S. Korean exports of electric vehicles increase by 40% on-year in first three quarters of 2023

SEOUL -- South Korea's exports of electric vehicles and hydrogen fuel cell electric vehicles in the first three quarters of 2023 showed a growth rate of 40.9 percent on-year, according to data released by a private vehicle technology institute. Data released by Volkswagen, the world's second-largest carmaker, showed that during the first three quarters of 2023, the German automobile company saw a 45 percent increase in its EV sales compared to the same period in 2022. Howeve

December 19, 2023

Exports of S. Korea's commercial drone hardware and software surpass $11 million in 2023

SEOUL -- Exports of commercial drones, including both hardware and software and related services developed by 17 South Korean companies, reached $11.1 million in 2023, state data showed. The amount is higher by 4.8 times than South Korea's initial annual export plan set at the beginning of this year, which was $2.3 million. In the early days of commercial introduction, drones equipped with optical equipment were mostly used to carry out dangerous tasks. However, their role has b

December 19, 2023

SM BEXEL starts mass production of micro lithium ampoule military batteries

SEOUL -- SM BEXEL, the battery-making wing of South Korea's No. 2 bulk carrier operator SM Group, has started the mass production of micro lithium ampoule military batteries. The South Korean battery maker well known for its long-lasting AA and AAA batteries as well as lithium-ion cells injected some seven billion won ($5.4 million) in March 2023 to establish a military battery-making facility with an annual capacity of 2.5 million cells. The battery maker said that the mass

December 15, 2023

POSCO's digital transformation wing to develop robots for steel production

SEOUL -- POSCO DX, the digital transformation wing of South Korea's steel group POSCO has partnered with Chosun Refractories, a domestic refractory product maker, to create robots for steel production. The robots will be used for dangerous tasks such as handling high-temperature molten iron generated in a blast furnace. POSCO DX said on December 13 that it partnered with Chosun Refractories to develop new robots. The robots will be deployed to steel mills to assist the casting p

December 14, 2023

LG Unicharm builds solar power facility to produce sanitary pads and diapers

SEOUL -- Through a joint venture with Japan’s hygiene product maker Unicharm, South Korea's consumer goods company LG Household & Health Care has built a solar power generation facility with an annual capacity of 348-megawatt electricity. The joint venture "LG Unicharm" uses solar energy to produce sanitary pads and diapers. LG Household & Health Care said on December 13 that the joint venture completed the construction of the solar facility on the roofto

December 13, 2023

S. Korea to provide autonomous vehicle safety training for driver's license test  

SEOUL -- South Korea will incorporate autonomous vehicle safety training for the national driver's license test in 2024. The country aims to set up various rules and policies to prepare for the operation of fully autonomous vehicles that don't require a human driver. South Korea unveiled its plan to commercialize level-4 self-driving in 2027. Unlike autonomous levels 1, 2, and 3 which assist human drivers to conveniently reach their destinations, a level 4 self-driving veh

December 13, 2023

Hyundai develops snow chain-integrated tire technology

SEOUL -- Hyundai auto group has developed an innovative snow chain-integrated tire technology using shape memory alloy. The car tire can be used as an ordinary car tire and deploy a snow chain by pressing a button. According to Transparent Market Research, a global market research firm, the global market for winter tires is estimated to grow at an annual average growth rate of 5.9 percent to reach $35.65 billion by 2029. Some states and provinces in the United States and Canada requ

December 12, 2023

Domestic sales of electronics decrease after reopening: government data

SEOUL -- Domestic sales of electronics, including televisions, refrigerators, and washing machines have decreased compared to sales recorded during the COVID-19 pandemic, government data showed. Due to decreased sales, the recycling rate that electronics companies must achieve has also decreased. By law, South Korea mandates electronics companies to retrieve and recycle 49 types of electronics including home appliances. The annual rate that must be achieved is decided by the environ

December 12, 2023

S. Korean SPA brands seek to evade aftermath of economic recession through differentiated strategies

SEOUL -- South Korean SPA (specialty retailer of private label apparel) brand operators have adopted differentiated marketing strategies to increase sales despite the country's economic recession caused by high inflation and increased basic operating costs including oil, materials, and manpower. SPA brands are recognized by South Korean consumers as clothing brands that sell reasonable-quality apparel for affordable prices. Consumers in their 20s favor buying clothes from SPA br

December 12, 2023

ZEPETO operator to support UAE's metaverse business in media accelerator zone

SEOUL -- The operator of ZEPETO, a metaverse platform created by South Korea's top portal site Naver, will share its expertise in metaverse-related technologies to upgrade an existing virtual reality ecosystem in the United Arab Emirates' media service hub "Sharjah Media City." The media accelerator zone, located in the Middle Eastern country's third-most populous city of Sharjah, plans to offer various business opportunities for global entrepreneurs in the creati

December 11, 2023