SEOUL, Sept. 17 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical company, said Thursday that it has decided to spin off its battery business in a move to further boost its leading position in the sector amid growing demand for electric vehicle (EV) batteries. The new entity — tentatively called LG Energy Solutions [...]
SEOUL, Sept. 16 (Korea Bizwire) — Kia Motors Corp., South Korea’s second-biggest carmaker, said Wednesday it will raise the sales ratio of electric vehicles to 25 percent by 2029 by launching dozens of new models in global markets. Kia has sold more than 100,000 units of the Ray, Soul and Niro EV since 2011. “The [...]
SEOUL, Sept. 2 (Korea Bizwire) – South Korea’s exports of eco-friendly automobiles rose nearly 23 percent in the first half of 2020 from a year earlier, data showed Wednesday. Outbound shipments of eco-friendly cars, including electric vehicles, reached US$3.16 billion in the January-June period, taking up 20 percent of the country’s total automobile exports, according [...]
SEOUL, Aug. 28 (Korea Bizwire) — Off-street parking areas will now be required to add more spaces for electric, hydrogen, and other eco-friendly vehicles, and riverside parking lots will be obliged to install safety facilities to prevent flooding. Off-street parking areas refer to parking lots or spaces set up outside of roads or traffic squares. [...]
SEOUL, Aug. 26 (Korea Bizwire) — Hyundai Mobis Co., South Korea’s biggest auto parts maker, said Wednesday it will invest 36 billion won (US$30 million) in expanding its output capacity of electric vehicle components. Hyundai Mobis has already invested more than 300 billion won in EV parts plants in the central city of Chungju — [...]
SEOUL, Aug. 21 (Korea Bizwire) — With the increasing popularity of electric vehicles (EVs), South Koreans are becoming more concerned with the risk of fire. EV batteries, similarly to energy storage system (ESS) that shocked the country last year due to a series of fire accidents, are lithium-ion batteries. When a non-EV with an internal [...]
SEOUL, Aug. 10 (Korea Bizwire) — Hyundai Motor Co. said Monday it will launch three all-electric models under its EV brand IONIQ by 2024 to gain a share in the rapidly growing EV market. The first model to be released under the IONIQ EV brand will be the Ioniq 5 crossover utility vehicle, the company [...]
SEOUL, Aug. 9 (Korea Bizwire) — South Korea’s environment ministry said Sunday that it will revamp a subsidy scheme for electric vehicles (EVs), with the current proposal centering on excluding high-priced EVs from the subsidy recipients. The country’s fat subsidies for EVs have been a major contributor to the popularity of eco-friendly cars. The overhaul [...]
SEOUL, July 27 (Korea Bizwire) — U.S. electric carmaker Tesla Motors Inc. was found to have received a massive amount of government subsidies following a surge in electric vehicle (EV) sales in the South Korean market in the first half of this year. Experts argue that EV subsidies are falling into the hands of a [...]
SEOUL, July 14 (Korea Bizwire) — Is it an attempt to evade car acquisition taxes, or to offer more choices to customers? U.S. electric carmaker Tesla Motors Inc. allows customers to purchase Full Self-Driving (FSD) systems priced at 9 million won (US$7,500) even after the customers buy a non-FSD model. Purchasing a separate option after [...]