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- Chairman Cho Emphasizes Power Infrastructure as Foundation of the AI Economy, Identifies Power Equipment as Next Growth Driver
- Hyosung Heavy Industries Signs Significant Power Equipment Supply Contracts Across North America and Europe
- Hyosung's Advances in High-Voltage Direct Current (HVDC) Technology Capture Global Attention
SEOUL, South Korea, Sept. 2, 2025 /PRNewswire/ -- Hyosung Heavy Industries is on track to deliver record results this year, with projected sales reaching KRW 5 trillion (approx. USD 3.6 billion) and operating profit topping KRW 500 billion (approx. USD 360 million) for the first time, driven by rising power demand linked to AI adoption. Industry observers point to the leadership of Chairman Cho Hyun-joon as a key factor driving this momentum.
Chairman Cho has identified the power equipment business as Hyosung Group's next growth engine, reaffirming the Group's commitment to maintaining a leading role in the global power equipment market.
- Power Infrastructure at the Heart of the AI Economy, Chairman Cho Emphasizes
Chairman Cho has consistently reinforced his view that "AI is transforming industries and daily life, and reliable power infrastructure has become ever more critical." He further noted, "To anticipate global customer requirements and respond to rapid market changes, Hyosung Heavy Industries must secure distinctive technological competitiveness to position itself as a critical supplier to the AI economy."
Despite a slowdown in the global power sector and strong competition from established European players, Chairman Cho has sustained investment in next-generation grid solutions, including AI-enabled smart factories. Since March of this year, he has been directly engaged as an internal director of Hyosung Heavy Industries, providing full strategic support and drawing on international networks to expand the company's footprint in new and emerging markets.
- Hyosung Heavy Industries Secures Major Power Equipment Orders in North America and Europe
These initiatives are delivering tangible results. Hyosung Heavy Industries has signed a series of high-value contracts across North America and Europe.
Hyosung Heavy Industries has become the first Korean manufacturer to enter into a long-term supply agreement for ultra-high-voltage transformers and reactors with leading German transmission system operators. In Scotland, Hyosung secured an order valued at KRW 85 billion to supply ultra-high-voltage transformers. It also concluded a long-term contract with French transmission operators last year and won additional orders earlier this year. Hyosung is strengthening its position in Europe, one of the most advanced power markets globally, through participation in the UK National Grid's large-scale phase-shifting transformer program and an ultra-high-voltage transformer project for Norway's state-owned utility.
Analysts also highlight the company's timely response to the U.S. power market, which has entered a strong growth cycle, by localizing production at an early stage. This year, Hyosung Heavy Industries won the largest single order for ultra-high-voltage breakers in the North American market and continues to secure additional contracts for advanced, large-capacity products such as 765kV ultra-high-voltage transformers and 800kV gas-insulated switchgear (GIS).
- Hyosung's Technological Competitiveness Brings Global Recognition for HVDC Localization
Hyosung Heavy Industries is accelerating the localization of high-voltage direct current (HVDC) transmission technology as it aims to lead the next phase of the global power market.
The company initiated development of a 200MW HVDC system in 2017 under the leadership of Chairman Cho. Despite financial headwinds at the time, Hyosung committed KRW 100 billion (approx. USD 72 million) to R&D over seven years, achieving the successful localization of a 200MW-class HVDC system in Korea last year—a first for the nation.
HVDC technology converts alternating current (AC) generated at power plants into direct current (DC) for efficient long-distance transmission, and then back it into AC for delivery to homes and businesses. While high-voltage alternating current (HVAC) has been the conventional method, HVDC is increasingly recognized for its superior efficiency in transmitting large amounts of power across long distances. The rise of advanced power semiconductors (IGBTs) and digital control systems has enhanced conversion and voltage management, underscoring HVDC's strategic importance.
Chairman Cho stated, "HVDC is not simply a transmission method—it is a cornerstone technology that will shape the future energy landscape." He added, "We are committed to positioning Hyosung Heavy Industries as a leading player in the global HVDC market."
Looking forward, Hyosung Heavy Industries plans to secure technology leadership through the development of 2GW-class HVDC systems. The company intends to strengthen its position in both domestic and international transmission network projects, demonstrating the capabilities required to lead in the next generation of power infrastructure.
- Chairman Cho Emphasizes Power Infrastructure as Foundation of the AI Economy, Identifies Power Equipment as Next Growth Driver
- Hyosung Heavy Industries Signs Significant Power Equipment Supply Contracts Across North America and Europe
- Hyosung's Advances in High-Voltage Direct Current (HVDC) Technology Capture Global Attention
SEOUL, South Korea, Sept. 2, 2025 /PRNewswire/ -- Hyosung Heavy Industries is on track to deliver record results this year, with projected sales reaching KRW 5 trillion (approx. USD 3.6 billion) and operating profit topping KRW 500 billion (approx. USD 360 million) for the first time, driven by rising power demand linked to AI adoption. Industry observers point to the leadership of Chairman Cho Hyun-joon as a key factor driving this momentum.
