Battery maker plans to control expenditures due to uncertain outlook for EV demand

Mercedes-Benz executives stress rigorous quality controls during rare media roundtable with Korean reporters

Mercedes-Benz announced Monday that it is upgrading its automated driving system, Drive Pilot, allowing it to operate at speeds of up to 95 kilometers per hour on German motorways. The upgrade is expected to be available in early 2025, following this year’s anticipated approval from Germany’s Federal Motor Transport Authority. With this update, Drive Pilot will become the fastest Level 3 automated driving system in a production vehicle. The enhanced system will allow drivers to hand

South Korean steel giant Posco Group said Monday that it has received the highest grade in the 2023 Shared Growth Index Evaluation for five consecutive years. Earlier this month, the 80th Korea Commission for Corporate Partnership released the win-win index for 218 large-sized companies. The index encourages shared growth within the industry by measuring large enterprises’ efforts to make room for small and medium-sized enterprises. Posco scored highly for its clear and fair transaction pr

South Korea has unveiled a series of measures to stabilize the market for napa cabbage and daikon radishes, aiming to support preparations for "gimjang" -- the traditional process of preparing kimchi for winter -- as demand for these key ingredients is expected to rise during the peak gimjang season. This initiative includes expanding supplies of key gimjang ingredients through government-contracted cultivation and additional reserve stock distribution, as well as offering price subsid

SK Group Chairman Chey Tae-won, who doubles as chair of the Korea Chamber of Commerce and Industry, will preside over the Asia-Pacific Economic Cooperation Summit, the largest gathering of business leaders in the region which is to be held next year in Korea, the business lobby said Sunday, upon the launch of the preparatory committee of the upcoming event. The APEC CEO Summit will be held on the sidelines of the annual APEC Summit, where 21 heads of state and some 1,000 businesspeople join. Gye

Close partnership with local farmers ensures top quality of JungKwanJang red ginseng

Hyundai Motor and Toyota -- two of the world's largest automakers -- organized the Hyundai N x Toyota Gazoo Racing Festival at the Everland Speedway in Yongin, Gyeonggi Province, Sunday. The two companies said they aimed to offer an event to delight motorsports fans. The event featured driving performances by professional racers, an exhibition of high-performance vehicles from the two brands and opportunities to ride along on the racing track. In this photo, Hyundai Motor Group Executive Ch

Korean shipbuilders go head-to-head to win 1st European underwater arms deal

Posco Holdings announced Sunday it has completed the first phase of its lithium hydroxide plant in Argentina, a key step in securing a stable supply of the key material for electric vehicle batteries. Located in Guemes, Argentina, the plant will produce 25,000 tons of lithium hydroxide annually, sourced from the lithium-rich Hombre Muerto salt flat, where Posco holds mining rights. The output is enough to power 600,000 EVs, making it the largest brine lithium facility operated by a single compan

Hyundai Motor Group’s smaller affiliate Kia said Friday that it has posted 2.9 trillion won ($2.1 billion) in operating profit, marking the highest ever for a third quarter, despite mounting challenges in the automotive industry. The carmaker’s profit increased 0.6 percent from the same period last year, while its sales revenue surged 3.8 percent to 26.5 trillion won. The sales volume decreased 1.9 percent to 763,639 units, due to a temporary production hiatus from its two car manufa

Food companies increasingly turn to robotics for cost, operational efficiency

Woori Financial Group announced Friday its cumulative net profit stood at 2.65 trillion won ($1.9 billion), marking a 9.1 percent surge from the same period last year. The figure surpasses last year’s yearly earnings of 2.5 trillion won. The financial service provider posted 903 billion won net income in the third quarter, marking a 0.6 percent increase year-on-year. The figure is slightly higher than the market estimate of around 890 billion won. Cumulatively, the year-to-date net profit

Shinhan Financial Group, one of the country's top financial providers, posted lower-than-expected earnings for the July-September quarter, hit by the derivative fiasco from its brokerage arm. The financial group announced Friday that its net profit for the third quarter recorded 1.23 trillion won ($885 million), marking a 3.9 percent increase year-on-year. The figure, however, is slightly lower than the market forecast of around 1.3 trillion won. It also lost 186.9 billion won or 13.1 perce