HD Hyundai CEO meets with USTR Greer to discuss shipbuilding cooperation
The chief executive officer of HD Hyundai Co., South Korea's leading shipbuilding conglomerate, met with US Trade Representative Jamieson Greer to explore cooperation in the shipbuilding sector, the company said Friday.
HD Hyundai CEO Chung Ki-sun and Greer held the meeting on the sidelines of the Asia-Pacific Economic Cooperation trade ministers' meeting, held on Jeju Island from Thursday to Friday, the company said in a press release.
The meeting marked the first official dialogue between the USTR and South Korea's shipbuilding industry.
During the talks, Chung emphasized the need to strengthen bilateral cooperation in shipbuilding through joint technology development, process collaboration and workforce training programs, the company said.
"We deeply appreciate the United States' commitment to rebuilding its shipbuilding industry. HD Hyundai is fully prepared and willing to contribute wherever our expertise is needed," Chung said.
Addressing concerns over the dominance of Chinese cranes in US ports, Chung introduced HD Hyundai Samho Heavy Industries Co., an affiliate with crane manufacturing capabilities.
He also underlined the importance of diversifying the US port equipment supply chain through closer US–Korea cooperation.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
2 hours ago
- Korea Herald
Tesla's retreat in Europe fuels Hyundai-BYD showdown
Hyundai doubles down on quality, tech features as BYD gains ground with low-cost EVs Tesla's shrinking presence in the European market is setting the stage for cutthroat competition between Hyundai Motor Group and China's BYD. While the Korean auto giant has maintained its stronghold in the world's second-largest electrified vehicle market, the Chinese EV maker is rapidly eating into Tesla's share as it aggressively offloads excess domestic inventory in global markets. According to reports on Wednesday, Tesla may lose its position as the third-largest EV brand in Europe to BYD for a second consecutive month. Recent data on new EV registrations show that BYD has already overtaken Tesla in the United Kingdom and Germany — two of the region's key EV markets. Germany's Federal Motor Transport Authority reported that Tesla's sales in Germany fell 36.2 percent on-year to 1,210 units, while BYD's volume surged nearly ninefold to 1,857 units. In the UK, Tesla's new registrations dropped 36 percent to 2,016 units, while BYD recorded a staggering 407 percent increase to 3,025 units, according to the Society of Motor Manufacturers and Traders. This shift follows a major milestone in April, when BYD surpassed Tesla in monthly European sales of battery-powered vehicles for the first time, even with the countervailing tariffs of up to 35 percent on Chinese EVs in effect since November. BYD sold 7,231 units in April, edging out Tesla's 7,165 units, according to data from London-based market tracker JATO Dynamics. Although the difference was just 66 units, industry insiders see the moment as a major inflection point. Tesla has been in a back-and-forth battle with Hyundai Motor Company and Kia for the No. 2 position in European monthly EV sales. In April, the Korean duo sold a combined 16,447 battery EVs, trailing only Volkswagen's 23,514 units. If Tesla fails to rebound from its sluggish performance — partly attributed to CEO Elon Musk's political entanglement with the Donald Trump administration — the competition for market share in Europe will likely center on Hyundai Motor Group and BYD. With BYD holding a clear pricing advantage, the Korean legacy automakers are ramping up their survival strategies. 'Kia's EV3 (a compact electric sport utility vehicle) has been well received in Europe, and our smaller EV2 SUV is set to debut next year,' said a Hyundai Motor Group official. 'Our strategy is to highlight quality and performance.' Kia also plans to roll out the EV4 sedan and the EV5 midsize SUV later this year. The Kia EV3 and its competitor, the BYD Atto 3, are priced starting at approximately 35,990 euros ($41,000) and 32,690 euros, respectively. New round of chicken game? Experts say Hyundai Motor and Kia need to enhance customer experience to stay competitive against BYD, which is gaining ground with its affordable, high-performing EVs. 'Compared to Tesla, which earns around $10,000 in profit per EV, Hyundai and Kia's per-unit profit is only about one-tenth of that,' said Lee Ho-geun, a professor of automotive engineering at Daeduk University. 'This leaves them with limited room to cut prices.' He also noted that while Korean cars tend to benefit from better resale value and less consumer backlash compared to Chinese brands in Korea, BYD could narrow the gap in Europe by redirecting its swelling EV inventory abroad. Last week, China's central government reportedly warned domestic automakers against irrational price cuts. The ongoing price war, led by BYD, has seen discounts of up to 34 percent as it tries to defend its home turf from increasing competition, Lee explained. Im Eun-young, an analyst at Samsung Securities, noted that BYD's significantly higher selling prices in Europe — 2.5 to 3 times more than in China — could help offset profit losses from those domestic price cuts. 'BYD and Kia are drawing attention as they roll out affordable EVs in the 30,000-euro range,' she said. 'Hyundai and Kia should look into improving infotainment systems, possibly through partnerships with European telecom companies to enhance connected services,' Lee added. 'Expanding service centers could also go a long way in improving the overall customer experience.'
