Hyundai's operating profit in 3Q 2023 increases by 184% on-year thanks to high-value models

SEOUL -- The operating profit of Hyundai Motor, the world's third-largest carmaker, has increased by 184.2 percent in the third quarter of 2023, compared to the same period in 2022. Hyundai's outstanding operating profit was affected by the increased sales of high-value vehicles such as luxury brand Genesis models and sport utility vehicles. According to South Korea's Financial Supervisory Service, the country's financial watchdog, on October 31, Hyundai marked an opera

November 1, 2023

Exports of kimchi continue to increase thanks to popularity in US and Europe

SEOUL -- Exports of kimchi, traditional Korean pickled vegetables, have continued to increase by more than 10 percent on-year thanks to consumers in the United States and Europe who recognize the salad-like spicy mixed vegetable pickles as healthy food. Kimchi, mostly recognized as salted Chinese cabbage seasoned with red chili pepper powder, ground garlic, and fish sauce, has been the core of South Koreans' diet. The salted cabbage ferments over time to become sour. Some peo

October 31, 2023

HD Hyundai Electric joins offshore wind power project in southwestern coastal county

SEOUL -- HD Hyundai Electric, an electrical equipment manufacturer and energy solution provider, will take part in a project to establish offshore wind power infrastructure that can power some three million households in South Korea’s southwestern coastal county of Jindo. The energy solution developer will supply wind turbines and power equipment for offshore substations. The project involves the South Korean office of Pacifico Energy, a United States-based renewable energy power

October 30, 2023

LG Chem develops flame-retardant material to prevent battery explosion

SEOUL -- South Korea's major chemical company LG Chem has developed a material that can delay thermal runaway in electric vehicle batteries. The material called "Special Flame-Retardant CFT" withstands heat and pressure at 1,500 degrees Celsius (2,732 degrees Fahrenheit) for more than 20 minutes without any damage. Thermal runaway is a chain reaction that can be extremely challenging to halt once initiated inside a battery cell. During thermal runaway, the temperature of

October 27, 2023

CJ Cheiljedang releases Spam product made of chicken breast

SEOUL -- South Korea's major food maker CJ Cheiljedang has released a new Spam product made of chicken breast targeting consumers who favor high protein, low-calorie foods. The canned food brand, currently available in 48 countries, is originally made using pork. The canned pork brand, made by American food processing company Hormel Foods, is widely consumed in South Korea. According to CJ Cheiljedang, more than 1.9 billion 200-gram (0.4 pounds) Spam products were sold in the coun

October 27, 2023

LG Chem to produce car seat material with discarded PET bottles

SEOUL -- South Korea's major chemical company LG Chem will produce a raw material for flooring and car seats using discarded polyethylene terephthalate bottles. The conglomerate developed green material called "plasticizer" to meet the demands of its clients striving to export products to North America. Plasticizers are essential in improving the flexibility and elasticity of polyvinyl chloride (PVC), a synthetic polymer of plastic simply known as vinyl. Compared to conve

October 26, 2023

SK Enmove partners with arms maker Hanwha Aerospace to develop liquid cooling solution for ships

SEOUL -- SK Enmove, the lube-making wing of South Korea's SK Group, will work with Hanwha Aerospace, a global defense solution company, to develop a liquid immersion cooling solution that can cool down energy storage systems for ships. Through the solution, the two groups aim to secure their footholds in the global marine energy storage market. Demands for maritime energy storage systems (ESS) are growing. An ESS is a power storage system that consists of batteries or specially des

October 25, 2023

LG Chem opens research center in Georgia to incubate new researchers

SEOUL -- In a bid to develop new technologies related to next-generation batteries, bioplastics, and recycled materials, South Korea's major chemical company LG Chem has opened a research center in Georgia, the United States. LG Chem said that the company opened the "North American Innovation Center" in Georgia and signed a memorandum of understanding with the Georgia Institute of Technology to cooperate in the development of new technologies. According to the world&#

October 25, 2023

SK Signet supplies $4.2 mln worth of ultra-fast EV chargers for US ridesharing service operator

SEOUL -- SK Signet, an electric vehicle charger manufacturer affiliated with South Korea's conglomerate SK Group, has supplied its 400 kilowatt-class electric vehicle chargers to Revel Transit, a New York-based ridesharing service operator. The South Korean EV charger maker has received $4.2 million through the supply deal. However, details of the deal were not disclosed. Revel will install the chargers in various regions in New York and California. Revel operates EV charging stati

October 25, 2023

French-style bakery brand Tous Les Jours opens first store in Canada

SEOUL -- Tous Les Jours, a French-style bakery brand run by a food service unit of South Korea’s CJ Group, has opened its first store in Canada. The food company plans to operate 1,000 Tous Les Jours stores in North America by 2030. Tous Les Jours is currently operating more than 400 stores in foreign countries including the United States, China, Indonesia, and Mongolia. In August 2023, the bakery brand launched its 100th store in the U.S. The franchise operator aims to run 120 s

October 24, 2023