Business - The Korea Times

LG Energy Solution's Arizona plant to meet demand for US-made batteries

LG Energy Solution (LGES) has shared the latest updates on the ongoing construction of its cylindrical battery plant in Arizona, highlighting its readiness to meet the growing demand for American-made batteries stemming from U.S. President Donald Trump's tariff policies. The Korean battery maker said Sunday that its Arizona subsidiary informed major local stakeholders that the facility's construction has reached the halfway point. During the opening ceremony of the company's new workforce training center, LGES Arizona President Richard Ra told attendees that the upcoming factory aims to begin sample production by mid-2026, with full commercial production slated for the end of the year. The company also stressed that the facility is well-positioned to meet increasing demand from U.S. carmakers for batteries made in the U.S. According to LGES, global carmakers have already signed a series of contracts to source the Korean firm's 46-series cylindrical batteries from its first cylindrical battery plant in the United States. "Our Arizona facility is now preparing for a successful completion, s

Apr 6, 2025By Park Jae-hyuk

LG Energy Solution's Arizona plant to meet demand for US-made batteries

Samsung Bioepis' bone loss biosimilar gains domestic approval

Samsung Bioepis said Sunday its biosimilar treatment for osteoporosis and bone loss has won approval from Korea's Ministry of Food and Drug Safety. Obodence is a biosimilar for Prolia, the blockbuster osteoporosis drug developed by U.S. biopharmaceutical firm Amgen, commonly used to treat bone loss in patients with prostate cancer or breast cancer. Prolia posted approximately 6.5 trillion won ($4.374 billion) of revenue globally last year, and the Korean market for the drug is valued at 174.9 billion won, according to market tracker IQVIA. In February, Samsung Bioepis acquired approvals for its Prolia biosimilar in the U.S. and Europe, under the names Ospomyv and Obodence, respectively. With the latest approval, the company can expand treatment options for patients with bone diseases in Korea, Samsung Bioepis said. "With the approval of Obodence, we have expanded opportunities to treat local bone disease patients at reasonable costs,” said Jung Byoung-in, head of Samsung Bioepis' regulatory affairs. “And we will continue to strive to create social value, such as improving patient ben

Apr 6, 2025By Lee Gyu-lee

Samsung Bioepis' bone loss biosimilar gains domestic approval

Korea set to inject $2 bil. in emergency aid for tariff-hit car industry

The Korean government plans to inject 3 trillion won ($2 billion) in emergency aid into the local car industry to cushion the blow from new 25 percent U.S. tariffs, officials said Sunday. The new tariffs, enacted last week by U.S. President Donald Trump, are part of a broader protectionist push to reduce trade deficits and strengthen domestic manufacturing. Korea is among the countries hit hardest, with its car exports to the United States accounting for nearly half of its total car sales overseas. At a ministerial meeting scheduled for this week, the government will approve the emergency financing plan, which will be carried out through state-run lenders, such as the Korea Development Bank (KDB). "The financial support will likely amount to around 3 trillion won, though the exact figure hasn't been finalized," said an official from the Ministry of Economy and Finance. "It will be disbursed through KDB's existing loan programs." In addition, the KDB and other policy lenders will provide up to 248 trillion won this year in broader financial support to help businesses navigate worsening glo

Apr 6, 2025By Yonhap

Korea set to inject $2 bil. in emergency aid for tariff-hit car industry

Korea faces challenges to navigate Trump’s tariff risk without president

Korea is likely to continue to grapple with mounting trade challenges, as the removal of President Yoon Suk Yeol from his office makes it harder for the country to swiftly navigate lingering tariff pressure from the United States, experts and industry officials said Friday. The embattled president was ousted from his post after the Constitutional Court upheld his impeachment, nearly four months after he was suspended from his duties on Dec. 14 last year for his martial law declaration. The power vacuum has stoked concerns across the business circle here, as evidenced by what is widely seen as the government's "disappointing" countermeasures against the U.S. tariffs. The government has failed to defend major export-reliant conglomerates here from U.S. President Donald Trump’s imposition of a 25-percent "reciprocal" tariff on Korea. Korea must hold a presidential election within 60 days of the Constitutional Court's verdict, leaving the country vulnerable to additional trade threats from the U.S. in the absence of a state leader, even though Prime Minister Han Duck-soo remains in the act

Apr 4, 2025By Lee Min-hyung

Korea faces challenges to navigate Trump’s tariff risk without president

Trump's tariffs feared to hit Samyang’s Buldak noodle exports to US

Samyang Foods’ popular Buldak instant noodles may become a casualty of U.S. President Donald Trump’s 25 percent tariff on Korean imports, with the move causing concerns that the globally popular product could see retail price increases in the U.S. market. With no manufacturing plant in the U.S., Samyang Foods faces a tough challenge. The tariff could erode the product’s price competitiveness, leading to a decline in sales in one of its largest overseas markets. Along with Samyang, other Korean companies in the food, beauty and fashion industries are navigating the new trade landscape differently, depending on the strength of their manufacturing bases outside Korea. Samyang Foods last year accrued 77 percent of its entire sales from outside Korea. The North American market last year accounted for 28 percent of the company’s overall sales overseas, up eight percent from the previous year. The company’s U.S. subsidiary last year posted $280 million, up 127 percent from the previous year. The company’s products, manufactured in Korea and shipped to the U.S., were sold at all Walm

