Articles by Kan Hyeong-woo
Kan Hyeong-woo
hwkan@heraldcorp.com-
LG Energy Solution beefs up supply chain for EV materials
LG Energy Solution on Wednesday announced that it had signed a supply deal with Australian lithium producer Wesfarmers Chemicals, Energy and Fertilisers, bolstering the supply chain of key materials for producing electric vehicle batteries within the boundaries of the United States' free trade agreement to cope with Washington’s incentive policy under the Inflation Reduction Act. According to the announcement, the Korean battery maker will receive 85,000 tons of spodumene concentrate, a h
Industry Feb. 14, 2024
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[KH Explains] Why NCSoft is playing coy on game revenue
NCSoft announced an annual revenue of 1.78 trillion won ($1.34 billion) and operating profit of 137.3 billion last week, down 31 percent and 75 percent on year, respectively. Following the earnings announcement, the South Korean game developer held a conference call Thursday to explain last year's financial results. During the call, an analyst castigated the company for a recent change to its reporting practices: “You say that the company is putting efforts together, but it seems that (
Industry Feb. 13, 2024
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US closes engine fire probe into Hyundai, Kia vehicles
The US auto safety authorities have closed a probe into engine fire risks on Hyundai Motor and Kia vehicles as the South Korean automakers’ recalls have lowered fire rates, according to Reuters Thursday. The National Highway Traffic Safety Administration said the majority of the recalled Hyundai and Kia cars reported lower fire accidents after they underwent the necessary fixes whereas those that had not been repaired showed relatively high fire rates. The US safety authorities first began
Mobility Feb. 8, 2024
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GM chair meets battery partners in 1st Seoul visit
General Motors CEO Mary Barra visited South Korea to meet the automaker’s Korean battery manufacturers -- LG Energy Solution and Samsung SDI -- to strengthen their partnerships further and discuss the global electric vehicle transition amid slowing EV growth. According to industry sources, the GM chair on Wednesday met with LG Energy Solution CEO Kim Dong-myung and Samsung SDI CEO Choi Yoon-ho in Seoul. Barra was spotted at Gimpo International Airport on Tuesday evening. The visit marked
Mobility Feb. 7, 2024
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Samsung Heavy Industries bags W4.6tr LNG carrier order
Samsung Heavy Industries scored a 4.57 trillion won ($3.43 billion) order with a Middle Eastern shipowner -- the single largest contract in its history -- to build 15 liquefied natural gas carriers, the South Korean shipbuilder said Tuesday. The 174,000-cubic-meter LNG carriers will be delivered to the shipowner in phases through October 2028. The previous record for the single biggest contract was the 3.96 trillion won deal signed with Taiwan-based shipping company Evergreen Marine for 16 metha
Industry Feb. 6, 2024
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[Photo News] Ex-Premier Leaguer Lingard in Seoul
Jesse Lingard, former Manchester United midfielder and England men’s national football team member, arrived at Incheon International Airport on Monday afternoon as he is expected to finalize a deal with FC Seoul of the K League 1, South Korea’s highest professional football league, later this week. If the deal with FC Seoul goes through, the former English Premier Leaguer will become the biggest international football star with the highest name value that the Korean league has ever s
Soccer Feb. 5, 2024
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Hyundai Motor India to go public this year: reports
Hyundai Motor India, South Korean conglomerate Hyundai Motor Group’s local subsidiary, is planning to float its shares in an initial public offering on the Indian stock market before the end of this year, according to reports Monday. Citing unnamed sources, The Economic Times reported that a group of global investment banks including Goldman Sachs, Citi, Morgan Stanley, JP Morgan, Bank of America, HSBC, Deutsche Bank and UBS came to Seoul last week to present their IPO proposals to Hyundai
Mobility Feb. 5, 2024
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LS targets N. America with Mexican EV parts plant
