SEOUL, Feb. 5 (Korea Bizwire) — Automakers in South Korea, both domestic and foreign, are slashing electric vehicle (EV) prices this month in response to slowing demand and the entry of Chinese manufacturers into the market. Industry analysts suggest that established players, including Hyundai and Kia, are defending their market share against price-competitive models from China’s [...]
SEOUL, June 28 (Korea Bizwire) – LG Energy Solution Ltd. (LGES), South Korea’s leading battery maker, said Friday it has suspended the construction of a battery production line for energy storage systems (ESS) in its Arizona plant. In April, LGES began the construction of the US$5.5 billion battery plant to produce 46-Series cylindrical batteries for [...]
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, Aug. 11 (Korea Bizwire) — Samsung Electronics Co. and LG Electronics Inc. said Friday they will attend IAA Mobility 2023, an annual global mobility show to be held in Germany, for the first time, in a step seen as an attempt to gain a bigger share in the fast-growing electric vehicle (EV) parts market. [...]
SEOUL, July 14 (Korea Bizwire) — Hyundai Motor Group said Tuesday it aims to achieve a market share of over 10 percent in the global electric vehicle (EV) market in 2025 by investing more in future mobility and introducing more EV models. In his televised briefing on the carmaker’s EV road map to President Moon [...]