Hi, how are you? Here are some news about Korean automotive business from September to now. Check this out!
September 07, 2022
Hyundai Mobis to cancel 71 bln won worth of own stocks
Hyundai Mobis Co., South Korea’s biggest auto parts maker, said Wednesday it will cancel 70.8 billion won (US$51 million) worth of its own stocks to enhance shareholder value.
Hyundai Mobis plans to cancel 288,000 shares on Sept. 15 to prop up its share price, the company said in a regulatory filing.
September 23, 2022
S. Korea draws $1.15 bln investment from Applied Materials, six other U.S. firms
South Korea has drawn investment worth a combined US$1.15 billion from seven North American firms in the semiconductor, battery and energy sectors, which is expected to help strengthen supply chains of key items and boost bilateral economic ties, the industry ministry said Friday.
The investment pledges were made during a ceremony in New York, which was attended by South Korean President Yoon Suk-yeol and senior officials from the Seoul government and global companies, according to the Ministry of Trade, Industry and Energy.
Oct 3, 2022
Hyundai Mobis completes 5G tech essential for autonomous driving
South Korean auto parts and mobility solution maker Hyundai Mobis said Monday that it has developed a 5G-based communication module for cars, a core part for autonomous driving and connected car systems that enables real-time, large-volume data processing.
According to Mobis, the new module combines communication and memory functions, as well as a radio frequency circuit and GPS, based on ultra-high speed, ultra-low latency and hyper connectivity technology.
Source : https://www.koreaherald.com/view.php?ud=20221003000081
October 6, 2022
Hyundai Mobis to invest $1.3 billion to build EV parts plant in U.S.
Hyundai Mobis will invest $1.3 billion through 2030 to build an electric vehicle (EV) parts plant in the United States, the company said in a regulatory filing.
The investment will be made by Mobis America, a U.S. subsidiary of Hyundai Mobis, starting in 2023. Hyundai Mobis will offer $280 million in Mobis America for the investment. The company held a board meeting Wednesday to approve the plan.
The investment is a part of the $5.5 billion investment Hyundai Motor Group Executive Chair Euisun Chung promised to U.S. President Joe Biden during his visit to Seoul in May.
Oct. 7, 2022
Hyundai Mobis announces names for new auto parts, modules divisions
Hyundai Mobis is close to launching its wholly owned subsidiaries, which will be responsible for manufacturing vehicle parts and vehicle modules, respectively, as the auto parts affiliate of Hyundai Motor Group announced the names of the two companies on Friday.
The company said its auto parts manufacturing subsidiary will be named Unitus while the module maker will be named Motras.
Hyundai Mobis went on to say that Unitus is a combination of the word unit and the French word “tous,” which means “all” in English. Unitus will produce various chassis parts, electric parts, airbags and lamps.
Source : https://www.koreatimes.co.kr/www/tech/2022/12/129_337487.html
October 11, 2022
Renault CEO seeks partner on hybrids to bring scale, cut costs
Renault Chief Executive Luca De Meo said on Tuesday the automaker was looking to find a partner for a carve-out of its combustion-engine business that would bring scale and drive down costs on technology, including hybrids.
October 18, 2022
Hyundai Mobis supplies modules for 4 Mercedes-Benz EV SUVs
Hyundai Mobis Co., South Korea’s leading auto parts maker, said Tuesday it has recently begun to supply chassis modules for Mercedes-Benz AG’s four all-electric EV models assembled in the United States.
Hyundai Mobis became the first non-European supplier of chassis modules for the German carmaker, the company said in a statement.
The company built a new module plant in Alabama near Mercedes-Benz’s U.S. plant and began production in July to supply chassis modules for the German client’s four different pure electric SUVs, the statement said.
Source : https://en.yna.co.kr/view/AEN20221018002600320
October 22, 2022
EXCLUSIVE Korean auto giant Hyundai investigating child labor in its U.S. supply chain
Hyundai Motor Co, Korea’s top automaker, is investigating child labor violations in its U.S. supply chain and plans to “sever ties” with Hyundai suppliers in Alabama found to have relied on underage workers, the company’s global chief operating officer Jose Munoz told Reuters on Wednesday.
27 October 2022
Korea players eye Kingdom for auto-parts collaboration
The Korea-ASEAN Friendship Association (KAFA) on October 26 hosted a symposium at the South Korean National Assembly (NA) on Cambodian-Korean cooperation in the context of the evolving configurations of global automotive value chains, with a focus on the auto parts industry, according to WorldKorean.net.
The symposium highlighted structural changes deemed necessary in Cambodian industry, such as a shift away from labour-intensive industries like those related to textiles, towards more technologically-advanced ones such as auto parts.
