SEOUL, Jan. 3 (Korea Bizwire) — South Korea has introduced a revised subsidy scheme for electric buses in 2025, offering additional financial incentives to manufacturers of hydrogen and school buses while implementing stricter criteria to prioritize safety and transparency. The move is seen as a response to concerns over the growing presence of Chinese-made electric [...]
SEOUL, Jan. 3 (Korea Bizwire) — Five electric vehicle models from Hyundai Motor Group are set to qualify for a $7,500 consumer tax credit under the U.S. Inflation Reduction Act (IRA), a development expected to boost the automaker’s competitiveness in the American market. According to the U.S. Department of Energy, Hyundai’s Ioniq 5, Ioniq 9, [...]
SEOUL, Jan. 2 (Korea Bizwire) – South Korea’s Ministry of Environment announced on January 1 a series of policy changes for 2025, including enhanced subsidies for young buyers of electric vehicles (EVs) and expanded environmental initiatives. Young individuals aged 19 to 34 purchasing their first EV will now receive a 20% additional subsidy on top [...]
BUSAN, Dec. 31 (Korea Bizwire) — Renault Korea announced plans to outfit its Busan plant with electric vehicle (EV) production facilities as it gears up to manufacture the Polestar 4 midsize electric SUV for export to North America starting in the latter half of 2025. This marks the plant’s first transition to EV production, with industry [...]
SEOUL, Dec. 25 (Korea Bizwire) – Hyundai Motor Co’s mid-size SUV Santa Fe and Kia Corp’s EV3 entry-level electric vehicle (EV) were included among the safest cars in this year’s government automobile safety evaluation, the transport ministry said Wednesday. The Hyundai and Kia models, along with Mercedes-Benz’s E200 and Volvo’s S60 sedans, received the highest [...]
SEOUL, Dec. 23 (Korea Bizwire) — In 2024, South Korea’s import car market has shifted from its traditional “Big Four” structure to a “Big Three,” driven by Tesla’s remarkable sales growth. BMW and Mercedes-Benz continued their rivalry for the top spot, while Tesla secured third place for the first time with sales nearly doubling from 2023. [...]
SEOUL, Dec. 23 (Korea Bizwire) – A record number of vehicles have been recalled in South Korea this year due to manufacturing defects, according to data released by the Korea Transportation Safety Authority’s Auto Recall Center on December 22. The center reported that 5,142,988 vehicles across 1,684 models underwent recalls in 2024, tripling last year’s figure [...]
SEOUL, Dec. 22 (Korea Bizwire) – Kia has globally debuted its compact SUV, Syros, in India, marking a significant step in its strategy to expand its presence in emerging markets, the company announced on December 22. Named after the Greek island of Syros, the vehicle aims to embody a blend of tradition and modernity. Sales of [...]
SEOUL, Dec. 20 (Korea Bizwire) – As South Korea braces for its coldest winter yet, electric vehicle (EV) owners are expressing growing frustration over significant drops in driving range during frigid weather. Online forums have been buzzing with complaints, with many surprised by how much their EV range decreases compared to summer. Questions about efficient [...]
SEOUL, Dec. 18 (Korea Bizwire) – Over the past three years, South Korea’s leading conglomerates have directed the bulk of their equity investments toward the electric vehicle (EV) battery sector, signaling a strategic focus on securing new growth engines. According to a report by corporate research firm Leaders Index on December 17, South Korea’s top [...]