SEOUL, Feb. 1 (Korea Bizwire) — Sales of imported luxury cars priced over 100 million KRW (approximately $70,000) declined in South Korea for the first time in eight years, impacted by economic downturns and new regulations on corporate vehicle registration. According to the Korea Automobile Importers & Distributors Association (KAIDA), 62,520 high-end imported vehicles were sold [...]
SEOUL, Jan. 24 (Korea Bizwire) — South Korea’s domestic auto market saw its weakest performance in over a decade in 2024, with new car sales hitting their lowest level since 2013, according to a report released by the Korea Automobile & Mobility Industry Association (KAMA) on Thursday. The report revealed that 1.635 million new vehicles were [...]
SEOUL, Jan. 24 (Korea Bizwire) — Genesis, Hyundai Motor Group’s independent luxury brand, said Friday it has unveiled a concept vehicle designed for rescue support tasks in rugged terrains and challenging weather conditions. The GV60 Mountain Intervention Vehicle (MIV) concept was revealed this week at the World Economic Forum 2025 in Davos, Switzerland. It marked [...]
SEOUL, Jan. 23 (Korea Bizwire) — Hyundai Motor weathered a challenging year in 2024, achieving annual revenue of 175.2 trillion won ($125 billion) and operating profit of 14.2 trillion won ($10.1 billion). While these figures represent a 5.9% decline in operating profit compared to the previous year’s record-setting performance, analysts praised the company for mitigating [...]
SEOUL, Jan. 22 (Korea Bizwire) — The total number of registered vehicles in South Korea surpassed 26 million units last year, with eco-friendly cars accounting for over 10 percent for the first time, driven by growth in hybrid vehicle sales, the government said Wednesday. According to the Ministry of Land, Infrastructure and Transport, the total [...]
SEOUL, Jan. 22 (Korea Bizwire) — Hyundai Motor Company announced the launch of its 2025 The New Pavise medium-duty truck on January 21, featuring significant upgrades focused on driver comfort and convenience. The Pavise, introduced in August 2019, has been updated with new amenities based on market feedback. The most notable addition to the top-tier Prestige [...]
SEOUL, Jan. 19 (Korea Bizwire) — Kia Motors achieved its highest-ever electric vehicle (EV) sales in 2024, fueled by robust demand in North America and the success of its large EV models, including the EV9. The company’s global EV sales from January to November reached 184,852 units, a 10.9% increase from the same period in 2023. [...]
SEOUL, Jan. 19 (Korea Bizwire) — Hyundai Motor Company revealed its vision for India’s micro-mobility market at the Bharat Mobility Global Expo 2025, showcasing concept models for three-wheeled and compact four-wheeled electric vehicles (EVs) designed specifically for the country’s unique transportation landscape. Micro-mobility, encompassing electric motorcycles and ultra-compact EVs, plays a critical role in regions like [...]
SEOUL, Jan. 17 (Korea Bizwire) — Kia Corp. said Friday it has commenced mass production of Syros, the automaker’s new global strategic compact sport utility vehicle (SUV), in India. The South Korean automaker held a ceremony Thursday at its production plant in Andhra Pradesh, India, to mark the occasion, with attendees including Kia CEO Song [...]
SEOUL, Jan. 17 (Korea Bizwire) — Hyundai Motor Co. and Kia Corp., South Korea’s leading automakers, have picked up awards for 19 products at the 2024 Good Design Awards in the United States for their innovative design competitiveness, the companies said Friday. Hyundai Motor secured awards in the transportation category for its future mobility concepts, [...]