Latest news with #HyundaiRotemCo.
Korea Herald
5 days ago
- Automotive
- Korea Herald
Hyundai Rotem delivers 1st tram batch to Edmonton under 2021 Canadian contract
Hyundai Rotem Co., the rolling stock unit of South Korea's Hyundai Motor Group, said Friday it has delivered the first batch of trams to the city of Edmonton in Canada under a 2021 supply deal. The initial batch is part of a 218.8 billion-won (US$157.3 million) contract signed in 2021 to provide trams for Edmonton's Valley Line West light rail project. The delivered unit will undergo around 2,000 kilometers of trial runs before entering official service. Hyundai Rotem plans to deliver all vehicles under the contract sequentially through 2027. The trams are equipped with advanced temperature control systems capable of maintaining comfortable interior conditions even in temperatures as low as minus 40 degrees Celsius. "This marks our first entry into the North American tram market," the company said. "We will do our utmost to ensure a safe and convenient means of transportation for the citizens of Edmonton." (Yonhap)
Korea Herald
01-08-2025
- Business
- Korea Herald
Poland signs $6.5 billion deal to purchase 2nd batch of K2 tanks
Poland on Friday signed a deal worth about US$6.5 billion to purchase the second batch of K2 tanks from major South Korean defense contractor Hyundai Rotem Co., Seoul's defense ministry said. The deal marks the largest-ever arms export contract won by a South Korean company and the first major one since the launch of the Lee Jae Myung administration in June. Under the deal, Poland will be supplied with 180 K2 tanks and 81 other support vehicles. It follows up on a contract Poland signed in 2022 for the first batch of 180 K2 tanks amid a major armament push after Russia's invasion of Ukraine. While the ministry did not specify the exact terms of the latest deal, 117 of the 180 tanks will reportedly be built by Hyundai Rotem, while the rest will be produced by Poland's state-owned defense company PGZ. The ministry said the latest contract includes production of a Polish variant of the K2 and development of other armored support vehicles, while opening the possibility of joint production and exports. South Korean Defense Minister Ahn Gyu-back and his Polish counterpart, Wladyslaw Kosiniak-Kamysz, attended the signing ceremony between Hyundai Rotem and Poland's armament agency in Gliwice in southern Poland. "Through the signing of the second K2 executive contract, (we) have created an opportunity to solidify our strategic partnership beyond a simple relationship between a supplier and a user," Ahn was quoted as saying at the ceremony. Before the ceremony, Ahn held talks with Kosiniak-Kamysz to discuss ways to deepen their countries' cooperation in the arms industry. Ahn pledged support and training for Poland's use of Korean weapons systems, including the K2 and K9 self-propelled howitzers, and also proposed cooperation in Warsaw's other defense projects, including its plan to acquire submarines. Ahn also invited his Polish counterpart to Seoul, to which Kosiniak-Kamysz replied he would make the visit at an early date, according to the ministry.
Korea Herald
30-07-2025
- Business
- Korea Herald
Defense chief to visit Poland this week to sign K2 tank export deal
Defense Minister Ahn Gyu-back will head to Poland this week to attend a signing ceremony for a deal to export additional K2 battle tanks and hold talks with his Polish counterpart on expanding arms cooperation, the ministry said Wednesday. Ahn will depart for the European country on Thursday for a three-day visit, according to Seoul's defense ministry. It marks his first overseas trip since taking office as the first defense chief of the Lee Jae Myung government. Ahn's trip, arranged upon Poland's request, comes after South Korea's state arms procurement agency confirmed that Polish Defense Minister Wladyslaw Kosiniak-Kamysz and Hyundai Rotem Co., the manufacturer of the K2 tanks, have wrapped up their final talks on the export deal. "The follow-up K2 tank agreement is the biggest single arms export contract to date and will serve as an occasion to advance the mutually beneficial cooperative ties between the two countries, based on their partnership," the defense ministry said in a release. The $6.5 billion deal follows a series of deals Poland signed in 2022 with South Korean defense companies to acquire K2 tanks, K9 self-propelled howitzers and FA-50 light attack aircraft amid the country's defense spending increase after Russia's invasion of Ukraine. As part of the visit, Ahn will also hold talks with Kosiniak-Kamysz to discuss ways to strengthen their defense and arms industry cooperation as well as collaboration for peace and stability on the Korean Peninsula and in the region. (Yonhap)
Korea Herald
09-07-2025
- Automotive
- Korea Herald
S. Korea's biggest unmanned systems exhibition kicks off
South Korea's largest unmanned systems exhibition kicked off Wednesday, showcasing the latest cutting-edge unmanned mobility technologies for defense, automotive, space and other industries. The Unmanned System World Congress 2025 will run through Friday at the Convention and Exhibition Center in southern Seoul, unveiling unmanned system technologies of major Korean companies, according to the Ministry of Trade, Industry and Energy. Leading defense firms, such as Hyundai Rotem Co., Korea Aerospace Industries Co. and LIG Nex1 Co., plan to showcase their unmanned robots, advanced air mobility and drone technologies at the event. As part of the event, a conference will also be held to discuss the integration of artificial intelligence and unmanned system technologies for the advancement of the defense industry. (Yonhap)
Korea Herald
22-05-2025
- Business
- Korea Herald
S. Korea has competitive edge over China in UAE high-speed railway bid: minister
The South Korean consortium has a competitive advantage in technology transfer over its Chinese rival as it vies to win the United Arab Emirates' high-speed railway project, estimated to cost $13.6 billion, Seoul's transport minister said Wednesday. Transport Minister Park Sang-woo said that the Korean consortium, consisting of the Korea National Railway, Korea Railroad Corp., Hyundai Rotem Co. and Posco E&C Co., has passed the pre-qualification procedure to enter the official bid for the Middle Eastern country's railway project. Park is currently in the eastern German city of Leipzig to attend the three-day International Transport Forum Summit, which kicked off earlier in the day. "Our primary focus is on technology transfer on top of product quality, while China appears to focus on the price dimension," Park told Yonhap News Agency. Earlier this year, the UAE opened two separate bids for the project -- roadbed and railway vehicle constructions. It aims to build a new 150-kilometer-long high-speed train line linking Abu Dhabi and Dubai with a goal of beginning operations in 2030. To win overseas construction projects, three factors should be considered: price competitiveness, localization capabilities and ability to finish the project "on time," the minister pointed out. Compared to other competitors in the race for the bid, Seoul's strength lies in its localization and on-time capabilities, including technology transfer, Park said. South Korea's potential win in the UAE project could pave the way for the country to expand its foothold in the overseas construction market, especially considering that Seoul proposed a European high-speed railway model to the Middle Eastern country, he added. Vietnam, Egypt and Peru are reportedly among the countries pushing for their own high-speed railway project in the near future. In February, South Korea's Hyundai Rotem won a 2.2 trillion-won ($1.6 billion) deal from Morocco to supply advanced trains. Last year, it also signed a 270 billion won contract to supply high-speed trains to Uzbekistan. The minister also said South Korea will work to develop hydrogen-powered trains in line with the international community's push for decarbonization of the transport sector. Earlier this month, Seoul's transport ministry announced a plan to develop and commercialize hydrogen-fueled trains by 2028 to help the local industry secure global leadership in the field. The value of the global hydrogen train market is projected to grow to $26.4 billion by 2035 from the current value of $2.67 billion, according to the ministry. (Yonhap)
