hyundai and its affiliate Kia sold a total of 96,988 EVs with a 10 percent market share in 10 countries including Germany, Norway, the Netherlands, Sweden and Spain, according to the US-based automotive market tracker Clean Technica. These markets account for 64 percent of the total EV sales
Mobility Jan. 25, 2023
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Import car sales hit record high in 2022
Imported car sales hit a record-high of nearly 300,000 here last year, driven by pent-up demand for luxury cars during the coronavirus pandemic, industry sources said Friday. Imported car brands’ sales in 2022 increased by 2.6 percent on-year to 283,435 units, according to data from the Korea Automobile Importers and Distributors Association. When including the sales volume of 14,571 vehicles for Tesla, which was not counted by the association, the figure comes to 298,006 units, a twofold
Mobility Jan. 24, 2023
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Will Samsung, Hyundai clash over robots?
South Korea’s two major conglomerates, Samsung and Hyundai, have long been keeping their distance as they avoid competing head-on in their core businesses. But the decades-old unspoken rule may be ending in robotics, a burgeoning area where their leaders are pouring resources in search of a future growth driver. Hyundai with hardware prowess Hyundai Motor Group, the world’s third-largest carmaker dominating almost 90 percent of car sales at home, was the first to make a big move
Technology Jan. 24, 2023
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Cold wave to hit South Korea as Lunar New Year holiday comes to end
Cold wave alerts will be issued for most parts of South Korea on Monday, the third day of the four-day Lunar New Year holiday, according to the nation’s weather agency. The Korea Meteorological Administration said the cold wave warning will take effect for Seoul as of 9 p.m. The cold wave warnings are issued when the daily low falls below minus 15 degrees Celsius for more than two consecutive days, or when the temperature drops sharply and major damage is expected. The warnings will be
Social Affairs Jan. 23, 2023
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Imported car sales hit record high in 2022
Imported car sales hit a record-high of nearly 300,000 here last year, driven by pent-up demand for luxury cars during the coronavirus pandemic, industry sources said Friday. Imported car brands’ sales in 2022 increased by 2.6 percent on-year to 283,435 units, according to data from the Korea Automobile Importers and Distributors Association. Adding the sales volume of 14,571 vehicles for Tesla, which was not counted by the association, the figure came to 298,006 units, increasing twofold
Mobility Jan. 20, 2023
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SK On-Urbix to develop EV battery materials
South Korean battery maker SK On said Thursday it has partnered up with US-based battery materials manufacturer Urbix to develop ecofriendly anode materials for electric vehicle batteries. Under the two years of joint development agreement, SK On will apply anode materials produced by Urbix using refined graphite to its lithium-ion batteries and work on improving battery performance. If successful, the battery maker will consider using Urbix’s anode materials in its US battery factories,
Mobility Jan. 19, 2023
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[Contribution] Nurturing global powerhouse for startups
By Lee Young SMEs and Startups Minister With rapid growth led by large conglomerates, South Korea was able to be the world’s 10th largest economy. But now, startups are becoming another growth engine for the country, backed by the SMEs and Startups Ministry paving a powerful avenue for growing and developing high-potential firms. Fifty percent of Korean products that received the Innovation Awards at Consumer Electronics Show last year in the United States were from venture and start
Industry Jan. 19, 2023
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Kia to build first new Korean factory in 26 years
Kia, an affiliate under the leading carmaker Hyundai Motor Group, said Tuesday it has decided to build a new car plant in South Korea, an outcome of yearslong negotiations with its labor union. With the construction set to start in the first quarter of this year, the upcoming plant will become Kia’s first new factory to be built in Korea in 26 years. Kia and the labor union agreed on producing 200,000 electrified purpose-built vehicles a year in the long term, gradually expanding productio
Mobility Jan. 17, 2023
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Hyundai promotes Busan's Expo bid at Davos
Hyundai Motor Group said Monday it would operate 58 vehicles during the World Economic Forum in the Swiss city of Davos this week to promote South Korea’s bid to host the 2030 World Expo in Busan. As a means to echo Busan’s sustainability vision for the World Expo, the carmaker offered 45 EV models. The list includes the luxury brand Genesis’ 18 Electrified G80, 8 Electrified GV60, 4 Electrified GV70 and Hyundai’s 15 Santa Fe Plugin Hybrid models. The cars, wrapped wi
Mobility Jan. 16, 2023
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SMEs Ministry boosts partnerships with UAE on startups
South Korea’s Ministry of SMEs and Startups said Monday it has forged a partnership with the United Arab Emirates to boost cooperation in nurturing startups. The ministry signed a memorandum of understanding with the UAE’s Ministry of Economy to step up as a major partner country for Dubai’s Entrepreneurial Nation 2.0 project. The state-led project aims to nurture 8,000 small and medium-sized firms and 20 unicorns that is worth more than 1 trillion won ($810 million) in corpora
Industry Jan. 16, 2023
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[From the scene] Hyundai crashes Ioniq 5 to demonstrate EV battery safety
HWASEONG, Gyeonggi Province -- Despite burgeoning demand for electric vehicles, one key concern among consumers is the huge high-voltage battery pack carries a fire risk. In an apparent move to ease such concerns and show off its latest safety technology, Hyundai Motor Group conducted a rare crash test of its bestselling Ioniq 5 EV in front of the media Thursday. During the test performed at the carmaker’s Namyang Technology Institute in Hwaseong, Gyeonggi Province, the Ioniq 5, built
Mobility Jan. 15, 2023
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Ex-GM Korea CEO found guilty of illegally outsourcing labor
Kazem was sentenced to eight months in prison and a two-year probation, while GM Korea was slapped with a 30 million won ($24,260) fine, according to the Incheon District Court. Four former and current executives of GM Korea and 13 CEOs of subcontractors who illegally outsourced their workers to the company were also found guilty on the same charges. The four current and former GM Korea executives were fined 7 million won each, and the subcontractor CEOs fined between 2 million - 5 million w
Mobility Jan. 10, 2023
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