Korean firms target EV charging market in US

Lotte and SK both made announcements of progress in their entries to the US EV charging market Thursday, joining LG as Korean conglomerates competing in the burgeoning sector. Lotte Innovate announced Thursday that it had recently established EVSIS America, a US unit of its EV charging subsidiary and secured about 3,300 square meters of land in California to build an EV charger factory. Lotte Innovate plans to complete preparations for the California plant’s production lines before the end

May 17, 2024

[KH Explains] Hyundai-backed Motional’s struggles deepen as Tesla eyes August robotaxi debut

Motional, Hyundai Motor Group’s robotaxi service joint venture in the United States, has hit a rough patch recently, facing major investor pullouts, a delayed service launch and a drastic 40 percent workforce reduction. This turbulence comes as Elon Musk recently announced Tesla’s plans to launch its robotaxi service in August, which experts say has a simpler AI architecture that is less costly to train and run than rivals. Experts say they still expect industry-wide investments in f

May 16, 2024

Korea eyes leadership in advanced air mobility standardization

South Korea took the initiative to lead standardization in the global advanced air mobility sector as it launched the Global Association for Advanced Air Mobility, or G3AM, in Seoul on Tuesday. According to the Ministry of Science and ICT, the G3AM is the world’s first global association for AAM standardization. A total of 67 companies have joined the association as members, including Korean firms such as Korean Air, Hanwha Systems, Hyundai Motor, SK Telecom, KT and LG Uplus, the US&rsqu

May 14, 2024

Kia rolls out new EV6 with longer range but no price hike

Kia has officially launched an upgraded version of the EV6 in the Korean market, with sales starting Tuesday and deliveries expected by June. "The new EV6 will launch internationally within this year," a Hyundai Motor Group official told the Korea Herald. This latest update, the first in about three years since August 2021, increases the maximum driving range to 494 km per charge, according to the Korean Ministry of Environment certification. This represents a 19 km improvement over t

May 14, 2024

[KH Explains] Hyundai Motor’s plan for new landmark keeps hitting bumps

Hyundai Motor Group’s plan to build a new headquarters called Global Business Center, or GBC, as a landmark in southern Seoul still faces bumps after having already undergone decade-long obstacles as it continues struggling with the Soul Metropolitan Government to find common ground on height. The dispute was recently reignited when it was reported that the Seoul Metropolitan Government intended to reject Hyundai Motor’s new plan to build two 55-floor main buildings instead of the ea

May 13, 2024

Motional delays self-driving service launch to 2026 following Hyundai investment

Hyundai Motor Group's joint venture Motional announced staff reductions and a two-year delay to its driverless taxi service plans last week, following the group's 1.29 trillion won ($941 million) injection into the startup earlier this month, reflecting growing industry pessimism about the viability of self-driving cars. Hyundai established Motional with Aptiv in the US in 2020 and launched its Ioniq 5-based robo-taxi service with Uber and Lyft last year. However, the rollout of the second-

May 12, 2024

Hyundai Mobis to set up W90b plant for EV parts

Hyundai Mobis, the parts and service arm under Hyundai Motor Group, will construct a dedicated electric vehicle module plant in Ulsan, South Korea, with an investment of approximately 90 billion won ($65 million) and completion expected in late 2025. The company signed an investment memorandum of understanding with the Ulsan Metropolitan City on Thursday, with Ulsan Mayor Kim Du-gyeom and Hyundai Mobis CEO Lee Gyu-suk attending the signing ceremony. Located near Hyundai Motor Group's upcomi

May 9, 2024

[Photo News] Porsche in Busan

Porsche Korea is participating in Art Busan 2024 as an official partner and hosting 'Salon de Panamera' at the Busan Exhibition and Convention Center through Sunday, the German automaker's local office said Thursday. Inspired by Europe's salon culture, the exhibition will showcase Porsche’s brand philosophy of continuous innovation integrated with the brand's unique design by presenting the new Panamera 4, the automaker's latest powerful sporting luxury sedan,

May 9, 2024

Korean battery makers heave sigh of relief over 2-year IRA reprieve

South Korea's battery industry has secured a two-year reprieve from the US Inflation Reduction Act restrictions on electric vehicle batteries containing Chinese graphite, giving it time to diversify its supply chain while the Korean government has committed 9.7 trillion won ($7.1 billion) in policy financing to support this transition. Following negotiations and advocacy by the Korean government and related industries, the US government on Friday agreed to suspend specific provisions of the

May 8, 2024

[Photo News] Kia EV3

Kia on Tuesday released teaser images of the Kia EV3, the automaker's upcoming all-electric sports utility vehicle slated to hit the global market in the second half of this year. Kia expects the EV3, which will mark the Korean brand's third EV following the EV6 and EV9, to spearhead the mass adoption of EVs as it will be its most affordable model so far. The automaker will unveil the specifications of the EV3 through a global premiere on May 23. (Hyundai Motor Group)

