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Chinese Electric Bus Manufacturers Set Up Shop in S. Korea

Chinese Electric Bus Manufacturers Set Up Shop in S. Korea

SEOUL, April 16 (Korea Bizwire) — Chinese electric bus manufacturers are scrambling to secure production plants in South Korea. Sources said that three South Korean companies in charge of the exclusive distribution of Chinese electric buses are working with Chinese firms to set up production facilities for electric buses. It is the first time for [...]

S. Korea to Boost Spending on R&D for Next-generation Cars

S. Korea to Boost Spending on R&D for Next-generation Cars

SEOUL, April 16 (Korea Bizwire) — South Korea said Friday it plans to increase investment in research & development (R&D) on key technologies for next-generation vehicles in a bid to help local automakers take the lead in the market. Finance Minister Hong Nam-ki said the government will spend 367.9 billion won (US$328 million) in supporting [...]

SsangYong Motor Again Under Court Receivership, Creditors Aim to Find New Investor

SsangYong Motor Again Under Court Receivership, Creditors Aim to Find New Investor

SEOUL, April 15 (Korea Bizwire) – SsangYong Motor Co. was placed under court receivership once again Thursday as its Indian parent Mahindra & Mahindra Ltd. has failed to attract an investor amid the prolonged COVID-19 pandemic and its financial status is further worsening. The Seoul Bankruptcy Court approved the debt-rescheduling process for SsangYong Motor as U.S. [...]