Korea Herald
4 hours ago
- Korea Herald
Lee, Vietnam's President agree to deepen economic ties
President Lee Jae-myung talked over the phone with Vietnamese President Luong Cuong on Thursday and agreed to elevate bilateral ties across the economy and in the infrastructure and energy sectors, Lee's office said. In their first conversation, Lee praised the development of bilateral relations since the establishment of diplomatic ties in 1992 and vowed to work closely with Cuong to further advance the comprehensive strategic partnership, according to presidential spokesperson Kang Yu-jung. "The two leaders agreed to expand and deepen bilateral cooperation to match the level of their comprehensive strategic partnership, including in strategic sectors, such as high-speed rail and nuclear power," Kang told reporters. During the 25-minute call, Cuong described South Korea as a "key partner" in Vietnam's economic cooperation and invited Lee to Vietnam, the office said. Lee responded that he hopes to visit Vietnam for further discussions and to enhance high-level exchanges in light of the Asia-Pacific Economic Cooperation summit to be held in South Korea in November, it noted. It marks Lee's first call with a Southeast Asian leader since taking office last week, and the fifth conversation with a foreign head of state, following phone talks with the leaders of the United States, Japan, China and the Czech Republic. (Yonhap)
Korea Herald
6 hours ago
- Korea Herald
Seoul shares open higher on extended foreign buying
South Korean stocks opened higher Thursday, set for a weeklong rally, on the back of a foreign buying binge amid uncertainties. The benchmark Korea Composite Stock Price Index rose 16.71 points, or 0.57 percent, to 2,923.75 in the first 15 minutes of trading. The KOSPI had risen for a sixth consecutive session to hit a three-year high the previous session. Overnight, Wall Street closed lower amid heightened security risks in the Middle East seen in the United States' plan to partially evacuate its embassy in Iraq and an absence of details on the US-China trade negotiations held earlier this week. High-level officials from Washington and Beijing held talks in London for two days through Tuesday, where they agreed on a possible trade framework that could resolve trade disputes between the two countries. The officials planned to take the matter to their leaders, US President Donald Trump and Chinese leader Xi Jinping, for approval, but many specifics of the deal still remain unclear. In Seoul, tech behemoth Samsung Electronics shed 0.17 percent, while its chipmaking rival SK hynix jumped 2.6 percent. Top automaker Hyundai Motor went up 1.24 percent and its sister Kia climbed 1.65 percent. Defense giant Hanwha Aerospace advanced 1.99 percent and major nuclear power plant manufacturer Doosan Enerbility soared 5.28 percent. Leading shipbuilders also kicked off strong, with Hanwha Ocean surging 4.41 percent and HD Hyundai Heavy rising 0.48 percent. Samsung Biologics, however, dipped 1.15 percent. The local currency was trading at 1,368.5 won against the greenback at 9:15 a.m., up 6.5 won from the previous session. (Yonhap)