May 7, 2024

Sales of eco-friendly cars top 100,000 in Q1 in S. Korea

Sales of eco-friendly cars surpassed 100,000 units in the first quarter in South Korea on booming demand for hybrid vehicles, industry data showed Sunday. A total of 101,727 environmentally friendly cars made by five South Korean carmakers, including Hyundai Motor Co. and Kia Corp., were sold during the January-March period, up 8.7 percent from a year earlier, according to the data. Out of this total, 85,828 units, or 84.4 percent, were hybrid cars, soaring 42.4 percent from the same period last

May 5, 2024

Hyundai Motor to inject extra W1.3tr in Motional

Hyundai Motor Group will invest 1.29 trillion won ($946 million) in Motional, a US-based autonomous driving startup, to boost technological development and secure stable control of the startup, the Korean auto conglomerate said Friday. Hyundai Motor will spend 663 billion won in capital increase and another 620 billion won for acquiring Aptiv’s 11 percent share in Motional, bringing the auto giant’s total share to 66.8 percent. The auto giant’s three affiliates -- Hyundai Motor

May 3, 2024

Hyundai Motor aims to lead hydrogen truck business in US

Hyundai Motor Company is looking to spearhead the hydrogen-powered truck business in the United States as the Korean automaker welcomed the official launch of NorCAL ZERO Project, a pro-environment initiative using the company's hydrogen fuel cell technology to bring zero-emission freight transportation to the San Francisco Bay Area and California's Central Valley, on Friday. "The NorCAL ZERO Project in Oakland marks a significant step forward in realizing Hyundai's vision fo

May 3, 2024

Mercedes-Benz Financial names new Korea chief

Mercedes-Benz Financial Services Korea announced Thursday that Thomas Waggershauser, an automotive finance expert, has been appointed as its new CEO. The new Korea chief is an industry veteran with a career spanning 20 years at Mercedes-Benz Mobility, the financial service company affiliated with Mercedes-Benz Group. Prior to his appointment, he served as the head of overseas and Greater China market management at Mercedes-Benz Mobility in Stuttgart, Germany, where Mercedes-Benz is headquartered

May 2, 2024

[Photo News] New Kia EV6

Kia unveiled teaser images of the new EV6 on Thursday. The Korean automaker said the headlamps feature the brand's new "Star-map Signature Lighting" to give more dynamic and futuristic vibes. The new EV6 will be the first product enhancement model of Hyundai Motor Group's first electric vehicle developed on its EV-dedicated platform E-GMP. The existing EV6 was launched in August 2021. Detailed specs of the new EV6 will be released later this month. (Hyundai Motor Group)

May 2, 2024

Hyundai Motor launches internship program for foreign students

Hyundai Motor Company announced Tuesday its commitment to cultivating global talent through a summer internship program designated for international students in Korea, fostering the company’s cultural inclusivity and global market presence. This marks the first time Hyundai Motor has openly recruited international students studying in Korea as interns. The flagship unit of Hyundai Motor Group, the world's third-largest carmaker, aims to blend diverse international perspectives into it

April 30, 2024

[Photo News] Kumho in Europe

Kumho Tire held a brand experience day at the Vairano Circuit in Milan on April 21 to offer European dealers hands-on experiences with the Korean brand, the tire maker said Monday. The company plans to bolster its presence in the European market even further, as it has seen an average of 20 percent annual growth rate in its regional revenue over the last five years. The Korean tire maker has set out the record-high goal of reaching 4.56 trillion won ($3.3 billion) in annual sales this year after

April 29, 2024

[Hello India] Hyundai Motor vows to boost 'clean mobility' in India

Hyundai Motor Group has reiterated the importance of India and reaffirmed its commitment to the burgeoning market as its chief visited the world’s most populous country earlier this week. “India, one of the regions that has contributed the most to the growth of Hyundai Motor Group, has overcome many difficulties such as the global economic recession and supply chain crisis during the COVID-19 pandemic period and continuously came up with good performances,” said Hyundai Motor G

April 25, 2024

[KH Explains] Korean shipbuilding stocks rally: Real growth or bubble?

Since mid-March, Korea's leading shipbuilders have seen a significant uptick in their stock prices. Despite a sluggish start to the year due to a saturated order book and limited production capacity, renewed optimism has emerged among investors, possibly due to the anticipated benefits from escalating trade tensions between the US and China, along with the depreciation of the Korean won. Whether the trade war is the exact cause is unclear, particularly due to limited American purchasing pow

April 25, 2024

[Photo News] Delivery with robot dog

Kia said Thursday that it has recently conducted a pilot project to deliver parcels with Spot, a four-legged robot developed by Hyundai Motor Group-backed Boston Dynamics, as the company seeks new business models in advanced logistics. In collaboration with CJ Logistics, Hyundai E&C and robotics startup D.Hive, Kia loaded Spot onto CJ's parcel electric truck. Once the delivery car arrived in a residential area, Spot carried each package to its destined household. (Hyundai Motor Group)

April 25, 2024