Northvolt, backed by Volkswagen Group, was once hailed as Europe’s hope for an electric vehicle battery champion to challenge the creeping presence of Asian competitors. In a bid to spur growth, the Swedish battery maker hired dozens of battery researchers from Korean rivals, promising heftier salaries and a better quality of life -- until recently. After years of financial struggles, however, the company last month filed for bankruptcy protection in the US and its employees reportedly see

Mobility Dec. 2, 2024

Hyundai Motor Group is expected to ramp up sales of hybrid electric vehicles in the US, bracing for US President-elect Donald Trump’s drastic EV policy changes, sources said Friday. According to Hyundai Motor Company and Kia, the two carmakers already sold 275,103 eco-friendly vehicles in the US from January to October this year, with HEVs accounting for 63.1 percent of these sales. Compared to last year, the cumulative sales until October have surged by 11.3 percent. Last month alone, Hyu

Mobility Nov. 29, 2024

Hanwha Ocean has forged a strategic partnership agreement with Babcock International, a London-based defense company, aiming to expand its footing in the global shipbuilding market. Hanwha Ocean CEO and President Kim Hee-cheol, Babcock International CEO David Lockwood and other executives, including UK’s Second Sea Lord Nick Hine and Mark Goldsack, managing director of business growth and AUKUS at Babcock, attended the signing ceremony Thursday at the Korean shipbuilder’s headquarter

Industry Nov. 29, 2024

Factory workers often experience physical strain and injuries as they are exposed to overhead work, heavy lifting and other repetitive tasks. For instance, a Hyundai Motor plant worker on an assembly line has to lift their arms anywhere from 3,000 to 5,000 times a day. On Wednesday, Hyundai Motor Group unveiled a new wearable robotic exoskeleton, called “X-ble Shoulder,” which promises to reduce stress on factory workers' joints by up to 60 percent. The first product released in

Mobility Nov. 28, 2024

South Korean automotive and car parts manufacturers are bracing for potential disruptions in their Mexican operations as US President-elect Donald Trump vows to enforce stricter tariffs and cut back on preferential treatment for goods produced in the region. According to industry sources on Tuesday, the Industry of Trade, Industry and Energy recently met with six companies – namely Kia, Hyundai Mobis and LG Innotek – to discuss the impact of Trump’s proposed tariffs. “Mex

Industry Nov. 26, 2024

As US President-elect Donald Trump assembles his energy team with the aim of expanding oil and gas production in his second term, there may be pressure on allies to import US oil. However, South Korean oil companies, heavily reliant on Middle Eastern suppliers, might hesitate to switch to US crude, industry sources said Monday. Over the weekend, Trump tapped Chris Wright, CEO of Liberty Energy, a natural gas fracking company, as the secretary of energy, and North Dakota Gov. Doug Burgum to head

Industry Nov. 25, 2024

The US sales expansion of Hyundai Motor Company’s luxury brand, Genesis, may face setbacks with President-elect Donald Trump’s proposed tariff hikes, according to industry sources Friday. The incoming Trump administration, set to begin its term on Jan. 20 next year, reportedly plans to implement up to 20 percent tariffs on most goods from other countries in line with its campaign pledges. Currently, Genesis exports most of its vehicles manufactured in Korea to the US. Hyundai Motor&r

Mobility Nov. 22, 2024

Hanwha Ocean said Friday it withdrew its police complaint against rival HD Hyundai concerning the bidding process for the 8 trillion won ($5.7 billion) next-generation Korean destroyer (KDDX) project. In March this year, the shipbuilder filed a complaint requesting an investigation into HD Hyundai executives’ involvement in leaking Hanwha Ocean’s confidential materials related to the KDDX bid, hosted by the Defense Acquisition Program Administration, in 2013. Nine HD Hyundai employee

Industry Nov. 22, 2024

Hyundai Motor Group’s subsidiary Kia showcased the EV9 GT, the high-performance version of its large electric sport utility vehicle, at the Los Angeles Auto Show on Thursday. “The EV9 GT boasts the charm of the three-row EV9 and adds driving excitement for car enthusiasts,” stated Steven Center, chief operating officer and executive vice president of Kia America. Since its debut last year, the Kia EV9 has been given the acclaimed title of 2024 North American Utility Vehicle of

Mobility Nov. 22, 2024

LG Chem has forged a deal with US energy giant ExxonMobil to secure up to 100,000 metric tons of lithium, a key material for cathodes used in electric vehicle batteries. According to the company, LG Chem Vice Chairman and CEO Shin Hak-cheol and ExxonMobil Senior Vice President Dan Holton signed a memorandum of understanding on Wednesday in Seoul. The deal price was not revealed immediately. Under the agreement, ExxonMobil will supply lithium extracted from its Arkansas brine fields to LG Chem&r

Mobility Nov. 21, 2024

As Korean industries brace for a second nonconsecutive term of US President-elect Donald Trump, leaders of Korean defense and shipbuilding companies – namely Hanwha Group and HD Hyundai – are enhancing readiness to seize new growth opportunities. Hanwha Group Chairman Kim Seung-youn, in the process of passing the leadership baton to his sons, took on the role of chairman of Hanwha Aerospace, a key defense subsidiary of the group, last week. The move solidifies Kim's leadership i

Industry Nov. 20, 2024

Three researchers died of suffocation during a vehicle testing at Hyundai Motor Company’s car manufacturing plant in Ulsan, some 300 kilometers southeast of Seoul. According to police officials Tuesday, a man in his 40s, another in his 30s and one unidentified person were found unconscious at 3 p.m., following a vehicle test conducted in the multi-environment chamber within the plant's electrical quality division. The test involves vehicles being exposed to vibration as well as high t

Mobility Nov. 19, 2024

Hyundai Mobis, a car parts manufacturing subsidiary of Hyundai Motor Group, has committed to having global automakers account for 40 percent of its client base by leveraging its advanced automotive technology. “One of our core pillars of a long-term growth strategy is to become the world’s top three auto parts supplier, reducing reliance on Hyundai Motor Co. and Kia," which account for 90 percent of auto parts and system orders, said Axel Maschka, vice president and head of glob

Mobility Nov. 19, 2024

Battery Management Systems, or BMS, often called the “brain” of an electric vehicle battery, play a crucial role with integrated hardware and software to monitor and control battery cells while safeguarding against potential fires. While battery manufacturers excel in advancing battery technologies, the BMS field has traditionally been a specialized area for automakers, who develop and integrate their own systems into battery modules. However, since a series of EV fire incidents in K

Mobility Nov. 19, 2024

Second Vice Foreign Minister Kang In-sun visited Posco Group’s battery materials subsidiary Posco Future M’s anode manufacturing plant in Sejong, pledging to support the facility in recovering its production levels. While touring the site Monday, Kang said, “Natural graphite and anode materials are critical minerals with high reliance on imports, underscoring the urgent need to diversify the supply chains. The government will actively support companies, including Posco Future M

Industry Nov. 19, 2024