Asian carmakers risk collateral damage from prolonged Iran war: report SEOUL, March 08 (AJP) -Asian automakers, led by Chinese brands but also including Japan’s Toyota Motor Corporation and South Korea’s Hyundai Motor Company, could face the biggest fallout if the war triggered by U.S. and Israeli strikes on Iran turns into a prolonged conflict, according to a report by Bernstein Research. In a recent report, the brokerage said the conflict could hit the global automotive sector through three main channels: collapsing vehicle demand in Ir March 8, 2026

EV slump hits hard: SK On slashes 37 percent of Georgia plant staff SEOUL, March 07 (AJP) - SK Battery America, the U.S. unit of South Korean battery maker SK On, has laid off 37 percent of the workforce at its Georgia plant, citing slowing electric vehicle (EV) sales and a shifting market landscape. The company announced on Saturday that it cut 968 jobs out of its 2,566 employees at the manufacturing facility in Commerce, Georgia. The restructuring comes as the global EV transition loses momentum. The plant, which supplies batteries to aut March 7, 2026

HD Hyundai Electric breaks ground on $200 mln transformer plant in US amid AI boom SEOUL, March 07 (AJP) - South Korea's HD Hyundai Electric has broken ground on a $200 million second transformer manufacturing plant in Alabama to meet surging power grid demand driven by artificial intelligence (AI) infrastructure and a resurgence in U.S. manufacturing. The power equipment maker held a groundbreaking ceremony on Saturday at its North American subsidiary in Montgomery. The new facility, spanning 48,215 square meters, is scheduled for completion in April nex March 7, 2026

Hanwha Systems to sell 1.7 trillion won stake in Hanwha Ocean for defense, IT investments SEOUL, March 07 (AJP) - South Korea's Hanwha Systems said it will sell a 1.7 trillion won ($1.2 billion) stake in its shipbuilding affiliate Hanwha Ocean to secure funds for strategic investments in the defense and information technology sectors. The company's board on Friday approved the sale of 13.92 million shares, representing a 4.54 percent stake, at 122,100 won per share, based on Thursday's closing price. The transaction will reduce Hanwha Systems' ho March 7, 2026

Middle East crisis deepens divide between South Korean industries SEOUL, March 6 (AJP) - A triple whammy of high oil prices, a weakening Korean won and rising raw-material costs is casting darkening clouds across South Korean industries following U.S.‑led airstrikes on Iran, as markets and companies grapple with the fallout from the escalating Middle East conflict. Energy-intensive sectors are seeing production costs soar due to rising oil and petroleum prices, with traditional manufacturing sectors including petrochemicals and steel facing the March 6, 2026

Hyundai, Kia face challenges amid EU's push for local EV production SEOUL, March 6 (AJP) - Auto industry workers are closely monitoring developments as the European Union unveiled its Industrial Accelerator Act (IAA) earlier this week, a proposal aimed at boosting local manufacturing by imposing stricter requirements on global automakers. In a press release out on Wednesday, the European Commission said it has "adopted a legislative proposal to increase demand for low-carbon, European-made technologies and products," adding that IAA will March 6, 2026

Korean makers bet on ultra high-nickel batteries to challenge China's supremacy SEOUL, March 06 (AJP) - South Korea is positioning ultra high-nickel batteries as its trump card in the global battery war, betting that a widening technology gap with China and fresh regulatory tailwinds from Europe will reshape the competitive landscape for premium electric vehicles and humanoid robots. The push comes at a pivotal moment, with the European Union this week unveiling its Industrial Acceleration Act (IAA) — a policy framework that effectively erects a double-la March 6, 2026

Exports feed black in Korea's C/A surplus for 33rd month in Jan, U.S. stock invest narrows SEOUL, March 06 (AJP) - South Korea extended its current-account surplus streak to a 33rd consecutive month in January, though the black figure narrowed from the record level seen the previous month as investment in overseas securities cooled from the frenetic pace of late last year. The current account surplus reached $13.26 billion in January, narrowing from $18.7 billion in the previous month, according to the Bank of Korea (BOK) on Friday. The robust surplus was fed by expo March 6, 2026

Samsung's Galaxy S26 Ultra wins 'Best in Show' at MWC 2026 SEOUL, March 05 (AJP) - Samsung Electronics' Galaxy S26 Ultra was awarded the 'Best in Show' title at the Mobile World Congress (MWC) 2026 in Barcelona, Spain, on Thursday. The award is part of the annual Global Mobile Awards hosted by the GSMA. It is widely regarded as a top honor at the exhibition, as the winner is selected by a specialized judging panel consisting of global analysts, journalists, and influencers. The accolade is given to the most innovative product March 5, 2026

Korea hopes to win full fleet of Canadian submarines - industry minister SEOUL, March 05 (AJP) -South Korea will push to win the full order of Canada’s next-generation submarine fleet rather than settle for a split contract with a European rival, Industry Minister Kim Jung-kwan said Thursday, as Ottawa is said to be weighting the option of dividing one of its largest-ever defense awards. Speaking to reporters at Incheon International Airport before departing for Canada, Kim said Seoul is working “with everything it has” to secure the e March 5, 2026