Tag: Hyundai

It looks like the Korean defense industry has found yet another potential customer:

Second from left, Vice Admiral Angus Topshee, commander of the Royal Canadian Navy, is briefed about HD Hyundai Heavy Industries’ Aegis destroyer, the King Jeongjo the Great, at the shipbuilding site in Ulsan on Tuesday. [HD HYUNDAI]

HD Hyundai Heavy Industries (HD HHI) is in discussions with Canada regarding potentially contributing to the nation’s naval defense.  
  
Vice Admiral Angus Topshee, commander of the Royal Canadian Navy, toured the HHI’s Ulsan headquarters as part of discussions related to Canada’s upcoming Canadian Patrol Submarine Project (CPSP), estimated to be worth 60 trillion won ($42.8 billion), the company said Tuesday. 
  
Canada’s Department of National Defence is in the process of acquiring up to 12 3,000-ton submarine fleets in a bid to strengthen the nation’s maritime defense as part of the project.

Joong Ang Ilbo

You can read more at the link.

In some ways hydrogen makes more sense than electric if you have something like hydro or nuclear power to make the needed hydrogen:

Hyundai Motor Group Executive Chair Chung Euisun, left, shakes hands with Toyota Motor Chairman Akio Toyoda during the Hyundai N x Toyota Gazoo Racing Festival at the Everland Speedway in Yongin, Gyeonggi Province, Sunday. Courtesy of Hyundai Motor Group

Hyundai Motor Group Executive Chair Chung Euisun and Toyota Motor Chairman Akio Toyoda met in public for the first time, Sunday, implying that the rival carmakers may work together to strengthen their global alliance for hydrogen mobility.

Their meeting took place during the Hyundai N x Toyota Gazoo Racing Festival, co-hosted by the two carmakers at the Everland Speedway in Yongin, Gyeonggi Province.

Beginning with Toyoda’s performance driving of a car carrying Chung, the festival kicked off to showcase high-performance cars of both companies and to attract more people to enjoy motorsports. Toyoda is a master driver who races for his company’s Gazoo Racing Team under the name “Morizo.”

Hyundai Motor also invited Samsung Electronics Executive Chairman Lee Jae-yong and Hankook & Company Chairman Cho Hyun-bum to the event.

Korea Times

You can read more at the link.

Another sector of the Korean defense industry could be receiving some work in the near future in the United States:

The world’s largest shipbuilder, HD Hyundai Heavy Industries Co. Ltd. of Ulsan, South Korea, has signed a deal to seek U.S. government shipbuilding and maintenance contacts in alliance with Philly Shipyard Inc., which employs around 1,000 at the former Philadelphia Navy Yard site in South Philadelphia.

An agreement to “explore a potential business relationship” for government work was signed April 12 by Won ho Joo, chief executive of HD Hyundai’s naval and special ships unit, and Steinar Nerbovik, who has run the Philly yard since 2014 on behalf of its owner, Norway-based Aker ASA. The deal announced this week follows a February visit by U.S. Navy Secretary Carlos Del Toro to Korean shipyards where he invited owners to invest in U.S. shipyards to build for military and civilian clients.

Stars & Stripes

You can read more at the link.

It looks like Hyundai is understanding that the vast majority of consumers do not want to drive an EV. I have always said the focus should be on plug in hybrid because the range anxiety is a real thing when it comes to EVs:

Hyundai Motor will boost sales of its hybrid cars and SUVs as part of its key strategy to ensure profitable growth amid falling sentiment for electric vehicles (EV), the company said Thursday during a conference call.

The decision came as demand for hybrid vehicles is on the gradual rise, after the global EV industry entered a chasm this year. The company displayed the vision after disclosing a slight fall in its first-quarter operating profit.

In a regulatory filing, the carmaker reported an operating profit of 3.55 trillion won ($2.58 billion) in the first quarter, down 2.3 percent from the previous year, hit by an overall sales fall. The company, however, generated robust sales of 40.65 trillion won, up 7.6 percent during the same period.

The company said it will place its management focus on defending its profitability by widening sales for hybrid vehicles and SUVs, at a critical juncture when the global EV industry shows no immediate signs of a rebound.

Korea Times

You can read more at the link.