Apr 4, 2025By Ko Dong-hwan

Trump's tariffs feared to hit Samyang’s Buldak noodle exports to US

Korea's biggest mobility show kicks off in Goyang

Korea's biggest biennial mobility show kicked off Friday for a 10-day run to showcase brand new vehicles of global car manufacturers and future mobility technologies. A total of 451 companies and institutions from 12 countries are operating booths at the 2025 Seoul Mobility Show, taking place at KINTEX in Goyang, just northwest of Seoul, to exhibit their future mobility technologies on automobiles, ships, urban air mobility, autonomous driving, artificial intelligence and robotics, according to the Ministry of Trade, Industry and Energy. Those taking part include global motor giants, such as Hyundai Motor and BMW, according to the organizing committee. In this year's show, Hyundai Motor is set to unveil four new automobiles — The All New NEXO, The New IONIQ 6 and two models of Hyundai's luxury brand Genesis — for the first time worldwide. Its sister Kia will also make the global debut of its pickup truck model, Tasman Weekender. On the sidelines of the event, various forums will be held to discuss the future of the mobility industry, according to the ministry. "Let's overcome risks in

Apr 4, 2025By Yonhap

Korea's biggest mobility show kicks off in Goyang

Hyundai Motor rules out immediate price hikes in US despite tariff scheme

Hyundai Motor has no plans to raise vehicle prices in the United States for now despite Washington's 25 percent duties on automobile imports under U.S. President Donald Trump's "America First" trade policy, the automaker's chief executive officer (CEO) said Thursday. "I have seen the announcement early this morning. It has not been a surprise because it has been already explained," Hyundai Motor CEO Jose Munoz told reporters at the 2025 Seoul Mobility Show's media day held at KINTEX in Goyang, just northwest of Seoul. Munoz added, "What I can tell you is that we are not going to increase prices right now." He was responding to questions regarding Trump's announcement of new reciprocal tariffs on America's trading partners, including Korea. While automobiles were excluded from the scheme, they are subject to a separate 25-percent sectoral tariff measure, which went into effect earlier in the day. "Our position in the market is to always be competitive. We have to offer our customers competitive products with good design, good technology and good services," the CEO said. "We will remain do

Apr 3, 2025By Yonhap

Hyundai Motor rules out immediate price hikes in US despite tariff scheme

25% US tariff on Korean automobiles takes effect

The United States, Korea's largest automobile export destination, began slapping a 25 percent tariff on imported automobiles and related parts Thursday, alarming Korea’s automobile industry. The tariff, which took effect at 1 p.m., applies to completed automobiles, engines, transmissions, electronic parts and powertrains, making Korean exports to the U.S. more expensive and less competitive against U.S.-made products that are exempt from the levy. No U.S. tariffs had been imposed on Korean cars since 2016 under a bilateral free trade agreement. The U.S. market last year accounted for 49.1 percent of Korea’s entire automobile exports. Out of $70.8 billion, exports to the U.S. were worth $34.7 billion. Hyundai Motor Group led the way, exporting 970,000 cars, while GM Korea shipped 410,000 automobiles. U.S. President Donald Trump said at the While House on Wednesday (local time) that the U.S. will begin implementing reciprocal tariffs on products imported from countries it trades with, but the auto sector was excluded from the measure. In response to the auto tariff, acting President and

Apr 3, 2025By Ko Dong-hwan

25% US tariff on Korean automobiles takes effect

Korea hit with highest tariff rates among US free trade partners

Korea has been hit with the highest reciprocal tariff rate among the 20 countries that have free trade agreements (FTAs) with the United States. With it clear that Seoul had failed to persuade Washington to impose lower tariffs on Korean products compared to those from major exporters like Japan and the European Union, concerns are growing over Korea's diplomatic approach and future trade negotiations with the U.S. The White House announced on Wednesday (local time) that the U.S. will impose a 25 percent reciprocal tariff on Korea, while charging 24 percent on Japan and 20 percent on EU member states. Although an earlier chart presented by U.S. President Donald Trump indicated that Korea's tariff rate would be 25 percent, the White House later corrected the figure, updating it to 26 percent in an executive order annex on its website. The higher tariff on Korea apparently stems from Trump's claim that the country has effectively imposed 50 percent tariffs on U.S. products when accounting for exchange rates and nontariff barriers. "Reciprocal tariffs are calculated as the tariff rate necess

Apr 3, 2025By Park Jae-hyuk

Korea hit with highest tariff rates among US free trade partners

Hydrogen cars, EVs take center stage at Seoul Mobility Show

GOYANG, Gyeonggi Province — At this year’s edition of the Seoul Mobility Show, vehicles powered by hydrogen energy, electricity, or both are in the spotlight as the global auto industry transitions toward sustainable, eco-friendly mobility. The largest auto show in Korea opened with much fanfare on Thursday, with hopes of shedding light on the direction of future mobility. Major global carmakers, such as Hyundai Motor, Kia and BMW, participated in the exhibition to showcase their latest auto lineups and visions for sustainable mobility. According to the event’s organizing committee, a total of 451 firms from 12 countries participated in the 2025 Seoul Mobility Show — the largest in its history — to showcase their technological prowess in breaking the boundaries of land, sea and air. Hyundai Motor, one of the most influential carmakers both domestically and internationally, captured the spotlight by unveiling its latest fuel cell electric vehicle — the all-new NEXO — for the first time in the world. The completely redesigned hydrogen car made its global debut after the launc

Apr 3, 2025By Lee Min-hyung

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