South Korea’s SK Innovation said Tuesday it will invest $727 million for the construction of its second battery plant in Georgia. The battery maker will begin construction of its second electric vehicle battery plant with 11.7-gigawatt-hour capacity in Georgia in July and initiate mass production starting 2023, it said. “While the global community faces challenging times, SK Innovation believes it is important to continue making strategic investments to drive economic growth and

LG Electronics said Wednesday it has filed a lawsuit against Turkish home appliance maker Beko over allegedly infringing on an LG Electronics patent related to its laundry machine. The complaints were filed Monday with the Mannheim District Court in Germany, claiming that the subsidiary of Turkey’s largest consumer electronics company Arcelik has infringed on the patent related to its TrueSteam technology. According to LG Electronics, the Turkish home appliance firm has made unauthoriz

Korea Aerospace Industries said Wednesday it has donated 10,000 coronavirus test kits to Indonesia as a sign of solidarity amid the global pandemic. The defense company and Daewoo Shipbuilding & Marine Engineering together donated 10,000 coronavirus test kits to Indonesia, which was the first export destination of KAI’s KT-1 and T-50 trainer aircraft. Also, it is the first country DSME exported submarines to. “Korea and Indonesia maintain an amicable relationship in various

South Korean e-commerce platform Coupang launched a same-day Rocket Fresh service Wednesday. The service will allow customers who order fresh food items before 10 a.m. to receive them by 6 p.m. The Rocket Fresh service has been operating its dawn overnight deliveries since October 2018. Coupang said the same-day service has been offered in the wake of the COVID-19 outbreak as demands for online groceries shopping soared over the past months. Coupang said it offers 8,500 fresh food options,

Company says purchase plan remains intact, but need more time for conditions precedent

Competition expected to aggravate in already-matured local market dominated by Hyundai

Tech giant’s Q1 profit ups 3.4% on-year, but foresees further sales falls in Q2 as pandemic continues

Sales and profits of global automakers declined over the economic impact of the COVID-19 crisis, market data showed Tuesday. With European countries like France having gone into lockdown in the first quarter, French automaker Renault Group recorded 19.2 percent fall in their sales from January to February, compared to the previous year. German automaker BMW also saw its sales dwindle by 20.6 percent, while other German carmakers Daimler Group and Volkswagen saw their operating profits plumme

　South Korea’s exports of coronavirus test kits jumped on-year in the first 20 days of this month, data showed. 　Exports of test kits stood at $131.9 million in the 20-day period, compared with $7.25 million for the same period last year, according to the data from the Korea Customs Service. 　So far this year, Korea has exported test kits to a total of 106 nations. 　Brazil, the top buyer, imported $19.2 million worth of test kits from Korea. Next were the United States and Italy.

Samsung Electronics Co. on Wednesday delivered a solid first-quarter earnings performance on the back of its chip business despite the coronavirus outbreak, but the company expected its bottom line to go down in the current quarter as the pandemic will significantly affect demand for some of its key products. The world's leading memory chip and smartphone manufacturer said its operating income increased 3.43 percent on-year to 6.4 trillion won ($5.2 billion) in the January-March period, and sa

SK Innovation Co., South Korea's leading refiner and chemical company, said Tuesday that it will invest $727 million in building its second electric vehicle (EV) battery plant in the United States. The investment in SK Battery America, which is wholly owned by SK Innovation, is meant to further boost production of EV batteries to meet soaring demand for all-electric vehicles amid a global push for zero emissions. The EV battery market has been on a roll as automakers around the world race to

Despite pandemic, Cho Hyun-joon bets big on hydrogen economy

Korean internet network operator SK Broadband has been continuing support for online classes upon sudden demand during the novel coronavirus pandemic, the firm said Tuesday. SK Broadband is currently the content delivery network provider for Educational Broadcasting System, a public broadcasting organization that provides online classes. SK Broadband previously increased the network capacity for EBS from 300 megabits per second to 1 terabit per second. Recently, the company added 2 Tbps to th

Revenue from 5G, media services rises, sales of roaming and security-related services decline

Supply shortage of EV batteries intensifies amid virus outbreak, shaping supplier-led EV market