Hanwha Group Chairman Kim Seung-youn on Tuesday visited Hanwha Asset Management to praise the asset management unit's recent progress in its ongoing efforts for global expansion. He was accompanied by Kim Dong-won, president and chief global officer at Hanwha Life Insurance, and Hanwha Asset Management CEO Kim Jong-ho. “Despite unfavorable market conditions, Hanwha Asset Management has overcome challenges and pushed innovations, and emerged as Korea’s leading asset management co

SK On, SK Innovation’s battery subsidiary, reported its first-ever quarterly profits in the third quarter of this year after years of operating losses since its spinoff in 2021. During its earnings conference call on Monday, the battery maker reported an operating profit of 24 billion won ($17.4 million) in the July-September period, a significant turnaround from last year’s 86.1 billion won deficit, largely driven by inventory clearance and enhanced cost structure. Its sales fell

Hyundai Motor on Monday introduced a concept version of Initium, a hydrogen fuel-cell sport utility vehicle, adding a new chapter to its 27-year commitment toward renewable energy solutions. “The new addition to the hydrogen-powered SUV lineup will debut next year,” said Chang Jae-hoon, president and CEO of Hyundai Motor, at a press conference at Hyundai Motor Studio in Goyang, Gyeonggi Province. “Moving beyond mobility, we have introduced our hydrogen value chain business, H

Samsung SDI unveiled details on its first electric vehicle battery production in the US in partnership with Stellantis and General Motors during its third-quarter earnings announcement Wednesday. “The joint venture with Stellantis, Starplus Energy, marks Samsung SDI’s first foray into battery cell manufacturing in the US,” said Son Michael, executive vice president of automotive & ESS business at Samsung SDI, during a conference call earlier in the day. “The initial p

Cylindrical 4680 batteries, named for their 46-millimeter diameter and 80-millimeter height, are hailed as a pivotal advanced battery technology in electric vehicles due to enhanced energy storage capacity and power output. Tesla, a trailblazer in the EV industry, gained acclaim with its affordable electric vehicles powered by these cost-effective small batteries, comparable in size to the AA batteries used in handheld devices. To produce bigger cylindrical cells that allow higher productivity

Kia’s first-ever pickup, the Tasman, is unlikely to debut in the US, the world’s largest pickup truck market, largely due to lower profitability amid protectionist policies there. “We do not have plans to sell the Tasman pickups in the US because of the hefty tariffs imposed on Korea-made pickups under the free trade agreement between the two nations,” a Kia official told The Korea Herald at the Tasman’s media unveiling event in Seoul on Monday. The official also

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

SK Innovation said Thursday that three of its key subsidiaries -- SK Energy, SK Geocentric and SK IE Technology -- have appointed new company heads with technological expertise to tackle business uncertainties and strengthen core competitiveness. The announcement comes eight days before the mega-merger of SK Innovation and SK E&S, two major energy affiliates of SK Group, which will create Korea’s largest energy giant with combined assets of 100 trillion won ($723.6 billion). The newly

Samsung SDI said Wednesday it has showcased its battery lineup, ranging from the prismatic battery P6 to the next-generation all-solid-state battery, at the Daegu International Future Auto & Mobility Expo. The company’s all-solid-state battery for electric vehicles boasts an energy density of 900 watt-hours per liter with a cathode-free structure. It is known to be theoretically safer than conventional lithium-ion batteries that use flammable liquid electrolytes. It sent samples to cli

Hyundai Motor India made a monumental debut on the Indian stock market, marking the largest initial public offering in India’s history and the first overseas subsidiary of a Korean company to go public in global markets. Hyundai Motor Group Executive Chair Chung Euisun and key executives, including Chang Jae-hoon, president and CEO of Hyundai Motor Company; Kim Un-soo, vice president of Hyundai Motor India; Tarun Garg, chief operating officer at Hyundai Motor India; and some 250 people fro

Expanding its footing in India, the world’s third-largest automotive market, Hyundai Motor Group Executive Chair Chung Euisun met with Prime Minister Narendra Modi on Monday to explore ways to enhance cooperation and advance the country’s mobility industry. After expressing gratitude for the Indian government’s continuous support to Hyundai Motor, Chung said during the meeting held at the PM’s office in Delhi, India, “Hyundai Motor Group has operated a successful bu

UIWANG, Gyeonggi Province – Hyundai Motor Group on Monday unveiled its 200 key automotive solutions powered by artificial intelligence, big data and robotics, aimed at transforming the carmaker’s auto manufacturing plants from hardware-centered facilities to software-driven smart factories. “Like software-defined vehicles, which add functions and services through software updates, (auto) manufacturing bases can turn into agile and intelligent smart factories with data-based ope

Hyundai Motor Group said Sunday it is set to launch its first electric vehicle in India, the electrified version of its popular sport utility vehicle Creta, in January next year, solidifying its top-tier position in the fast-growing automotive market. The Creta EV will be produced at the carmaker’s manufacturing plant in Chennai, southern India, which started operations in 1998. The company has recently pushed sales of SUVs, with the face-lifted three-row Alcazar SUV hitting the market in

Hyundai Motor Group’s smaller affiliate Kia is poised to start electric vehicle production in Europe by the end of this year at its Slovakian manufacturing plant, according to Marc Hedrich, president and CEO of Kia Europe. “(I had a) very good meeting today with Slovakian Economy Minister (Madame) Denisa Sakova and State Secretary Vladimir Simonak,” stated Hedrich in a LinkedIn post on Wednesday. “I had the opportunity to discuss challenges the automotive industry is faci

Hyundai Mobis, an auto parts manufacturer under Hyundai Motor Group, said Thursday that it signed an agreement with the Slovakian government to set up its first manufacturing plant for electric vehicle power systems in Europe. With a 350 billion won ($256.7 million) investment, Hyundai Mobis will construct a plant in the Novaky region of western Slovakia to produce EV drive units consisting of an electric motor, inverter and reducer. Once completed next year, the facility will have the capacity