Articles by Kan Hyeong-woo
Kan Hyeong-woo
hwkan@heraldcorp.com-
Hyundai Motor's Q3 profit missses estimates
Hyundai Motor Company reported 3.58 trillion won ($2.5 billion) in third-quarter operating profit Thursday, down 6.5 percent from the same quarter last year and missing the market consensus of 3.9 trillion won. The automaker explained in a conference call that a proactive warranty extension for the North American Grand Santa Fe, a sport utility vehicle, caused a provision of about 320 billion won and affected the lower-than-expected operating profit for the July to Sept. period. Despite the dip
Companies Oct. 24, 2024
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[From the Scene] S-Oil’s Shaheen project on track for 2026 completion
ULSAN -- The construction site of S-Oil’s Shaheen project at its Onsan plant in Ulsan showed little to no activity Tuesday afternoon. Although the day’s workflow had seemingly stopped due to heavy downpours in the morning, the officials from S-Oil and Hyundai Engineering & Construction said the building process of the Shaheen project had already reached 40 percent completion. “Four major construction firms -- Hyundai E&C, Hyundai Engineering, Lotte E&C and DL E&
Companies Oct. 23, 2024
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Doosan attempts business restructuring plan again
Doosan Group announced Monday a revised business realignment plan to go ahead with its earlier bid to incorporate Doosan Bobcat into Doosan Robotics as a subsidiary as the conglomerate looks to create better synergy between its affiliates to expand businesses. The two boards of Doosan Enerbility, the parent company of Doosan Bobcat with a 46 percent stake in Doosan Bobcat, and Doosan Robotics approved the plan to spin off a new company that will own Doosan Bobcat’s shares from Doosan Enerb
Companies Oct. 21, 2024
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KG Mobility, China’s Chery to develop plug-in hybrids
KG Mobility, a South Korean sport utility vehicle maker, has teamed up with China’s Chery Automobile to co-develop a range of vehicles including plug-in hybrid cars to expand its global presence. According to a KG Mobility regulatory filing on Monday, the auto brand signed a platform technical license agreement with Chery Automobile on Friday to collaborate in areas as such the design and development of vehicles as well as car manufacturing and distribution. The deal includes sharing the i
Mobility Oct. 21, 2024
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Hyundai Motor, Toyota join forces for AI robot
Hyundai Motor Group and Toyota -- the world’s third and first top-selling auto giants, respectively -- have teamed up to advance the development of artificial intelligence and robotics. According to Hyundai-backed Boston Dynamics and Toyota Research Institute on Wednesday, the two sides decided to join forces to accelerate the development of general-purpose humanoid robots using the former’s two-legged Atlas robot and the latter’s large behavior models, or LBMs. “There ha
Mobility Oct. 18, 2024
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S. Korean nuclear power firms buoyed by Amazon’s big energy push
Amazon’s decision to invest in clean energy projects to meet the increasing energy demands of artificial intelligence has raised expectations for South Korean companies in the nuclear power sector. Amazon announced Thursday that it signed three new agreements to support the development of nuclear energy projects, including the construction of several new small modular reactors, or SMRs. Amazon joined a recent series of nuclear energy pledges by big tech companies such as Google and Microso
Industry Oct. 17, 2024
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Hyundai, Kia develop 1st automatic system for press die design
Korea’s two leading auto brands -- Hyundai Motor Company and Kia -- announced Wednesday that they developed the world’s first automatic press die system for all designs. Press dies are used to form a vehicle’s body parts such as the trunk, hood and fender. Depending on the part’s design, automakers usually conduct the press dying process three to five times to manufacture a part while press die designers line up numerous requirements for the production of each part. Accor
Mobility Oct. 16, 2024
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Hanwha eyes another shipyard takeover in US
Hanwha Group, South Korea’s defense-to-energy conglomerate, is looking to expand its shipbuilding and maritime businesses in the United States as it appears to be contemplating a second American shipyard acquisition. Mike Smith, who was appointed as the CEO of Hanwha Defense USA in August, a US subsidiary of Hanwha Aerospace, said in Washington last week that Hanwha is “not done” when asked whether Hanwha’s purchase of Philly Shipyard was a one-time deal. Hanwha Group ann
Companies Oct. 15, 2024
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Hanwha zeroes in on arms exports to North America
Hanwha Aerospace is gearing up to showcase its latest land weapons systems at the US Army’s Annual Meeting & Exposition, known as AUSA, in Washington, as the Korean defense firm looks to score exports to the North American defense sector, the company said Friday. Hanwha Aerospace plans to display its wheeled self-propelled howitzer, uncrewed transport robotic vehicle and modular charge system at the upcoming arms trade show slated to take place from Monday to Wednesday. In particular,
Companies Oct. 11, 2024
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Literature honor marks S. Korea’s 2nd Nobel Prize
Author Han Kang became the second South Korean to win a Nobel Prize on Thursday, as she was recognized with the laureate honor in literature by the Swedish Academy. Preceding Han was Kim Dae-jung, the late South Korean president who won the Nobel Peace Prize in 2000 to honor his efforts to revive democracy in South Korea and improve relations with North Korea. The Nobel Prize committee said the award motivation was “for his work for democracy and human rights in South Korea and in East Asi
Politics Oct. 10, 2024
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[Breaking] South Korea's Han Kang wins 2024 Nobel literature prize
South Korean author Han Kang has won the 2024 Nobel Prize in literature, clinching the country's first honor in one of the world's most prestigious literature awards. The Nobel committee on Thursday called “her intense poetic prose that confronts historical traumas and exposes the fragility of human life.”
Culture Oct. 10, 2024
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Hanwha Group marks 72nd anniversary as 'great challenger'
Hanwha Group Chairman Kim Seung-youn has reiterated the company's approach to overcoming crises as a “Great Challenger,” expressing the need to take more proactive and leading measures rather than waiting for market conditions to turn favorable. “Driven by unwavering beliefs that do not compromise with the currents of the times and a relentless dedication to being the best, we will overcome the waves of crises and write a new history for Hanwha,” said Kim in a video
Companies Oct. 10, 2024
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LS Group on smooth sail for double growth by 2030
LS Group, a South Korean cable and industrial electric machinery conglomerate, is looking to achieve the vision to double its total assets value to 50 trillion won ($37 billion) by 2030 as it welcomes more opportunities for its existing businesses in the era of artificial intelligence while investing in the sectors of batteries, electric vehicles and semiconductors. Since taking the helm of the conglomerate in January 2022, LS Group Chairman Koo Ja-eun has vowed to invest 20 trillion won or more
Companies Oct. 9, 2024
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US ambassador discusses battery supply chain at Posco Future M plant
Posco Future M CEO Yoo Byung-ok and US Ambassador to South Korea Philip Goldberg have discussed the importance of stabilizing supply chains as the Korean battery material and chemical producer struggles to cope with declining anode prices due to competition from China. According to Posco Future M on Tuesday, the US Ambassador visited the Korean company’s artificial graphite anode plant in Pohang, North Gyeongsang Province, the previous day. “Despite being the only alternative for sta
Companies Oct. 8, 2024
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LG Energy Solution pledges to double sales by 2028
LG Energy Solution on Monday vowed to double its annual sales by 2028 based on expanding and diversifying battery businesses outside of electric vehicles while continuing to secure technological leadership in the EV battery sector. “We will not settle at producing and selling batteries anymore, but we will establish a paradigm of subscription economy for batteries based on our battery diagnosis and management technologies,” said Kim Dong-myung, CEO of LG Energy Solution, during the c
Companies Oct. 7, 2024
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