LG Innotek, the electronic component manufacturing unit under LG Group, said Monday that it had attracted more than 60,000 visitors to its exhibition booth during the CES 2024 tech show last week, a threefold increase from a year before. “At this year’s CES, LG Innotek has positioned itself as a leading company in the field of future mobility as well as accelerating the acquisition of potential customers with highly scalable basic technologies,” said Moon Hyuk-soo, CEO of LG In

SK Ecoplant, the construction arm of South Korea’s second-largest conglomerate SK Group, said Monday it will boost business ties with the US state of Nevada on electric vehicles and electronic waste recycling. SK Ecoplant CEO Park Kyung-il met with Governor of Nevada Joe Lombardo on Sunday at the company’s recycling subsidiary TES in Las Vegas. The two leaders looked around the e-waste recycling plant and discussed TES’ e-waste business, battery recycling technology and global

The Korea Forest Service on Friday celebrated East Timor’s National Day of Sandalwood and Forestry by planting sandalwood, the Southeast Asian country’s national tree, with local officials. Sandalwood, prized for its distinctive fragrance, is used for perfumes, incense, cosmetics, medicines, and furniture. The tree holds considerable cultural, economic, and historical importance for the Timorese people. Unlike other regions, sandalwood is widely distributed up to 1,300 meters above s

Korea Forest Service secures forest partnerships with 39 countries

Around W107b in losses confirmed so far; average loss ratio at about 50%

Samsung SDI has outpaced its Korean rivals by supplying batteries to the largest number of electric vehicles under the heightened US EV tax credit regulations that went into effect Jan. 1, according to industry sources on Sunday. Of the 19 EVs eligible for the new incentive rules this year under the Inflation Reduction Act, 15 car models will use Korea-made batteries, while China’s CATL and AESC Group, which made the cut last year, have been removed from the list. Samsung SDI topped the li

Renault Brand CEO Fabrice Cambolive looks around the production lines of the French carmaker’s Busan plant last week. Cambolive was visiting Korea to inspect local operations, especially the development work of the “Aurora 1” project, the carmaker’s new hybrid sport utility vehicle. “Renault is preparing for a new phase in the Korean market this year. … (The Aurora 1) will certainly be a vehicle that meets the high expectations of Korean and international con

Creditors of Taeyoung Engineering & Construction Co. were set to begin due diligence of the troubled builder as they voted to move forward with a debt restructuring program for Taeyoung, an industry source said Sunday. An accounting firm will be commissioned this week to carry out due diligence on the financial health of Taeyoung, the source said on the condition of anonymity. Taeyoung, the 16th-largest builder in South Korea in terms of construction capacity, applied for a debt restructurin

LG Electronics Inc. said Saturday that it has opened its first plant in the US for electric vehicle charging stations, as part of its strategy to advance into the fast-growing EV charging solutions business. The factory based in Fort Worth, Texas, has an annual capacity of over 10,000 units, according to LG Electronics. LG said earlier its 11 kilowatt wall-mounted and stand-type slow chargers, and 175 kW fast-charging models will be available in the US market in the first half of 2024. The compa

BERLIN (AP) — Tesla says it's temporarily halting most production at its German factory because of attacks in the Red Sea, a vital global shipping corridor. The electric vehicle maker said in a statement Thursday night that its factory near Berlin, which makes Model Y vehicles and batteries, will pause from Jan. 29 to Feb. 11. It’s a fresh sign of how the hostilities in the Mideast are disrupting global manufacturing supply chains, with shipping companies reporting that th

LAS VEGAS -- South Korea's largest telecom carrier SK Telecom is seeking to expand cooperation with big tech firms to fulfill its vision of becoming a "global AI company," according to its AI assistant service chief on Wednesday. "SK Telecom’s AI services are anticipated to achieve effective results based on various possibilities and capabilities both here and abroad. To accelerate our global business expansion, we’ve formed a global tech alliance and cooperated w

Celltrion said Friday that the company’s biosimilar products for autoimmune diseases -- Yuflyma and Remsima -- are set for further expansion in key European markets following the multiple bids it has secured there. Celltrion said that Yuflyma, a copycat version to AbbVie’s Humira, won state bids for adalimumab in Friuli-Venezia Giulia and Sicily, Italy, last year. Celltrion will supply Yuflyma for four and a half years in FVG and for two years in Sicily. Including the recent deals, Y

Creditors grant initiation of debt restructuring for ailing builder, voting 96.1% in support of plan

South Korean e-commerce giant Coupang said Friday it will resume delivery service of LG Household & Health Care products, reinstating their partnership which has been severed for nearly five years due to a feud between the two companies. LG H&H's household brands including Elastin, Perioe and CNP, as well as its cosmetic line-ups such as O Hui and Sum 37º, will be available on Coupang's delivery service starting mid-January, the e-commerce firm said. A specific date was

Brite Energy Partners aims to install 100 EV charging networks in Korea by 2025