SEOUL, June 18 (Korea Bizwire) – The expected entry of China’s BYD Auto Co. into the South Korean consumer electric vehicle (EV) market this year will likely intensify competition within the low-cost segment of the market, which globally has seen a stagnation in growth as of late due to the so-called EV adoption chasm, according [...]
SEOUL, May 17 (Korea Bizwire) — Nearly 1 out of 5 imported vehicles in South Korea were battery-powered ones in the January-April period despite slowing sales of electric vehicles (EVs) globally, industry data showed Friday. In the first four months, registrations of pure EVs jumped to 13,863 units from 5,417 during the same period of [...]
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, 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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]