SEOUL, Jan. 4 (Korea Bizwire) — South Korea’s five major automakers saw domestic sales in 2024 fall to their lowest level in 16 years, amid high interest rates and weakening demand for vehicles, including electric cars. Despite the slump, Kia achieved a milestone as its Sorento SUV became the nation’s best-selling car—the first time a recreational [...]
SEOUL, Jan. 1 (Korea Bizwire) —GM Korea, buoyed by the strong performance of the Chevrolet Trax Crossover, posted its highest sales in seven years in 2024, the company announced on Friday. The automaker sold 499,559 vehicles globally last year, a 6.7% increase from 2023, marking its highest annual sales since 2017. The growth was largely [...]
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 [...]
SEOUL, Jan. 2 (Korea Bizwire) — LG Electronics Inc. said Thursday it plans to introduce its new mobility experience (MX) platform at the upcoming CES 2025, showcasing how artificial intelligence and Internet of Things (IoT) technologies can transform cars into personalized, multifunctional spaces. The MX platform aims to create a personalized space that can serve [...]
GWANGJU, Jan. 2 (Korea Bizwire) — The first funeral for the victims of the fatal Jeju Air plane crash was held Thursday, five days after the disaster at Muan International Airport in southwestern South Korea claimed the lives of 179 people. The first funeral for the victim, whose identity was withheld, occurred at a funeral [...]
MUAN, South Korea, Jan. 2 (Korea Bizwire) — Police on Thursday raided Muan International Airport, the office of Jeju Air and other locations over the airline’s deadly crash that killed 179 people. The Jeonnam Provincial Police conducted search and seizure operations into the airport in southwest South Korea, the Seoul office of Jeju Air and [...]
SEOUL, Jan. 2 (Korea Bizwire) – South Korea’s Ministry of Environment announced on January 1 its 2025 hydrogen vehicle subsidy plan, allocating funds to support the purchase of 11,000 hydrogen passenger cars, 2,000 hydrogen buses, and 10 units each of hydrogen-powered trucks and street-cleaning vehicles. The finalized subsidy guidelines, to be published on January 2 [...]
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 [...]