SEOUL, Nov. 19 (Korea Bizwire) – South Korea’s hybrid vehicle registrations are poised to hit an all-time high this year, reflecting both growing environmental consciousness and a temporary plateau in electric vehicle demand. According to data from the Carisyou data research institute, hybrid vehicle registrations from January to October reached 311,769 units, a 24.8% increase from [...]
SEOUL, Nov. 15 (Korea Bizwire) – South Korean battery stocks plunged Friday on reports that President-elect Donald Trump’s transition team plans to scrap the US$7,500 tax credit for EV purchases as part of broader tax legislation. Trump campaigned on ending the consumer tax credit, a key part of President Joe Biden’s Inflation Reduction Act (IRA). [...]
SEOUL, Nov. 13 (Korea Bizwire) — Chinese electric vehicle (EV) giant BYD Co. on Wednesday officially announced its plan to enter South Korea’s passenger car market. BYD Korea, the company’s South Korean sales subsidiary, said in a press release that it has “completed review to release passenger car brands in the domestic market” and officially [...]
SEOUL, Nov. 8 (Korea Bizwire) — South Korea’s leading battery maker LG Energy Solution (LGES) said Friday it has clinched a deal to supply electric vehicle batteries to U.S. automotive manufacturer Rivian. Under the deal, LGES will provide Rivian with its advanced 4695 cylindrical batteries, totaling 67 gigawatt hours, for over five years, according to [...]
SEOUL, Oct. 31 (Korea Bizwire) – New car registrations in South Korea have fallen to their lowest level in 11 years during the first three quarters of 2024, according to data released by the Korea Automobile Mobility & Industry Association (KAMA) on October 30. Total new vehicle registrations for January through September reached 1,209,154 units, marking [...]
DAEJEON, Oct. 23 (Korea Bizwire) – In a significant move to boost electric vehicle safety, South Korea’s Public Procurement Service (PPS) announced on October 22 comprehensive measures to improve fire safety management and emergency response capabilities for public EV charging facilities. The new guidelines require all future public buildings to have EV charging stations installed at [...]
SEOUL, Oct. 16 (Korea Bizwire) — Hyundai Mobis Co., South Korea’s leading automotive parts maker, said Wednesday it has signed an investment agreement worth some 350 billion won (US$256.2 million) with the Slovak government to build manufacturing facilities for electric vehicle (EV) parts in the European country. Hyundai Mobis said it has signed the agreement [...]
SEOUL, Oct. 16 (Korea Bizwire) — The state-run Korea Trade Insurance Corp. said Wednesday that it has granted trade finance of US$1.35 billion to Hyundai Motor Co. for the ongoing construction of an electric vehicle plant in the U.S. state of Georgia. The financial support is aimed at assisting the construction of the EV plant [...]
SEOUL, Oct. 9 (Korea Bizwire) — The number of imported electric vehicles (EVs) newly registered in South Korea fell 40.1 percent on-year over the August-September period, data showed Wednesday, amid the public’s lingering concerns over their safety. According to data compiled by the Korea Automobile Importers & Distributors Association, 6,868 imported EVs were newly registered [...]
SEOUL, Oct. 7 (Korea Bizwire) — Mercedes-Benz car dealers in South Korea have apparently been trained by the company’s local unit to tell customers that the automaker used battery cells produced exclusively by CATL in its electric vehicle (EV) models. In the 2023 EQ Sales Playbook, Mercedes-Benz Korea’s official dealer training material, dealers were instructed [...]