LG Energy Solution invests in US battery manufacturer for lithium metal battery technology

SEOUL -- LG Energy Solution, the battery-making wing of South Korea's LG Group, has partnered with Sion Power, an Arizona-based battery manufacturer, to secure technology for lithium metal batteries. Lithium metal batteries can significantly enhance the driving distance compared to the existing lithium-ion batteries. Lithium metal batteries have been studied as they were claimed to run longer and hold more energy than lithium-ion batteries. According to LG Energy Solution (LGE

January 25, 2024

Hyundai Motor Group subsidiaries join hands to establish future autonomous logistics solution

SEOUL -- 42dot, the autonomous driving solution wing of South Korea's Hyundai auto group, has forged a partnership with two other Hyundai group subsidiaries -- Hyundai Glovis, the logistics wing, and Hyundai Commercial, the finance wing -- in a bid to establish a future autonomous logistics solution for commercial operations. 42dot specializes in the development and operation of commercial autonomous vehicles. The company demonstrated a fleet of self-driving taxis in western S

January 24, 2024

CJ Olive Young adopts biodegradable plastic material for instant delivery product packaging

SEOUL -- CJ Olive Young, the drug and beauty store franchise of South Korea's food and entertainment conglomerate CJ Group, has adopted biodegradable plastic material called "polyhydroxyalkanoates" for packaging products sold through the company's instant delivery service platform. Polyhydroxyalkanoates (PHAs) are produced by bacteria during the fermentation process of sugar or lipids, including fats, oils, and waxes, for the storage of carbon and energy. PHAs a

January 24, 2024

LIG Nex1 to showcase unmanned coastguard patrol boat at robotics exhibition in UAE

SEOUL -- LIG Nex1, a defense contractor in South Korea, will display an unmanned coastguard patrol boat "Haegum-3" at a global exhibition in Abu Dhabi designed to showcase drones, robots, and other unmanned solutions. The patrol boat is equipped with advanced surveillance equipment, a remote shooting control system, and a guided rocket launcher. Haegum-3 unmanned boat features high seaworthiness, artificial intelligence-based autonomous operation technology, and enhanced

January 23, 2024

Hyundai Glovis to nurture recycled EV battery business into main growth engine

SEOUL -- In a strategic move to foster the recycled electric vehicle (EV) battery business as the primary driver of growth, Hyundai Glovis, the logistics solution arm of South Korea's Hyundai auto group, has entered into a share subscription agreement with a domestic battery recycling company. A Share Subscription Agreement (SSA) is a legal document that delineates the terms and conditions under which a party agrees to subscribe for and purchase newly issued shares in a compan

January 23, 2024

Exports of kimchi reaches $155.6 mln in 2023, up 10.5% year-on-year

SEOUL -- Exports of kimchi, traditional Korean pickled vegetables, soared 10.5 percent year-on-year to $155.6 million in 2023, state data showed. The increased popularity of kimchi is accelerated thanks to the high global recognition of the salad-like spicy mixed vegetable pickles as healthy food. Kimchi is a spicy and sour, picked vegetable side dish, usually made by fermenting cabbage or radish with red chili powder, garlic, ginger, and other spices. During the last decade, kimc

January 22, 2024

LG Chem partners with Italian state energy company to establish hydrotreated vegetable oil joint venture

SEOUL -- LG Chem, the chemical unit of LG Group, partnered with Enilive, a state-run energy company in Italy, to set up a joint venture targeting the hydrotreated vegetable oil market. The biofuel with an extremely low freezing point can be used as aviation and automobile fuel. Hydrotreated vegetable oil (HVO) is made through either hydrocracking or hydrogenation of vegetable oil. Hydrocracking dismantles large molecules into smaller ones, while hydrogeneration is the process of a

January 19, 2024

LG Innotek invests in Taiwanese lens producer to beef up autonomous vehicle business

SEOUL -- LG Innotek, the electronic component unit of South Korea's LG Group, will work with AOE Optronics, an automotive lens manufacturer based in Taiwan, to upgrade optical component solutions for autonomous vehicle cameras. The Taiwanese company will share its know-how in precision lens manufacturing technologies and provide lenses used for camera modules. Camera modules are essential for the collection of front traffic information and driving assistance. Demands for camer

January 19, 2024

S. Korea's web cartoon industry scores highest operating profit in 2022: report

SEOUL -- South Korea's web cartoon industry achieved a record high of 1.8 trillion won ($1.3 billion) in 2022, data released by the country's culture ministry showed. The ministry plans to nurture webcomic as South Korea's leading content industry to attract more global fans. Web cartoons, also known as webtoons or webcomics, are digital comic books created to fit into web or mobile platforms. South Korea is the birthplace of webtoons. Popular webtoons are recreated in

January 18, 2024

Samsung Electronics records semiconductor revenue of $39.9 bln in 2023, down 37.5% percent year-on-year: market data

SEOUL -- Due to the sluggish global semiconductor market, Samsung Electronics faced a significant revenue decline in 2023. Data released by market research firm Gartner showed that the technology giant's global semiconductor revenue was $39.9 billion in 2023, down 37.5 percent from a year ago. The global market research firm reported on January 16 that worldwide semiconductor revenue dropped 11.1 percent year-on-year to $533 billion last year. Samsung secured the second posit

January 17, 2024