SEOUL, April 17 (Korea Bizwire) — South Korea’s car exports surged more than 60 percent on-year to reach an all-time high in March on the back of solid demand for eco-friendly cars, data showed Monday. The value of outbound shipments of automobiles came to US$6.52 billion last month, up 64.1 percent from a year earlier, [...]
SEOUL, April 14 (Korea Bizwire) — U.S. electric carmaker Tesla Inc.’s South Korean unit has failed to properly reflect the fines and penalties levied by the National Tax Service and the Fair Trade Commission (FTC) in its financial statements. According to the data from the Financial Supervisory Service, Taesung Accounting Corp., the auditor of Tesla [...]
SEOUL, April 13 (Korea Bizwire) — South Korea’s Hyundai Motor Co. on Thursday launched the Kona Electric compact crossover in the domestic market as it strives to beef up its electric vehicle lineup. The all-new Kona Electric comes with a 64.8 kilowatt-hour battery pack and can travel up to 417 kilometers on a single charge, [...]
SEOUL, April 11 (Korea Bizwire) — South Korea’s Hyundai Motor Group said Tuesday it will invest 24 trillion won (US$18.2 billion) in its domestic electric vehicle (EV) production facilities and other EV projects by 2030. Hyundai Motor Co., its smaller affiliate Kia Corp. and auto parts maker Hyundai Mobis Co. will collectively make the investment [...]
SEOUL, April 10 (Korea Bizwire) — South Korea is becoming a ferocious battlefield of high-end imported cars after setting a new sales records this year. Porsche AG sold 2,966 vehicles in South Korea for the first quarter of this year, the most it has sold in a single quarter since 2014 when the company launched [...]
SEOUL, April 7 (Korea Bizwire) — GM Korea Co., the South Korean unit of General Motors Co., achieved a surplus in the previous year, thanks to a combination of factors such as high exchange rates, increased exports, cost-cutting measures, strong pricing, and expanded semiconductor availability. At a recent management briefing session held by GM Korea, [...]
SEOUL, April 6 (Korea Bizwire) — China’s largest electric vehicle manufacturer, BYD, has introduced its T4K electric small truck to the South Korean market through its official importer, GS Global. At a showcase event in Seoul on Thursday, BYD’s 1-ton electric truck was unveiled, and it was announced that sales would commence. Surprisingly, BYD set [...]
SEOUL, April 6 (Korea Bizwire) — Hyundai Motor Co. said Thursday its all-electric IONIQ 6 sedan has been named 2023 World Car of the Year at the New York International Auto Show. It is the second straight win for the South Korean carmaker, with the pure electric IONIQ 5 SUV taking the award last year. [...]
SEOUL, April 5 (Korea Bizwire) — Kia Corp., South Korea’s second-biggest carmaker, said Wednesday it is targeting to sell 1 million electric vehicles in 2026 as it seeks to morph into a “sustainable mobility solutions provider.” Kia plans to launch the all-electric EV9 flagship SUV in the domestic market during the first half of this [...]
SEOUL, April 5 (Korea Bizwire) — Sales of imported vehicles in South Korea fell 4.3 percent last month from a year earlier due to decreased sales of German cars, an industry association said Wednesday. The number of newly registered foreign vehicles came to 23,840 units last month, down from 24,917 units a year ago, the [...]