Participants also explored ways to promote growth in Korean companies through cooperation between Cambodia and South Korea, the online news outlet said, without offering more concrete details.
Source : https://www.phnompenhpost.com/business/korea-players-eye-kingdom-auto-parts-collaboration
Nov. 9, 2022
LG Electronics develops AI validation platform for automotive parts
LG Electronics (LG) in collaboration with Altair, a global provider of computational science and artificial intelligence (AI) solutions, have jointly developed an AI validation platform that delivers enhanced reliability verification for vehicle components.
Integrating this digital transformation technology into the development process allows LG to provide global automakers with advanced infotainment solutions of the highest quality and reliability.
Until now, the process used for developing advanced vehicle components has relied entirely on physical testing and all test results have been manually validated. LG’s recent digitalization of testing and verification will provide gains not only in regard to cost- and time-efficiency, but also in terms of data- and product-reliability.
Source : https://www.koreaittimes.com/news/articleView.html?idxno=117169
Nov. 13, 2022
Hyundai Motor Group chief emphasizes bold decisions to counter climate change
The world needs determination and leadership to use more sustainable energy sources such as renewable and hydrogen to tackle the climate change crisis, Hyundai Motor Group Chairman Chung Euisun told business leaders attending the G20 Summit, Sunday.
“Now is the time for bold decisions. And now is the time for leadership,” Chung said during his keynote speech at the 2020 Business 20 (B20) Summit in Bali, Indonesia.
The B20 Summit was held on the sidelines of the G20 Bali Summit, where world leaders have gathered to promote global economic stability and sustainable growth.
To address climate change, Chung referred to the automotive industry, which adopts renewable energy sources rapidly.
Source : https://www.koreatimes.co.kr/www/tech/2022/12/129_339724.html
November 14, 2022
Hyundai Mobis reorganizes planning, production
Hyundai Mobis established two manufacturing-dedicated subsidiaries, the auto parts maker said Monday.
The parent company will focus on the development of new technologies and new businesses.
One new subsidiary is named Motras and will be in charge of producing modules. The name of the company is a combination of the words module and transform. The other, Unitus, will be responsible for producing key components such as airbags and lamps
Nov 23, 2022
Will Korea host Tesla ‘gigafactory’?
Business tycoon Elon Musk’s confirmation that South Korea is among the top candidates for Tesla’s second electric vehicle production plant in Asia highlights the robust automotive parts ecosystem in Korea for cutting-edge autonomous driving technology, as well as the brand’s popularity here.
All eyes are on whether the fourth-largest economy in Asia could outdo other regional candidates such as Japan and Indonesia, which have richer EV consumer bases than Korea.
On Wednesday, President Yoon Suk-yeol asked Musk to invest in Korea in his presentation to the Tesla chief executive officer about Korea’s automotive industry landscape and investment climate, as Musk ponders a new Asian site in addition to a Shanghai location. Yoon also pledged to ease “unreasonable regulations” imposed on foreign companies to keep pace with global standards during the call.
Source : https://www.koreaherald.com/view.php?ud=20221123000649
25 November, 2022
Hyundai invests nearly $1bn to build EV plant in Georgia
Hyundai Mobis, a car parts specialist and subsidiary of South Korea-based automotive giant Hyundai, has announced plans to invest $926m in a new electric vehicle (EV) plant in Bryan County, Georgia, US.
The facility will be an expansion of the company’s existing footprint in Georgia. Since 2009, Hyundai Mobis has operated a manufacturing facility in West Point, which employs 1,200 workers. The new plant will supply more than 900,000 EV power electric systems and 450,000 integrated charging control units annually. Construction on the 110,000m2 plant in Richmond Hill in Bryan County is expected to start as early as January 2023, with production due to begin in 2024.
Source : https://www.investmentmonitor.ai/news/hyundai-invests-1-billion-to-build-ev-plant-in-georgia
November 24, 2022
South Korea truckers strike again with auto, battery supply chains at risk
Unionised truckers in South Korea kicked off their second major strike in less than six months on Thursday, threatening to disrupt manufacturing and fuel supplies for industries from autos to petrochemicals in the world’s 10th-largest economy.
With fuel costs soaring, the truckers are calling on the government to make permanent a minimum-pay system known as the ‘Safe Freight Rate’ that is due to expire by the end of the year, and to expand benefits for truckers in other industries, including oil tankers.
November 29, 2022
Tesla and South Korea might not be the dream pairing it seems
Elon Musk surprised South Korea and Tesla watchers alike when he popped up last week on a video call with President Yoon Suk Yeol.
Yoon’s office released details of the chat, revealing Musk had said he considered the nation a top choice for investment.
