SEOUL, Feb. 29 (Korea Bizwire) — Imported car purchases among those in their 20s and 30s fell nearly 18 percent on-year in 2023 amid a slowdown of the economy and high interest rates, industry data showed Thursday. According to data from the Korea Automobile Importers & Distributors Association, the number of newly imported cars registered [...]
SEOUL, Feb. 28 (Korea Bizwire) –A recent report has highlighted a significant price disparity between imported and domestic electric vehicles (EVs) in South Korea, with imported models costing more than double on average. The study, conducted by the Korea Automobile Mobility Industry Association (KAMA) and the Korea Imported Automobile Association (KAIDA), also revealed that the [...]
SEOUL, Feb. 26 (Korea Bizwire) — The combined overseas production of Hyundai Motor Co. and Kia Corp. surpassed 3.68 million units in 2023, setting the biggest offshore output since the outbreak of the COVID-19 pandemic, data showed Monday. According to data from the Korea Automobile Manufacturers Association, Hyundai Motor and Kia, South Korea’s leading automakers, [...]
SEOUL, Feb. 23 (Korea Bizwire) — The head of Hyundai Motor Co., South Korea’s leading automaker, recently visited Brazil and has pledged to invest $US1.1 billion in the South American nation by 2032, according to the company Friday. During a courtesy call to Brazilian President Luiz Inacio Lula da Silva in Brasilia on Thursday, Euisun [...]
SEOUL, Feb. 22 (Korea Bizwire) — Hyundai Motor Group’s output at its car manufacturing plants in India has reached a record 1.08 million units last year, surpassing the 1 million unit milestone for the second year in a row, industry data showed Thursday. According to data from the Korea Automobile Manufacturers Association, Hyundai produced 765,000 [...]
SEOUL, Feb. 22 (Korea Bizwire) – Hyundai’s high-performance electric vehicle, the Ioniq 5N, has been named the ‘Car of the Year 2024′ by a group of automotive journalists in South Korea. The accolade was announced by the Korea Automobile Journalists Association, which comprises 58 media outlets including newspapers, broadcasts, telecommunications, and specialized magazines. The Ioniq 5N [...]
SEOUL, Feb. 21 (Korea Bizwire) – Electric vehicle (EV) subsidies in South Korea are facing scrutiny as disparities in subsidy amounts, particularly between Tesla’s Model Y RWD and Hyundai’s Ioniq 6, spark debates on potential favoritism towards domestic car manufacturers. The Ministry of Environment, responsible for the subsidy program, has revamped the subsidy structure to favor [...]
SEOUL, Feb. 21 (Korea Bizwire) – The South Korean government has announced significant reductions in subsidies for Tesla’s “budget” electric vehicle, the Model Y RWD, which is equipped with lithium iron phosphate (LFP) batteries from China. According to the Ministry of Environment’s finalized guidelines for electric vehicle subsidies released on February 20, the subsidy for the [...]
SEOUL, Feb. 21 (Korea Bizwire) — Hyundai Motor Co., Tesla Korea and four other carmakers will recall nearly 55,000 vehicles due to faulty components, the transport ministry said Wednesday. The six companies, including Kia Corp., Ford Sales & Service Korea, GS Global Corp. and Bumhan Mobility, are voluntarily recalling a total of 54,792 units of [...]
SEOUL, Feb. 20 (Korea Bizwire) — The auction to sell Asiana Airlines Inc.’s cargo business division is set to begin Tuesday following the European Union’s antitrust regulator’s conditional approval of Korean Air Co.’s planned merger with Asiana, industry sources have said. The European Commission (EC), the executive body of the EU, gave a conditional nod [...]