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Hyundai Offers Incentives to Address Deteriorating EV Sales

Hyundai Offers Incentives to Address Deteriorating EV Sales

SEOUL, Aug. 18 (Korea Bizwire) — Hyundai Motor Co. is offering subsidies to counter the decrease in demand for electric vehicles (EVs), encompassing both reduced charging fees and discounted vehicle prices. Customers who utilize E-Finance, a financial tool tailored for EV purchases, will be eligible for up to 1.6 million credits (equivalent to 1.6 million [...]

Foreign Carmakers Release a String of EVs Eligible for Subsidies

Foreign Carmakers Release a String of EVs Eligible for Subsidies

SEOUL, Aug. 1 (Korea Bizwire) — Unlike in the past, when foreign carmakers mainly released high-priced electric vehicles (EVs) in the Korean market, they are now launching a string of new models with lower prices and improved performance to increase the potential for subsidies. The competition was ignited by U.S. electric vehicle maker Tesla Inc.’s [...]

Number of EV Chargers in S. Korea Hits 240,000: Data

Number of EV Chargers in S. Korea Hits 240,000: Data

SEOUL, June 18 (Korea Bizwire) — The number of chargers for electric vehicles in South Korea has surpassed 240,000, data showed Sunday, amid the growing popularity of eco-friendly cars in the country. Fast chargers accounted for 10.6 percent of the 240,695 installed electric vehicle charging stations in South Korea, Rep. Park Sang-hyunk of the main [...]

Many EVs Subsidized in the U.S. Feature Korean-made Batteries: Data

Many EVs Subsidized in the U.S. Feature Korean-made Batteries: Data

SEOUL, April 20 (Korea Bizwire) — Most of the electric vehicles that qualify for subsidies under the guidelines of the US Inflation Reduction Act (IRA) are equipped with Korean-made batteries, data showed Wednesday. Out of the 22 American vehicle models eligible for the subsidies, 17, excluding the five Tesla models, are equipped with batteries made [...]

SK Signet Betting on ‘Hockey Stick’ Growth in U.S. with World’s Fastest EV Charging

SK Signet Betting on ‘Hockey Stick’ Growth in U.S. with World’s Fastest EV Charging

SEOUL, Feb. 26 (Korea Bizwire) — The rapid adoption of electric vehicles (EVs) in the United States is a boon unseen before for related industries, and SK Signet Inc. is at full throttle to seize on the momentum with its advanced charging technology, its CEO has said. The unit under South Korea’s energy-to-telecom conglomerate SK [...]

More than 76,000 EVs Registered in Seoul: Data

More than 76,000 EVs Registered in Seoul: Data

SEOUL, Dec. 27 (Korea Bizwire) — The number of electric vehicles (EVs) and electric two-wheelers registered in Seoul has surpassed the 76,000 level, the city government said. Last year the capital city subsidized purchases of 52,427 EVs, including electric two-wheelers, with subsidies for an additional 24,000 vehicles expected this year. The share of EVs among [...]

Concerns Mount Among EV Owners as Freezing Temperatures Threaten Driving Range

Concerns Mount Among EV Owners as Freezing Temperatures Threaten Driving Range

SEOUL, Dec. 21 (Korea Bizwire) — With South Korea mired in an extended cold snap, drivers of electric vehicles (EVs) are becoming increasingly concerned about the effects of cold weather on battery performance. The harsh conditions lead to a decline in the driving range for EVs, causing anxiety for those who rely on their vehicles [...]

Research Reveals Potential Reduction of Auto Repair Jobs in Jeju with Widespread Adoption of EVs

Research Reveals Potential Reduction of Auto Repair Jobs in Jeju with Widespread Adoption of EVs

SEOUL, Dec. 21 (Korea Bizwire) — A recent study has revealed that widespread adoption of electric vehicles (EVs) on Jeju Island would halve the number of car repair and maintenance workers on the island. According to a report released by the Ministry of Employment and Labor, if EV adoption becomes more widespread in Jeju, the [...]

S. Korea Aims to Take Up 12 pct of World’s EV Market by 2030

S. Korea Aims to Take Up 12 pct of World’s EV Market by 2030

SEOUL, Sept. 28 (Korea Bizwire) — South Korea seeks to significantly boost production of electric vehicles to more than double domestic carmakers’ global market share to 12 percent by 2030 and to be a global car industry powerhouse, the industry ministry said Wednesday. For the goal, the government vowed to provide tax incentives and various [...]

Tire Industry Sets Eyes on EVs

Tire Industry Sets Eyes on EVs

SEOUL, Aug. 1 (Korea Bizwire) — As electric vehicles (EVs) rise as the ‘new standard’ in the automobile industry, tire producers are responding with EV-exclusive tires. Industry sources said almost half of all tire orders placed with Hankook Tire and Technology Co. for new cars were EV-exclusive tires. Hankook Tire has concluded contracts with 22 [...]