Chairman Cho has identified the power equipment business as Hyosung Group's next growth engine, reaffirming the Group's commitment to maintaining a leading role in the global power equipment market.
- Power Infrastructure at the Heart of the AI Economy, Chairman Cho Emphasizes
Chairman Cho has consistently reinforced his view that "AI is transforming industries and daily life, and reliable power infrastructure has become ever more critical." He further noted, "To anticipate global customer requirements and respond to rapid market changes, Hyosung Heavy Industries must secure distinctive technological competitiveness to position itself as a critical supplier to the AI economy."
Despite a slowdown in the global power sector and strong competition from established European players, Chairman Cho has sustained investment in next-generation grid solutions, including AI-enabled smart factories. Since March of this year, he has been directly engaged as an internal director of Hyosung Heavy Industries, providing full strategic support and drawing on international networks to expand the company's footprint in new and emerging markets.
- Hyosung Heavy Industries Secures Major Power Equipment Orders in North America and Europe
These initiatives are delivering tangible results. Hyosung Heavy Industries has signed a series of high-value contracts across North America and Europe.
Hyosung Heavy Industries has become the first Korean manufacturer to enter into a long-term supply agreement for ultra-high-voltage transformers and reactors with leading German transmission system operators. In Scotland, Hyosung secured an order valued at KRW 85 billion to supply ultra-high-voltage transformers. It also concluded a long-term contract with French transmission operators last year and won additional orders earlier this year. Hyosung is strengthening its position in Europe, one of the most advanced power markets globally, through participation in the UK National Grid's large-scale phase-shifting transformer program and an ultra-high-voltage transformer project for Norway's state-owned utility.
Analysts also highlight the company's timely response to the U.S. power market, which has entered a strong growth cycle, by localizing production at an early stage. This year, Hyosung Heavy Industries won the largest single order for ultra-high-voltage breakers in the North American market and continues to secure additional contracts for advanced, large-capacity products such as 765kV ultra-high-voltage transformers and 800kV gas-insulated switchgear (GIS).
- Hyosung's Technological Competitiveness Brings Global Recognition for HVDC Localization
Hyosung Heavy Industries is accelerating the localization of high-voltage direct current (HVDC) transmission technology as it aims to lead the next phase of the global power market.
The company initiated development of a 200MW HVDC system in 2017 under the leadership of Chairman Cho. Despite financial headwinds at the time, Hyosung committed KRW 100 billion (approx. USD 72 million) to R&D over seven years, achieving the successful localization of a 200MW-class HVDC system in Korea last year—a first for the nation.
HVDC technology converts alternating current (AC) generated at power plants into direct current (DC) for efficient long-distance transmission, and then back it into AC for delivery to homes and businesses. While high-voltage alternating current (HVAC) has been the conventional method, HVDC is increasingly recognized for its superior efficiency in transmitting large amounts of power across long distances. The rise of advanced power semiconductors (IGBTs) and digital control systems has enhanced conversion and voltage management, underscoring HVDC's strategic importance.
Chairman Cho stated, "HVDC is not simply a transmission method—it is a cornerstone technology that will shape the future energy landscape." He added, "We are committed to positioning Hyosung Heavy Industries as a leading player in the global HVDC market."
Looking forward, Hyosung Heavy Industries plans to secure technology leadership through the development of 2GW-class HVDC systems. The company intends to strengthen its position in both domestic and international transmission network projects, demonstrating the capabilities required to lead in the next generation of power infrastructure.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Hyosung Heavy Industries Strengthens Global Position in Power Solutions Under Chairman Cho Hyun-joon's Leadership
- Having secured the fully driverless commercial permit in mid-November 2025, the partners have launched fully autonomous ride-hailing service via the AutoGo app.
- Initial operations cover Yas Island, with phased expansion planned for Reem, Al Maryah, and Saadiyat Islands.
- The launch marks a critical step toward the partners' goal of deploying hundreds of vehicles by 2026 and building Abu Dhabi's largest fully driverless fleet.
ABU DHABI, UAE, Jan. 17, 2026 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888) today announced that its autonomous ride-hailing service, Apollo Go, and AutoGo, a leading UAE-based autonomous mobility company, have officially launched the fully autonomous commercial ride-hailing service in the emirate. The launch of the service, now available via the AutoGo app, marks a major milestone in the commercialization of autonomous driving in the Middle East. The service has launched initially on Yas Island, where users in Abu Dhabi can now download the app to hail fully driverless rides.
The collaboration between Baidu's Apollo Go and K2's AutoGo began in March 2025, when they announced the partnership to build Abu Dhabi's largest fully driverless fleet. Building on that momentum, the companies secured one of the inaugural permits for fully driverless commercial operation in Abu Dhabi in mid-November 2025 and signed a next-phase agreement to scale the fleet to hundreds of vehicles by 2026. With the service now available to the general public through the AutoGo app, the partners are actively advancing their goal of establishing the emirate's largest fully driverless fleet.
"Moving from an initial partnership agreement to launching live, fully driverless operations for the public in a span of just a few months is a remarkable milestone," said Liang Zhang, Managing Director of EMEA at Baidu Apollo. "This speed of execution highlights the technical readiness of Apollo Go, the strong operational capabilities of our partnership, and the steadfast support of local regulatory bodies."
