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[Photo News] Kia CEO wins top UK car award
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Korea Herald
2 days ago
- Korea Herald
LG signs deal to acquire Norway's OSO, expanding HVAC footprint in Europe
LG Electronics said Monday it has signed a deal to acquire Norwegian hot water solutions firm OSO Hotwater, as part of its expansion into Europe's fast-growing heating, ventilation and air-conditioning market. Under the agreement, the South Korean tech giant will acquire 100 percent of OSO's shares. Industry sources estimate the deal is worth hundreds of billions of won, though the company declined to disclose the exact amount. Lee Jae-sung, president of LG Electronics' Eco Solutions division, said OSO's water heating solutions are a 'strategic catalyst for LG's HVAC expansion." 'Together we will deliver highly efficient, integrated solutions that strengthen our market leadership and support global electrification for a more sustainable future,' he said. The transaction is expected to be completed in September, according to an LG official. The acquisition is anticipated to allow LG to bring OSO's hot water storage technology in-house and integrate it with its advanced heat pump systems. This will enable LG to provide tailored heating and hot water packages to meet customer needs and expand its footprint in Europe's HVAC market, LG said. Founded in 1932, OSO is Europe's leading manufacturer of stainless steel water heaters, which serve as storage units for hot water and can be paired with heat pumps, boilers and other heating systems. OSO's technology is essential for heat pump systems, which have seen significant growth recently across Europe as an efficient, eco-friendly alternative to conventional fossil fuel-based heating and cooling systems. OSO reported annual revenue of 942 million Norwegian kroner ($93.52 million) last year and employs around 260 people. Following the acquisition, OSO will continue to operate independently in its hot water solutions business. It will retain its existing OEM partnership and expand business opportunities. 'LG's deep know-how in heat pump water heaters in combination with OSO stainless steel tank leadership will ensure sustainable, high-quality product solutions for our customers,' said Sigurd Braathen, owner of OSO Hotwater, in a statement.
Korea Herald
3 days ago
- Korea Herald
Hyundai, Kia gain US market share amid tariffs
Hybrid vehicles, pre-tariff inventory strategy driving Korean automakers' growth Hyundai Motor and Kia achieved a combined 11 percent market share in the United States in the first five months of this year as the Korean automakers rolled out hybrid vehicles ahead of new US tariffs and carried out timely promotions. According to market analysis firm Wards Intelligence on Sunday, Hyundai Motor and Kia sold a total of 752,778 vehicles in the January-to-May period this year, up 0.5 percentage point from the same period last year. Hyundai sold 400,116 units while Kia sold 352,662 units. The Korean automakers' combined market share in the US has continuously grown this year, from a 10.5 percent market share in January, when they sold 116,362 cars. Their monthly market share also showed a steady upward trend without a single month of decline during the first five months of the year. Industry watchers attribute the strong performance to Hyundai and Kia's proactive response to the shifting trade landscape ahead of the Trump administration's planned 25 percent tariff on auto imports. The Korean automakers appear to have capitalized on US consumers hurrying to buy cars in March and April in advance of an expected rise in car prices due to the tariffs. Hyundai and Kia sold 162,615 cars in April, up 16.3 percent on-year — their best April figure on record — outpacing the industry's 11.1 percent year-on-year increase that month. Sales of hybrid vehicles in April soared 65.8 percent on-year to 26,134. Despite a steep decline in the US auto market in May, the Korean automakers sold 170,251 units in that month for a year-on-year increase of 6.7 percent, more than doubling the overall auto industry's sales growth of 2.5 percent. '(Hyundai and Kia) preemptively moved to stockpile inventory before the tariffs went into effect in April to meet the increase in demand from US customers,' said an auto industry official. 'They also set up an expanded lineup of hybrid vehicles -- which have been gaining popularity amid slowing momentum in the transition to electric vehicles -- to gain a competitive edge in the US market.' The outlook for the second half of this year, however, remains grim for the Korean automakers as they run out of pre-tariff inventory and face pressure to increase their prices. The Korean government has begun discussing trade policies with the US to minimize damage to Korea's export-heavy industries, but US President Donald Trump mentioned earlier this month that the US may hike auto tariffs in the 'not too distant future.'
Korea Herald
25-06-2025
- Korea Herald
[Photo News] Kia CEO wins top UK car award
Kia said Wednesday that CEO Song Ho-sung won the Issigonis Trophy, the highest honor at the UK's 2025 Autocar Awards. The accolade goes to key figures who have made exceptional contributions to the automotive industry. Since being appointed CEO in 2020, Song has achieved significant milestones for Kia, notably with the launches of the EV9 SUV and the EV3, which were named World Car of the Year in 2024 and 2025, respectively. (Kia)
