Articles by Byun Hye-jin
Byun Hye-jin
hyejin2@heraldcorp.com-
Posco Future M inks W1.8tr cathode supply deal
Posco Future M said Thursday it has signed a 1.8 trillion won ($1.4 billion) deal to supply high-nickel cathode materials for electric vehicle batteries with a battery maker. The details of the agreement including the other signing party will not be disclosed until Dec. 31, when the two companies will finalize the terms and conditions, according to Posco Future M. “We sometimes hold back the information on the parties involved following the company’s request (of not making a full dis
Mobility Sept. 12, 2024
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Battery-makers brace for further drop in lithium prices
Collapsing lithium prices are expected to put more pressure on Korean battery companies that are already reeling from an electric vehicle chasm, industry insiders said Wednesday. According to a recent Goldman Sachs report, the global lithium price is projected to fall by 18 percent from the monthly average price of $12.70 per kilogram in August to $10.40 next year. The price would be an 84.1 percent drop compared to the lithium boom in 2022 and on a similar level to 2015, when automakers just st
Mobility Sept. 11, 2024
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EcoPro founder returns to work, tasked with surviving EV chasm
EcoPro’s former Chairman Lee Dong-chae has returned to management after a yearlong hiatus, at a critical time when the battery materials maker and the entire EV industry are reeling from slowing demand. According to the company on Tuesday, Lee was recently named an executive adviser on the board following a presidential pardon granted last month. He had been serving prison time for insider trading since May last year. It remains to be seen when Lee could be reinstated as chairman, but expe
Industry Sept. 10, 2024
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LS Cable CEO vows to hit W10tr sales by 2030
LS Cable & System CEO Koo Bon-kyu has pledged to achieve 10 trillion won ($7.5 billion) in sales by 2030 by accelerating business expansion abroad. “Joining hands with (our subsidiary) LS Eco Energy, we will set up our global production bases in Europe, Asia and North America,” Koo said during a press conference in Yeouido, Seoul, Thursday. “With LS Marine Solution, the company aims to strengthen its business portfolio for cable supply, installation and maintenance using t
Industry Sept. 9, 2024
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Posco Future M hits record sales in 2023
Posco Future M said Wednesday it broke the record in revenue last year, driven by large-scale supply deals of electric vehicle battery materials. According to the company’s earnings report, annual sales revenue soared 44.2 percent on-year to 4.76 trillion won ($3.57 billion). In particular, sales of the battery materials business skyrocketed 73.4 percent to 3.36 trillion won, with an increase in the supply of cathode products, largely consisting of premium high-nickel products. Anode bat
Industry Jan. 31, 2024
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Samsung SDI logs record sales in 2023 on strong EV demand
Samsung SDI said Tuesday it posted an all-time high revenue last year with robust growth in sales of electric vehicle batteries. In its earnings report, the company said annual sales revenue soared 12.8 percent to 22.7 trillion won ($17.1 billion). Its operating profit, on the other hand, dropped 9.7 percent to 1.6 trillion won due to sluggish sales of small batteries and electronics materials. “Although we missed the profit target for last year, the EV battery business has seen 38 percent
Mobility Jan. 30, 2024
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Posco Future M seeks more regulatory support
Kim Jun-hyung, CEO of Korean battery materials manufacturer Posco Future M, urged the Ministry of Environment to reinforce measures to boost the rechargeable battery industry, according to the company on Monday. Kim met with Lim Sang-jun, deputy minister at the Environment Ministry, who visited the company’s artificial graphite anode materials manufacturing plant in Pohang, North Gyeongsang Province, earlier in the day. Posco Future M shared its achievements in the cathode and anode materi
Industry Jan. 29, 2024
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Hyundai Mobis logs 14% sales growth in 2023
Hyundai Mobis, an auto parts manufacturing unit under Hyundai Motor Group, said Friday its revenue surged over 14 percent last year to nearly 60 trillion won ($44.9 billion). The company posted an annual revenue of 59.25 trillion won in 2023, breaking the record of 51.9 trillion won it set the year before. Its operating profit came to 2.29 trillion won, a 13.3 percent increase over the same period. The stellar performance comes after an increase in the supply of electric car parts, following a b
Mobility Jan. 26, 2024
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LG Energy Solution hits record earnings on upbeat US sales
Despite the slowdown of electric vehicle sales, LG Energy Solution broke the record in earnings last year, largely driven by a boost in sales in the all-important US market. In its earnings report released Friday, the battery maker said its annual revenue surged by 31.8 percent to 33.7 trillion won ($25.3 billion) while operating profit skyrocketed 78.2 percent to 2.2 trillion won -- both hitting all-time high figures. With robust sales in the US, some 677 billion won worth of tax credits were a
Mobility Jan. 26, 2024
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Hyundai takes earnings crown after profit surge
Hyundai Motor Group pulled in an all-time high annual operating profit of 26.7 trillion won ($20 billion) last year, outpacing Samsung Electronics, which held the No. 1 position among the listed companies in Korea for 14 consecutive years, for the first time. Hyundai Motor Company saw a 15.1 trillion won record profit in 2023, a 54 percent jump from the earlier year with a 9.3 percent operating profit margin, while its sales revenue surged 14.4 percent to 162.7 trillion won, the company’s
Mobility Jan. 25, 2024
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Hyundai’s $5.5b EV plant may receive fewer incentives in US
Hyundai Motor Group might not receive full tax credits from the US for setting up an electric vehicle manufacturing plant in the state of Georgia, although it made hefty investments in the new production base, media reports said Wednesday. According to the Korea-based news outlet, Seoul Economic Daily, the US Department of Energy is putting off responding to the carmaker’s request to apply the maximum 30 percent tax break for the Georgia plant. Given that the company has vowed to inject mo
Mobility Jan. 24, 2024
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Kia plant completes upgrade for EV production
Hyundai Motor Group’s smaller affiliate Kia’s second auto manufacturing plant in Gwangmyeong, Gyeonggi Province, will resume operation in February, after an eight-month refurbishment to prepare the plant for electric vehicle production, industry sources said Tuesday. The company reportedly announced to the factory’s production line staff, who were on paid leave during the monthslong shutdown, that they would start working from Jan. 30. An official from Hyundai Motor Group confi
Mobility Jan. 23, 2024
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Korean EV, battery makers seek leniency on IRA rules
Hyundai Motor Group and Korean battery manufacturers called for leniency in the US electric vehicle tax credit rules blocking battery sourcing from foreign adversaries including China, according to the Federal Register. In public comments submitted to the open-access website for US federal government documents on Thursday, Hyundai said, “It is unlikely that other countries will be able to replace China in the short term,” underscoring the global market’s dependence on the No. 1
Mobility Jan. 22, 2024
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Mercedes-Benz debuts new E-Class, taking cue from Korean drivers
Mercedes-Benz said Friday it is poised to roll out nine new cars in Korea this year, highlighting the strategic importance of the Korean market for the German luxury carmaker. The new lineups include five full-change models – the E-Class sedan, CLE Coupé, CLE Cabriolet, Mercedes-Maybach EQS SUV and electric G-Class – and four face-lift models – the Mercedes-Benz GLS, EQA, EQB and G-Class. One of the key launches is the 11th-generation E-Class sedan, a complete revamp fro
Mobility Jan. 19, 2024
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[Herald Interview] ‘US election main risk for Korean chip, EV makers’
This year’s US presidential election is expected to be the biggest geopolitical risk for Korean companies already reeling from supply chain disruptions and protectionist policies amid an escalating Washing-Beijing rivalry, according to a global specialist in risk management. “The US election could have more direct impacts on Korean businesses in several markets (compared to other risk factors),” said Andrew Gilholm, director of analysis practice for Greater China and North Asia
Industry Jan. 18, 2024
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