Shares of battery-related companies like Samsung SDI and Posco jumped, even though Musk did not clearly say he actually wants to build a factory in the country.
Source : https://europe.autonews.com/automakers/tesla-south-korea-might-not-be-dream-pairing-it-seems
December 01, 2022
S. Korea’s exports log steeper fall in Nov. on weak chip demand
South Korea’s exports fell for the second consecutive month in November and the decline accelerated from the previous month due mainly to the dwindling global demand for semiconductors amid the economic slowdown, the trade ministry said Thursday.
The country also suffered a trade deficit for the eighth straight month on high global energy prices, ringing an alarm over its growth momentum.
Outbound shipments fell 14 percent on-year to come to US$51.91 billion last month, following a 5.7 percent on-year fall the previous month, according to the data compiled by the Ministry of Trade, Industry and Energy.
Source : https://en.yna.co.kr/view/AEN20221201002552320
December 1, 2022
Hyundai Motor Group Takes 2nd Place in U.S. EV Market
Hyundai Motor Group ranked second in the U.S. electric vehicle (EV) market in the January-September period of this year.
The group accounted for 9 percent of the U.S. EV market during the period — Hyundai Motor Co. took up 4 percent, placing fourth, while Kia Corp. controlled 5 percent, ranking third, according to S&P Global Mobility. The top spot was taken by Tesla with a share of 65 percent, with second place going to Ford with 7 percent. Chevrolet tied for fourth place with Hyundai Motor Co.
Source : http://www.businesskorea.co.kr/news/articleView.html?idxno=105192
Dec. 05, 2022
Since the bankruptcy of the parent company, Erae AMS Co., Ltd. is a representative automobile parts company in Daegu and has solid technology
Erae AMS was launched on October 30, 1984 with the ambitious goal of realizing the world’s best automobile parts company in Dalseong Industrial Complex, Nongong-eup, Dalseong-gun, Daegu. The business sites are located in Daegu headquarters, technology research center, Pontiac in the United States, and Sangsuk and Jilin in China.
..(Omission)..
However, since then, Erae AMS has suffered significant losses in sales and operating profit due to the localization strategy of its largest customer, GM, and the withdrawal of the military plant.
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The CEO at the time, who led the merger and acquisition (M&A) work, said, “We saw the growth potential of the electric vehicle market highly, and fortunately we succeeded in transforming into an electric vehicle-centered supplier in no time too late.” We have started supplying our products stably to various places, from Vietnam to Vinfast under the Vin Group, American electric car start-up Rivian, and domestic small and medium-sized electric car companies.”
Source : https://www.yeongnam.com/web/view.php?key=20221205010000592
Dec. 06, 2022
Gyeongbuk auto parts industry promotes conversion to future vehicles such as electricity and hydrogen
Gyeongsangbuk-do signed a local-led investment job agreement with cities, counties, and companies at the provincial government on the 6th to transform the local auto parts industry into a future car center.
Ten auto parts-related companies, including Gyeongju, Yeongcheon, and Gyeongsan-si, Das and Ajin Industries, participated in the agreement.
These companies plan to invest more than 588 billion won by 2025 and create jobs for 800 people in order to shift the existing internal combustion engine-centered industrial structure to future car parts industries such as electricity, hydrogen, and self-driving cars.
The province plans to foster future auto parts clusters in a way that is led by the region including the private sector and supported by the government.
Source : https://www.yna.co.kr/view/AKR20221206116200053
Dec. 07, 2022
Yulchon targets global auto parts demand by establishing a subsidiary in Poland
Yulchon (CEO Heung-hae Lee), a drawn steel pipe manufacturer, is accelerating its pursuit of global auto parts demand through the establishment of a Polish corporation.
Yulchon will build a production facility with a site of 10,000 pyeong and a building of 5,000 pyeong with the establishment of the Polish corporation as a stepping stone. From March 2024, it plans to start commercial production of steel pipe and drawn steel pipe.
Source : http://www.snmnews.com/news/articleView.html?idxno=509318
December 08, 2022
Seoul shares open lower after U.S. losses
SEOUL, Dec. 8 (Yonhap) — Seoul stocks opened lower Thursday, tracking overnight falls on Wall Street, amid concerns that the U.S. Federal Reserve may continue its aggressive monetary tightening following solid economic data.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 1.05 points, or 0.04 percent, to 2,381.76 in the first 15 minutes of trading.
..(Omission).. Market bellwether Samsung Electronics Co. rose 0.2 percent, No. 2 chipmaker SK hynix Inc. climbed 0.8 percent, and leading auto parts maker Hyundai Mobis Co. gained 0.2 percent.
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