South Korean battery maker SK On Co. said Wednesday it has signed an agreement with a US graphite company to develop battery-grade anode materials in an effort to bolster the sourcing of raw materials. The joint development agreement, inked with Westwater Resources Inc., calls for the two companies to work together to develop high-performance anode materials tailored for SK On batteries, the Seoul-based battery-making unit of SK Group said in a release. Anodes are one of the key components for e

The global electric vehicle battery market is forecast to post rapid growth to $616 billion in 2035, a market tracker said, with the China-based production likely to sharply shrink amid the EV-related policy revamps in the United States and Europe. The projection marks a fivefold increase from $121 billion estimated for this year, according to a report by SNE Research, a Seoul-based energy market tracker. Demand for EV battery production is expected to reach 5.3 terawatt-hours globally in 2035,

SEOGWIPO, Jeju Island – Amid a surge in electric vehicle sales globally, experts on Tuesday called for concerted efforts among policymakers and industry officials to prevent EV batteries from catching fire. Fire-prone batteries were blamed for 12 percent of the total 130 recalls issued here since 2018, while software malfunctions took up the largest share at 43 percent, according to Lee Gwang-beom, an advisor at law firm Shin & Kim. “But battery fires are directly linked to con

HD Korea Shipbuilding & Offshore Engineering, an intermediate holding company of South Korean heavy industries conglomerate HD Hyundai, has bagged 12 orders for liquefied natural gas (LNG) and liquefied petroleum gas (LPG) carriers worth 2.79 trillion won ($2.08 billion) in a span of less than a week. According to the shipbuilder, HD KSOE on Tuesday signed a contract with an Oceanian customer to build two 200,000-cubic-meter LNG carriers. The shipbuilder inked a contract with a European cust

Joint venture SK Plug Hyverse to build hydrogen tech R&D center, gigafactory in Korea

South Korea's three largest mobile carriers -- SK Telecom, KT Corp. and LG Uplus -- said on Tuesday that they will launch the country’s first personal embedded subscriber identity module (eSIM) data plans for BMW vehicles. While the German luxury carmaker’s 7 series and above already feature fifth-generation connectivity via eSIM, the new data plans will enable backseat passengers to enjoy a variety of mobile content through built-in monitors without a separate physical chip, ac

American multinational automotive company General Motors said Tuesday it will open its first collective brand space in Korea called "The House of GM" on Friday. The space, inspired by GM's heritage site, Factory One, will be used to showcase the firm's company values, US culture and lifestyles. There will also be a variety of events for visitors to enjoy, including test drives, DIY workshops and gifts for child visitors in celebration of Children's Day, which will be dis

KB Financial Group announced Tuesday that it will host an event on Thursday to invite key figures in the global financial industry to present its businesses and growth strategies while looking for collaborative opportunities. The banking giant's cocktail reception, which will take place in Songdo, Incheon, is designed to promote the excellence of Korean finance and KB Financial's business competitiveness on the occasion of the 56th Annual Meeting of the Asian Development Bank held in I

Industry Ministry renews commitment to creating new W300tr cluster for advanced AI, automotive chips

South Korea’s top wire and cable maker LS Cable & System said Tuesday it has completed Asia’s largest high-voltage direct current (HVDC) underwater cable plant in Donghae, Gangwon Province. The plant, named Submarine Building 4, is a 172-meter-tall vertical continuous vulcanization (VCV) tower with a total floor area spanning 34,816 square meters. Some 190 billion won ($141 million) has been injected into the construction that started in July 2021. The company said this facility

South Korea’s telecom giant KT Corp. unveiled two next-generation artificial intelligence-based service robots Tuesday, bringing the total number of service robots in its lineup to five. The robots, produced by LG Electronics and Bear Robotics, respectively, receive orders and other customer requests using smart order services. Equipped with upgraded suspension systems, the robots are also designed for more stable food and beverage delivery.

South Korea's consumer prices grew at the slowest pace in more than a year in April on falling global oil prices, data showed Tuesday, in the latest signal that inflation has receded. Consumer prices, a key gauge of inflation, rose 3.7 percent last month from a year earlier, compared with a 4.2 percent on-year rise in March, according to the report from Statistics Korea. It is the first time in 14 months that the on-year inflation growth fell below 4 percent. The figure rose to over the 4 p

Samsung, SK chiefs extend overseas stay to enhance global network

Collective efforts from a global network of vaccine developers and manufacturers will be needed to better respond to future outbreaks and pandemics, said a co-developer of a COVID-19 vaccine that has saved millions of lives. Sarah Gilbert, professor of vaccinology at the University of Oxford and co-developer of the Oxford-AstraZeneca COVID-19 vaccine, warned that more pandemics will occur in the future. “There needs to be a global collaboration and recognition that we need vaccines for pub

Samsung Electronics, which recently recorded its worst operating profit in the first quarter, is expected to increase its spending to raise wafer input for research and development, according to industry sources on Monday. Kyung Kye-hyun, the CEO in charge of the tech giant’s Device Solutions Division overseeing global memory operations, System LSI, said the company will increase its wafer input to “gain the upper hand in technology for future products,” speaking at a staff bus