LS Electric said Monday that its electric vehicle parts subsidiary LS e-Mobility Solutions has recently completed the construction of an EV parts manufacturing plant in Durango, Mexico to target the North American electric vehicle market. The Durango plant, which covers an area of 35,000 square meters, is capable of producing 5 million EV relays and 4 million battery disconnect units per year. As a typical EV can have 20 relays or more, the plant has the capacity to deliver EV relays for up to 2
Mobility Feb. 5, 2024
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[KH Explains] US Election: calm before the storm for Korean auto, battery makers
South Korean automakers and battery firms are closely monitoring this year's US presidential election and calmly bracing for negative impacts in the case of the Joe Biden administration’s Inflation Reduction Act possibly being repealed in a second Donald Trump term. The IRA, which is intended to boost American manufacturing and keep China in check, offers incentives to buyers of electric vehicles with certain battery parts and materials secured from US soil or via international partne
Mobility Feb. 4, 2024
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EcoPro bolsters North American battery recycling business
EcoPro, a South Korean battery materials manufacturer, has joined hands with US battery recycling firm Cirba Solutions to ramp up its lithium-ion battery recycling business in North America. According to EcoPro on Thursday, the two sides recently signed a memorandum of understanding to cooperate to deal with Washington’s Inflation Reduction Act and expand the global supply chain of electric vehicle batteries. In the EV battery sector, the IRA incentivizes domestic manufacturing and require
Industry Feb. 1, 2024
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[Herald Interview] Almonty to boost security of key mineral supply with Sangdong mine
Almonty Industries, a multinational mining company headquartered in Toronto, expects to reopen the Sangdong Mine in Yeongwol, Gangwon Province, and begin operations before the end of the year to offer an alternative source for tungsten, a critical material, according to the firm’s CEO Lewis Black. "I think now we’ve finally got a clear path to reopen the world’s largest tungsten mine,” Black said in an interview with The Korea Herald at the office of Almonty Korea Tu
Industry Jan. 31, 2024
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Stellantis Korea appoints 1st female chief
Stellantis Korea has named Bang Sil as its new head, the global automaker’s Korean office announced Tuesday. Bang will become the first Korean and female managing director of Stellantis Korea once the appointment takes effect Thursday. The Amsterdam-headquartered automaker established its Korean office in 2021. The new chief has over 20 years of experience in the auto industry, covering areas such as public relations, marketing, sales and networking. She previously served as an executive a
Mobility Jan. 30, 2024
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Hyundai Mobis secures $9.2b in overseas orders in 2023
Hyundai Mobis secured a record high of global orders totaling $9.2 billion last year on the back of the worldwide automation trend in the car sector, the South Korean auto parts manufacturer under Hyundai Motor Group said Monday. Noting that the overseas orders significantly exceeded the originally set target of $5.6 billion, Hyundai Mobis highlighted that the new record was achieved through key parts orders signed with global automakers excluding the two Korean carmakers, Hyundai Motor Company
Mobility Jan. 29, 2024
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Porsche vows to bring out best of ASEAN market
SINGAPORE -- Porsche has underscored its drive to put a great emphasis on the Southeast Asian region, as the German automaker vowed to find ways to offer various Porsche experiences for the Association of Southeast Asian Nations. “Our business is based on four pillars and (they are) Europe, North America, China and (what we call the) 'overseas region,' which is becoming more and more important,” said Matthias Becker, Porsche’s vice president of region overseas and eme
Mobility Jan. 28, 2024
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[From the Scene] New Macan signals true beginning of Porsche EV
SINGAPORE -- Porsche debuted the new Macan -- the automaker’s second all-electric vehicle and first battery-powered sport utility vehicle -- in Singapore on Thursday, officially signaling the start of its future lineup based on the company’s EV-dedicated platform. “We are taking the Macan to a completely new level with exceptional E-Performance, the new driver experience and a very impressive design,” said Oliver Blume, chairman of Porsche’s executive board, durin
Mobility Jan. 25, 2024
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