SEOUL, Feb. 7 (Korea Bizwire) – Hyundai Motor Co. will temporarily suspend production of its Ioniq 5 and Kona Electric models, as weakening electric vehicle (EV) demand continues to impact sales, according to industry sources Friday. According to the sources, Hyundai Motor will halt operations of Line 12 at its Ulsan Plant 1 in South [...]
SEOUL, Feb. 3 (Korea Bizwire) - Hyundai Motor Co. said Monday it has started accepting preorders for the Ioniq 9, the automaker’s first large electric sport utility vehicle (SUV), in South Korea. The Ioniq 9 is equipped with a 110.3 kilowatt-hours (kWh) battery, offering a maximum driving range of 532 kilometers per charge for the [...]
SEOUL, Jan. 22 (Korea Bizwire) — South Korea’s three major battery makers likely made all-time-high investments in research and development (R&D) activities last year despite a slowdown in electric vehicle sales, industry sources said Wednesday. LG Energy Solution Ltd. (LGES), Samsung SDI Co. and SK On are estimated to have invested more than 2.5 trillion [...]
CHANGWON, Jan. 15 (Korea Bizwire) — Korea Electrotechnology Research Institute (KERI) has announced the development of a high-efficiency, flexible metal fiber fabric heating element, potentially revolutionizing electric vehicle (EV) interior heating systems. The research team, led by Dr. Dong-Yoon Lee, unveiled this innovation on January 14, 2025. This technology aligns with Hyundai Motor Group’s 2022 [...]
SEOUL, Jan. 15 (Korea Bizwire) — South Korea’s industry ministry said Wednesday the government will spend 1.5 trillion won (US$1.02 billion) this year to induce consumers to purchase electric vehicles (EVs). The move is aimed at revitalizing domestic demand for EVs amid sluggish sales driven by safety concerns and a lack of access to charging [...]
SEOUL, Jan. 13 (Korea Bizwire) — Chinese electric vehicle (EV) manufacturers, led by BYD, are intensifying efforts to enter the South Korean market in 2025, raising questions about their strategic motivations. Analysts suggest this move addresses China’s domestic overproduction while positioning South Korea as a testing ground for expansion into advanced markets. Industry insiders speculate [...]
SEOUL, Jan. 13 (Korea Bizwire) — Chinese electric vehicle (EV) manufacturers, led by global EV sales leader BYD, are preparing to enter the South Korean market in 2025, raising questions about their potential impact on the domestic auto industry. Experts remain divided on whether Chinese brands will struggle to gain traction or disrupt the market with [...]
SEOUL, Jan. 10 (Korea Bizwire) — In a stark reversal of fortune, South Korea’s leading battery manufacturers are bracing for significant fourth-quarter losses as the electric vehicle market faces a prolonged period of stagnating demand. LG Energy Solution, one of the country’s top battery makers, reported an operating loss of 225.5 billion won in the fourth [...]
SEOUL, Jan. 3 (Korea Bizwire) — South Korea has introduced a revised subsidy scheme for electric buses in 2025, offering additional financial incentives to manufacturers of hydrogen and school buses while implementing stricter criteria to prioritize safety and transparency. The move is seen as a response to concerns over the growing presence of Chinese-made electric [...]
SEOUL, Jan. 3 (Korea Bizwire) — Five electric vehicle models from Hyundai Motor Group are set to qualify for a $7,500 consumer tax credit under the U.S. Inflation Reduction Act (IRA), a development expected to boost the automaker’s competitiveness in the American market. According to the U.S. Department of Energy, Hyundai’s Ioniq 5, Ioniq 9, [...]