S. Korea sees slowed growth in new EV registrations in 2023

SEOUL, April 02 (AJU PRESS) - South Korea saw a slower growth in new electric vehicle registrations last year, despite surpassing 500,000 registered EVs. This deceleration can be attributed to consumers' perceptions of clean energy vehicles and their charging infrastructure as inconvenient. Forbes, a prominent American business magazine, analyzed in November 2023 that the slowdown in the global demand for EVs was affected by various factors including unfamiliarity with new pro

April 2, 2024

Promising small firms given chance to explore overseas markets

SEOUL, April 02 (AJU PRESS) - South Korea's major trade association, KITA, announced Tuesday it is organizing an annual export consultation event to find prominent small and medium-sized enterprises with potential. After counseling 51 applicants, the organization will select companies with competitive products for overseas markets. The counseling event is designed to help small and medium-sized enterprises (SMEs) expand abroad using overseas sales network established by congl

April 2, 2024

LG Energy Solution anticipates growing ties on 20th anniversary of Chile FTA

SEOUL, April 01 (AJU PRESS) - LG Energy Solution, the battery-making affiliate of South Korea's LG Group, is seeking to strengthen collaboration with Chile, which is integral to the firm's global battery supply chain. The battery maker highlighted Chile's pivotal role as a key partner in the lithium industry on the 20th anniversary of the free trade agreement that took effect on April 1, 2004, between Chile and South Korea. Since becoming South Korea's inaugural F

April 1, 2024

S. Korean food maker provides plant-based dumplings to grocery stores in US military bases 

SEOUL, April 01 (AJU PRESS) - South Korea's major food company CJ Cheiljedang will sell plant-based dumplings at grocery stores within the United States military bases in South Korea. The plant-based products, designed for easy microwave cooking, are included in Cheiljedang's premium ready-to-cook product brand "Bibigo." When supplying vegan dumplings to the U.S. military bases, the company has been using meat produced in the U.S. "Because the U.S. has stric

April 1, 2024

HD Hyundai selected to support Peruvian Navy's modernization project

SEOUL, March 29 (AJU PRESS) - South Korea's HD Hyundai Heavy Industries (HHI) has been chosen as the preferred bidder to assist in constructing four naval warships for the Peruvian Navy, worth $462.9 million. The project is the largest defense export by a South Korean company to South America. Peru's state-run SIMA Peru S.A. said on Thursday HHI was selected as the preferred negotiator for its joint project to build a 3400-ton frigate, a 2200-ton offshore patrol vessel, an

March 29, 2024

London-based investment firm to acquire S. Korean solar energy company

SEOUL, March 28 (AJU PRESS) - Investment firm Actis announced Thursday it is set to acquire Argo Energy, a South Korean company specializing in solar energy, as part of its initiatives to strengthen renewable energy projects in Asia. Based in London, the company aims to generate solar energy capable of powering over 85,000 households annually in South Korea, the eighth largest energy consumer in the world. Argo Energy specializes in developing small-sized solar panels and rooftop

March 28, 2024

Turkish automotive association seeks partnership with S. Korean companies

SEOUL, March 28 (AJU PRESS) -- Türkiye's automotive industry exporters' association has stressed the importance of cooperation between two "brother countries" -- Türkiye and South Korea -- to become main players in the global finished car and car parts market. Uludağ Automotive Industry Exporters Association (OiB), organized an Automotive Sectoral Trade delegation to Seoul and held a series of business-to-business (B2B) meetings with South Korean counte

March 28, 2024

[INTERVIEW] S. Korean mobility solution company targets historical city as gateway to Viet Nam

SEOUL, March 27 (AJU PRESS) -- Gbike, a South Korean mobility solution company, is set to expand its eco-friendly electric scooter and electric bicycle-sharing services into Viet Nam's historical city of Hue. With operations already in Los Angeles and Thailand, Gbike aims to introduce its services to Hue City, which boasts a rich cultural heritage. Personal mobility services, including electric scooter and bicycle-sharing services, became extremely popular in South Korea durin

March 27, 2024

Lotte Rental achieves 'Baa3' credit rating from Moody's

SEOUL, March 26 (AJU PRESS) -- Lotte Rental, the rental service wing of South Korea's Lotte Group, has earned a prestigious "Baa3" investment-grade rating from Moody's, a renowned global credit rating agency. This achievement holds significance in South Korea's rental industry. Moody's is recognized as one of the top three credit rating agencies globally, alongside Standard & Poor's (S&P) and Fitch. Moody's evaluation of Lotte Rental began

March 26, 2024

LS Cable embarks on construction of plant for new copper foil material

SEOUL, March 25 (AJU PRESS) -- South Korea's major cable maker LS Cable & System has embarked on a journey to build a new plant for the mass production of a new copper foil material. The cable maker said that the new material is made with copper flakes instead of wires, to reduce the production process and costs. Copper foils are mainly used for the production of high-performance batteries for electric vehicles and energy storage systems. Copper foils are applied to batter

March 25, 2024