SEOUL, Aug. 26 (Korea Bizwire) — A Seoul court on Friday approved SsangYong Motor Co.’s rehabilitation plan with “overwhelming” support from creditors and other related parties, paving the way for the carmaker to get its business back on track. The approval, which came one month after SsangYong submitted its restructuring plan to the Seoul Bankruptcy [...]
SEOUL, Aug. 26 (Korea Bizwire) – Hyundai Motor Co. said Thursday it had decided to set up its first electric vehicle (EV)-dedicated plant on the test driving site (280,000 square meters) within its main Ulsan plant, 414 kilometers southeast of Seoul. The South Korea’s top carmaker said that the site was chosen as the best [...]
SEOUL, Aug. 25 (Korea Bizwire) — Hyundai Motor Group said Wednesday it was investing in local startup BOS Semiconductors as part of efforts to create synergy in the future automotive semiconductor area. BOS Semiconductors, founded this year, is a fabless company specializing in the design and development of System-on-a-Chip (SoC) optimized for automotive software and [...]
SEOUL, Aug. 22 (Korea Bizwire) — South Korea’s largest car-sharing platform operator, SOCAR Inc., fell far below its initial public offering (IPO) price on its first day of trading in the face of unfavorable market conditions. SOCAR closed at 26,300 won (US$19.56) won on the main bourse, down 6.07 percent from the 28,000 won opening [...]
SEOUL, Aug. 22 (Korea Bizwire) — Hyundai Motor Co. is considering speeding up the construction of its dedicated electric vehicle (EV) plant in the United States amid a new U.S. law excluding EVs built outside North America from tax breaks, industry sources said Monday. Hyundai is considering starting construction of its US$5.54 billion EV and [...]
SEOUL, Aug. 22 (Korea Bizwire) — South Korea’s top carmaker Hyundai Motor Co. is making another offensive in the Chinese auto market through high-end models and differentiated marketing to overcome a recent drop in sales. The company has set up a 300-square-meter exhibition hall in a large mall on the Wangfujing shopping street in Beijing [...]
SEOUL, Aug. 19 (Korea Bizwire) — Motional, a joint venture between Hyundai Motor and Aptiv, announced that it will launch an IONIQ 5 electric vehicle-based self-driving robotaxi service in Las Vegas in collaboration with ride-sharing platform Lyft. The IONIQ 5 robotaxi is mounted with Level 4 self-driving technology. A Level 4 autonomous vehicle means the [...]
SEOUL, Aug. 18 (Korea Bizwire) — Hyundai Mobis Co., South Korea’s biggest auto parts maker, said Thursday it will set up two wholly-owned manufacturing-centered units to preemptively respond to a burgeoning future mobility market. Hyundai Mobis will integrate its subjected business functions and absorb its subcontractors to establish two separate business entities, one focusing on [...]
SEOUL, Aug. 18 (Korea Bizwire) — Self-driving taxis will begin commercial service in test zones for autonomous cars later this year. The Ministry of Land, Infrastructure and Transport said Wednesday it had posted the instructions on registering for a self-driving taxi business along with detailed requirements on acquiring relevant approval on its website. Commercial taxi services [...]
SEOUL, Aug. 17 (Korea Bizwire) — The Ministry of Land, Infrastructure and Transport and the Korea Transportation Safety Authority announced that T-Safer, an artificial intelligence (AI)-based traffic accident risk forecast system, will be rolled out across national highways on Thursday. T-Safer was jointly developed by the two agencies. It is an AI-based system that uses [...]