"AutoGo's transition to live robotaxi operations marks an important milestone in Abu Dhabi's autonomous mobility journey," said Sean Teo, Managing Director of K2. "Launching the service at the start of the year reflects our focus on execution and long-term value creation. By introducing robotaxi services in real urban environments and scaling across key districts, we are moving decisively from development to deployment—delivering autonomy that is practical, safe, and ready for everyday use."
The initial operation covers Yas Island, a premier leisure and entertainment hub in Abu Dhabi, now designated as a permitted zone for fully driverless operations. This service allows users to simply download the AutoGo app, request a ride, and experience a journey in a vehicle with no human driver behind the wheel.
Following the initial launch on Yas Island, the service will implement a phased geographic roll-out across Abu Dhabi. The expansion will begin with Reem Island, Al Maryah Island, and Saadiyat Island. Over time, the service will continue to expand across additional areas, with the long-term objective of operating across the wider Abu Dhabi emirate.
Apollo Go's rapid expansion into the UAE is backed by its industry-leading autonomous driving technology and proven real-world operational expertise. As a leading autonomous ride‑hailing service provider globally, Apollo Go has logged more than 240 million autonomous kilometers, of which over 140 million kilometers were completed in fully driverless mode. With a global footprint across 22 cities, Apollo Go's weekly ride count has recently surpassed 250,000, and the service has completed more than 17 million cumulative rides as of October 31, 2025. Looking ahead, Apollo Go and AutoGo will scale fully autonomous commercial ride-hailing services to reach more users and advance Abu Dhabi's smart city vision.
About Baidu
Founded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on the NASDAQ under "BIDU" and HKEX under "9888." One Baidu ADS represents eight Class A ordinary shares.
Media Contact
intlcomm@baidu.com
ABU DHABI, UAE, Jan. 17, 2026 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888) today announced that its autonomous ride-hailing service, Apollo Go, and AutoGo, a leading UAE-based autonomous mobility company, have officially launched the fully autonomous commercial ride-hailing service in the emirate. The launch of the service, now available via the AutoGo app, marks a major milestone in the commercialization of autonomous driving in the Middle East. The service has launched initially on Yas Island, where users in Abu Dhabi can now download the app to hail fully driverless rides.
The collaboration between Baidu's Apollo Go and K2's AutoGo began in March 2025, when they announced the partnership to build Abu Dhabi's largest fully driverless fleet. Building on that momentum, the companies secured one of the inaugural permits for fully driverless commercial operation in Abu Dhabi in mid-November 2025 and signed a next-phase agreement to scale the fleet to hundreds of vehicles by 2026. With the service now available to the general public through the AutoGo app, the partners are actively advancing their goal of establishing the emirate's largest fully driverless fleet.
"Moving from an initial partnership agreement to launching live, fully driverless operations for the public in a span of just a few months is a remarkable milestone," said Liang Zhang, Managing Director of EMEA at Baidu Apollo. "This speed of execution highlights the technical readiness of Apollo Go, the strong operational capabilities of our partnership, and the steadfast support of local regulatory bodies."
"AutoGo's transition to live robotaxi operations marks an important milestone in Abu Dhabi's autonomous mobility journey," said Sean Teo, Managing Director of K2. "Launching the service at the start of the year reflects our focus on execution and long-term value creation. By introducing robotaxi services in real urban environments and scaling across key districts, we are moving decisively from development to deployment—delivering autonomy that is practical, safe, and ready for everyday use."
The initial operation covers Yas Island, a premier leisure and entertainment hub in Abu Dhabi, now designated as a permitted zone for fully driverless operations. This service allows users to simply download the AutoGo app, request a ride, and experience a journey in a vehicle with no human driver behind the wheel.
Following the initial launch on Yas Island, the service will implement a phased geographic roll-out across Abu Dhabi. The expansion will begin with Reem Island, Al Maryah Island, and Saadiyat Island. Over time, the service will continue to expand across additional areas, with the long-term objective of operating across the wider Abu Dhabi emirate.
Apollo Go's rapid expansion into the UAE is backed by its industry-leading autonomous driving technology and proven real-world operational expertise. As a leading autonomous ride‑hailing service provider globally, Apollo Go has logged more than 240 million autonomous kilometers, of which over 140 million kilometers were completed in fully driverless mode. With a global footprint across 22 cities, Apollo Go's weekly ride count has recently surpassed 250,000, and the service has completed more than 17 million cumulative rides as of October 31, 2025. Looking ahead, Apollo Go and AutoGo will scale fully autonomous commercial ride-hailing services to reach more users and advance Abu Dhabi's smart city vision.
About Baidu
Founded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on the NASDAQ under "BIDU" and HKEX under "9888." One Baidu ADS represents eight Class A ordinary shares.
Media Contact
intlcomm@baidu.com
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Baidu's Apollo Go and K2's AutoGo Commence Fully Autonomous Ride-Hailing Service on Yas Island, Announce Phased Expansion Across Abu Dhabi
