SpaceX Has Another Challenger With South Korean Rocket Ambitions
- Hanwha seeking to lower costs by at least 50% by 2032
- Weapons business supporting company’s push into aerospace
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Hanwha Aerospace Co. is building South Korea’s first commercial rocket with an ambitious target: matching Elon Musk’s SpaceX in price within the next decade.
The company is part of Hanwha Group, a 71-year-old conglomerate that started as an explosives maker, branched into weapons sales and is now shifting into green energy, defense and aerospace. Cash from arms sales to Ukraine’s neighbors is helping to fund Hanwha’s efforts to expand its two-year-old space business.