SEOUL, April 18 (Korea Bizwire) — Hyundai Motor Co. and its smaller affiliate Kia Corp. said Tuesday they aim to revive lackluster sales in China by launching new models in the world’s biggest automobile market this year. The two South Korean carmakers still suffer weak sales in China due to the lingering impact of a [...]
SEOUL, April 18 (Korea Bizwire) — Hyundai and Kia were notably absent from the list of subsidized electric vehicles selected by the US government under the guidelines of the Inflation Reduction Act (IRA). Nonetheless, the domestic auto industry appears to be relatively calm. According to the domestic industry’s analysis, the likelihood of receiving subsidies was [...]
SEOUL, April 17 (Korea Bizwire) — Hyundai Motor Group sold over 100,000 electric vehicles (EVs) abroad in the first quarter of 2023. The company’s combined global EV sales during this period were 135,499 units, with domestic sales of 39,982 units and overseas sales of 104,517 units. Flagship EV models, such as the Hyundai Ioniq 5 [...]
SEOUL, April 17 (Korea Bizwire) — Hyundai Mobis Co., South Korea’s leading auto parts maker, said Monday it has developed the world’s first rollable display for vehicles. The rollable display disappears when the engine is turned off and the screen rolls up and down depending on driving conditions, the company said in a statement. The [...]
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, [...]