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South Korean Battery Makers Face Headwinds, Look to U.S. Tax Credits for Relief

South Korean Battery Makers Face Headwinds, Look to U.S. Tax Credits for Relief

SEOUL, Oct. 7 (Korea Bizwire) – As the global electric vehicle (EV) market grapples with a drop in demand, South Korea’s battery industry is struggling to emerge from a prolonged slump. Increasingly, these companies are turning to U.S. tax incentives to bolster their financial performance.  According to industry analysts, the three major South Korean battery manufacturers — [...]

Mercedes-Benz and Volkswagen to Share EV Battery Management Data with Transport Authority

Mercedes-Benz and Volkswagen to Share EV Battery Management Data with Transport Authority

SEOUL, Oct. 6 (Korea Bizwire) – The South Korean units of Mercedes-Benz Group AG and Volkswagen Group plan to provide information regarding the battery management system (BMS) of their electric vehicle (EV) models to the local transport safety authority, according to officials Sunday. According to a Korea Transportation Safety Authority (KTSA) report submitted to Rep. [...]

LG Chem Develops ‘Smart’ Material to Prevent Electric Vehicle Battery Fires

LG Chem Develops ‘Smart’ Material to Prevent Electric Vehicle Battery Fires

SEOUL, Oct. 1 (Korea Bizwire) – In a significant breakthrough for electric vehicle safety, LG Chem, one of South Korea’s leading chemical companies, has announced the development of a new material that could potentially prevent battery fires by cutting off electrical flow when temperatures rise abnormally.   The innovation, described as a “thermal runaway inhibiting [...]

Hyundai Motor, Kia Launch Joint Cathode Material Tech Project for EV Battery Development

Hyundai Motor, Kia Launch Joint Cathode Material Tech Project for EV Battery Development

SEOUL, Sept. 26 (Korea Bizwire) — Hyundai Motor Co. and Kia Corp., South Korea’s leading automotive companies, said Thursday they have launched a joint project to develop cathode material technology for producing LFP (lithium iron phosphate) batteries for electric vehicles. The joint project, also involving Hyundai Steel Co. and Ecopro BM Co., aims to develop [...]

South Korean Auto Industry Charges Ahead with Innovative EV Battery Leasing Programs

South Korean Auto Industry Charges Ahead with Innovative EV Battery Leasing Programs

SEOUL, Sept. 18 (Korea Bizwire) – As the global electric vehicle (EV) market navigates through a temporary dip in demand, South Korean automakers and financial institutions are introducing innovative products to spark consumer interest. These offerings, centered around guaranteeing the residual value of EV batteries, are reshaping the future of EV ownership.  At the heart of [...]

Hyundai’s Bet on Extended-Range Electric Vehicles Sparks Interest in Battery Industry

Hyundai’s Bet on Extended-Range Electric Vehicles Sparks Interest in Battery Industry

SEOUL, Sept.16 (Korea Bizwire) – As Hyundai Motor Company recently announced plans to mass-produce extended-range electric vehicles (EREVs), the battery industry is closely watching the potential impact of this emerging technology. While the market viability of EREVs remains to be fully proven, there’s growing optimism that the expansion of this sector could provide a much-needed boost [...]

E-bike Catches Fire while Being Charged at Busan’s Convention Center

E-bike Catches Fire while Being Charged at Busan’s Convention Center

BUSAN, Sept. 10 (Korea Bizwire) — An electric bike caught fire while being charged at a convention center in the southeastern port city of Busan, but sprinklers helped put out the flames, officials said Tuesday. The blaze occurred at 10:15 p.m. Monday at an underground parking lot at Bexco, an exhibition and convention center in [...]

Mercedes-Benz Korea Offers Charging Vouchers to Electric Vehicle Owners Amid Safety Concerns

Mercedes-Benz Korea Offers Charging Vouchers to Electric Vehicle Owners Amid Safety Concerns

SEOUL, Sept. 10 (Korea Bizwire) – In a move to address growing safety concerns and maintain customer loyalty, Mercedes-Benz Korea announced on September 9 that it plans to distribute charging vouchers worth 300,000 won to owners of its electric vehicles.  Mathias Vaitl, president of Mercedes-Benz Korea, communicated this decision in an email titled “A Message of [...]

Government to Mandate EV Battery Brand Disclosure and Pre-Safety Checks

Government to Mandate EV Battery Brand Disclosure and Pre-Safety Checks

SEOUL, Sept. 6 (Korea Bizwire) – The government said Friday it will conduct prior safety checks on electric vehicle (EV) batteries and require EV makers to disclose their battery brands to address public concerns about spontaneous fires in EVs. The plan was finalized during a government meeting led by Prime Minister Han Duck-soo as part [...]

Carmakers and Battery Manufacturers Pledge Support for Government EV Safety Measures

Carmakers and Battery Manufacturers Pledge Support for Government EV Safety Measures

SEOUL, Sept. 6 (Korea Bizwire) – Carmakers and battery manufacturers in South Korea on Friday expressed their commitment to cooperate with a newly announced set of government measures aimed at preventing spontaneous fires in electric vehicles. Under the plan announced earlier in the day, the government’s EV battery certification system that was scheduled to go [...]