Hyundai Motor India files for record $3b IPO

Hyundai Motor India has officially submitted an initial public offering application to the Securities and Exchange Board of India to raise approximately $3 billion, potentially setting a record as the largest IPO in the country’s history. On Monday, Hyundai confirmed in a corporate disclosure that it has submitted a Draft Red Herring Prospectus to SEBI, initiating the IPO process for Hyundai Motor India Ltd., its local subsidiary. It marks a significant step in expanding both Hyundai&rsquo

June 17, 2024

[KH explains] Why Korean battery companies are key to Tesla's 2170 upgrade strategy

South Korean battery material companies are emerging as key players in Tesla's revamped supply chain as the carmaker upgrades its 2170 battery cells -- integral to its most popular models. Tesla's initiative to enhance battery performance centers on upgrading the anode and cathode materials, which are critical for improving energy density and charging speeds. The anode, which determines how much energy the battery can store, directly impacts the driving range of electric vehicles. Mean

June 16, 2024

[Test Drive] New Mini Countryman not so mini anymore

BMW Group’s premium compact car brand Mini has come back with a bigger, simpler and more digitalized model -- the new Mini Countryman -- as it aims to expand its turf. The Korea Herald participated in the Mini Countryman’s launch ceremony and media test drive event in Seoul on Thursday. The newest, third-generation Mini Countryman marked the product’s first fully changed model since its second-generation model was launched in 2017. The car's most distinguishable features a

June 16, 2024

Doosan chief, Kazakh president discuss key energy collaborations

Doosan Group Chairman Park Jeong-won met with Kazakh President Kassym-Jomart Tokayev in Astana to discuss energy sector collaboration, as part of his role in the economic delegation accompanying South Korean President Yoon Suk Yeol on a state visit to Central Asia. Chairman Park and President Tokayev met Wednesday at the Hilton Astana Hotel, accompanied by high-ranking officials and executives including Kazakhstan's Minister of Energy Almassadam Satkaliyev, Samruk-Kazyna CEO Nurlan Zhakupov

June 13, 2024

SK, China's Geely partner on EV innovation

SK Inc., the investment arm of South Korea's SK Group, has announced a partnership with China's Zhejiang Geely Holding Group to advance green mobility initiatives, focusing on electric vehicle batteries and automotive electronics. This collaboration aims to integrate SK's business development capabilities with Geely's expertise in mobility technology. The partnership was formalized with the signing of a framework agreement Wednesday. The global networking efforts of Chey Jae-

June 12, 2024

Hyundai hydrogen trucks hit 10m km of emission-free rides in Switzerland

Hyundai Motor Company’s hydrogen-powered truck Xcient Fuel Cell has surpassed 10 million kilometers in accumulated mileage in Switzerland, the South Korean automaker announced Wednesday. The milestone came three years and eight months after the world’s first mass-produced hydrogen-electric truck began to hit the roads in Switzerland in Oct. 2020. Currently, there are 48 Xcient Fuel Cells in operation in the central European country. The truck, which is equipped with a 180-kilowatt hy

June 12, 2024

Han Sung Motor launches industry-first 3-day trial of used cars

Han Sung Motor, the official Mercedes-Benz car dealer in Korea, on Wednesday launched a three-day trial service of its certified used cars, in an industry first. Customers who purchase a certified preowned Mercedes-Benz from Han Sung Motor can test drive the vehicle for three days and get a full refund with no penalties if dissatisfied. