Another major hurdle is the deal’s tight schedule. After SsangYong filed for court receivership in December 2020 and signed a memorandum of understanding for a takeover deal with Edison in November 2021, the Seoul Bankruptcy Court set the approval deadline for rehabilitation plans by Oct. 15 this year. That is, SsangYong needs to find a new owner in six months and turn in the new plan to get ap...

South Korean trading firm Posco International said Thursday that it has completed an acquisition of Australian energy company Senex Energy, as part of its effort to put more focus in eco-friendly energy businesses. The Korean firm clinched a deal in December last year with Senex Energy to own 50.1 percent of shares of the Australian company at 405 billion won ($334 million). It took three months...

South Korean construction management firm Hanmi Global said Wednesday that it has won an order from SK Nexilis to manage the copper foil making unit of SKC Group’s new plant in Poland that has an annual production capacity of 50,000 tons. Located in an industrial complex in Stalowa Wola, southeastern Poland, the plant will start mass production of copper foils – a key material for anode of elect...

Hyundai Glovis, a logistics arm of Hyundai Motor Group, said Wednesday that it has established a firefighting plan for vehicles that are transported on cargo ships, a customized system to prevent risk of fire caught on electric vehicles on board a vessel. According to the company, it will place special equipment such as fire cover and water mist nozzle at all of its car-carrying ships. By putti...

On Tuesday, the two firms agreed to evaluate investment, project feasibility and risks in terms of establishing a plant to manufacturing Hot Briquetted Iron (HBI), development of iron ore mine, investment for hydrogen production infrastructure. HBI is used as a supplement in electric arc furnaces, allowing for production of the most demanding steel grades. It also boosts productivity and reduces ...

South Korean mid-sized automaker Edison Motors’ proposed acquisition of SsangYong Motor has been cancelled due to payment failure, putting the debt-laden SUV maker’s journey to search for new owner back to starting line. According to SsangYong Motor on Monday, its acquisition contract with a consortium led by Edison Motors was terminated after the buyer failed to pay 274.3 billion won ($223.7 ...

Hyundai Motor Group said Monday that its flagship electric vehicle Ioniq 5 has ranked top in German automotive magazine Auto Bild’s EV test, beating other European rivals such as Audi Q4 e-tron and Polestar 2. In the latest edition of Auto Bild, the vehicles were tested and evaluated based on seven categories including performance of powertrain, driving comfort, connectivity, eco-friendliness an...

He believes that his motivation for business expansion lies in people. “Those working in the F&B business are normally paid less but work more. Their pay is about half the level compared to those in the US,” said Hong. “They deserve better treatment. And that’s why I want to build a company that can grow and succeed in the long term, with talented, passionate people,” he said, adding that his c...

The South Korean government on Friday lifted an overseas travel ban on GM Korea CEO Kaher Kazem, almost 16 months after the Australian GM executive was barred from leaving the country on charges of illegally outsourcing labor. Kazen is currently standing trial for violating labor laws after the carmaker was found to have hired some 1,719 workers from 24 subcontractors to work at its local plants...

Posco Holdings said Thursday that construction of a plant in Argentina kicked off to commercialize lithium, a key material for electric vehicle battery production. With the lithium extraction plant in Argentina and Posco’s mining rights in the South American country, the company will be able to entirely manage production of lithium hydroxide, which is used in the production of cathode material f...

The race to come out on top in the future mobility sector is reaching a fever pitch. Market estimates show there are at least 200 global carmakers, aircraft manufacturers, telecommunication firms and startups working on developing urban air mobility (UAM) or flying cars. And Korean companies are no exception. Hanwha Systems, the country’s major defense electronics and related smart technologies ...

After the Ministry of SMEs and Startups greenlighted the large automotive companies’ entry to the secondhand car market, carmakers here have been quick to announce their plans to launch secondhand services within the year. Their entry could bring huge change to the used car market here, which has been protected by the government until recently for microenterprises. Lotte Rental, which operates ...

South Korean IT giant Naver has become an open target on Thursday for selling fashion items suggestive of Japanese outfits that were popular when Korea was under colonial rule on its metaverse platform Zepeto. Fashion items evidently inspired by styles that were trending during the 1912-26 Taisho era were on sale from Tuesday, according to users. Naver seems to have not considered the cultural an...

The Indonesian plant is also the automaker’s all-in-one hub where multiple processes from engine building to painting, press, vehicle body manufacturing and innovative research will be conducted, according to the carmaker. Given the strength of the plant’s location, where shipping to neighboring countries is easy, Hyundai Motor said it will produce exclusive EV models for the region to lead sale...

In similar context, the South Korean government has announced last month that it would raise public awareness about the new concept vehicle through developing UAM tourism services and set up UAM theme parks with help of local governments and public institutions. Volocopter has been building products to meet the needs of people through electric powered aircrafts in a new kind of urban style. Vol...