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European Brands Catch Up with Tesla in S. Korea’s Imported EV Market

European Brands Catch Up with Tesla in S. Korea’s Imported EV Market

SEOUL, April 26 (Korea Bizwire) — South Korea’s imported electric vehicle (EV) market, once dominated by Tesla Inc., is now facing fierce competition with European brands releasing new models. The Ministry of Trade, Industry and Energy and the Korea Automobile Importers & Distributors Association (KAIDA) reported that a total of 5,278 units of imported EV [...]

S. Korea to Ramp Up Policy Support for Electric, Hydrogen Cars

S. Korea to Ramp Up Policy Support for Electric, Hydrogen Cars

SEOUL, April 26 (Korea Bizwire) — South Korea plans to invest 397.5 billion won (US$318 million) in building charging stations for electric and hydrogen-powered vehicles this year in an effort to foster the next-generation car industry, a senior government official said Tuesday. The government also plans to focus on building the infrastructure and developing technology [...]

Insurance Firms Roll Out EV Insurance Products amid Expectation for Deregulation Under New Gov’t

Insurance Firms Roll Out EV Insurance Products amid Expectation for Deregulation Under New Gov’t

SEOUL, March. 11 (Korea Bizwire) — Sentiment is growing that the insurance industry needs to pay more attention to electric vehicle (EV) insurance products as a new channel for growth after main opposition candidate Yoon Suk-yeol was elected South Korea’s next president on Thursday. Yoon pledged that he will freeze EV charging fees over the [...]