SEOUL, Feb. 13 (Korea Bizwire) – The global battery market is currently navigating a ‘chasm’, a concept introduced by business consultant Geoffrey Moore, which represents a temporary stagnation or decline in demand as cutting-edge technology products transition from early adopters to mainstream markets. This situation is exacerbated by high global interest rates, reductions in electric vehicle [...]
SEJONG, Feb. 7 (Korea Bizwire) – Over the past three months, large corporate groups in South Korea, each with assets exceeding 5 trillion won, have been active in expanding their presence in advanced industries, acquiring or establishing eight companies in sectors such as semiconductors and secondary batteries. The real estate development and construction sectors also saw [...]
SEOUL, Feb. 6 (Korea Bizwire) – General Motors CEO Mary Barra will visit Seoul this week to meet with leaders of major South Korean battery makers, industry sources said Tuesday. Barra plans to fly into Seoul on Wednesday to meet with Kim Dong-myung, president of LG Energy Solution Ltd. (LGES), and Choi Yoon-ho, CEO of [...]
SEOUL, Feb. 6 (Korea Bizwire) – A number of employees from LG Energy Solution have launched a protest demanding improvements to the bonus system following the company’s decision to significantly reduce this year’s bonuses due to a slowdown in demand for electric vehicles. From February 5 to 29, approximately 1,700 LG Energy Solution employees, through anonymous [...]
SEOUL, Feb. 4 (Korea Bizwire) – South Korea’s exports of battery products fell 1.6 percent in 2023 from a year earlier after posting growth for the previous seven years amid a slowdown in electric vehicle sales, the trade ministry said Sunday. The country’s rechargeable battery shipments fell to US$9.83 billion, marking the first on-year decline [...]
SEOUL, Jan. 25 (Korea Bizwire) — LG Energy Solution (LGES), South Korea’s leading manufacturer of lithium-ion batteries, said Thursday it will make an equity investment in U.S. startup Sion Power for next-generation battery development. The investment is for technology partnership in developing lithium metal batteries, which use a lithium metal anode instead of a graphite [...]
SEOUL, Jan. 17 (Korea Bizwire) — SK On, the battery unit of chip-to-construction conglomerate SK Group, said Wednesday it has partnered with U.S. battery startup Solid Power to jointly develop solid-state batteries. SK On signed an agreement with Solid Power for solid-state battery technology transfers from the U.S. company during this year’s Consumer Electronics Show [...]
LAS VEGAS, Jan. 15 (Korea Bizwire) — In Las Vegas, Nevada, a 3,700-square-meter facility of Singapore-based IT lifecycle solution company TES houses stacks of used electronic devices, including data center servers, hard disk drives, laptops and smartphones. About a 30-minute drive from the city’s luxurious strip of hotels, casinos and restaurants, this facility plays a [...]
SEOUL, Jan. 13 (Korea Bizwire) – LG Electronics Inc. said Saturday that it has opened its first plant in the U.S. for electric vehicle (EV) charging stations, as part of its strategy to advance into the fast-growing EV charging solutions business. The factory based in Fort Worth, Texas, has an annual capacity of over 10,000 [...]
SEJONG, Jan. 11 (Korea Bizwire) – South Korea’s trade commission said Thursday it will launch a probe into alleged patent infringement involving a China-made smartphone battery and battery material. The Korea Trade Commission (KTC) said it plans to look into whether the patent by LG Chem Ltd.’s cathode material utilized in battery production, known as [...]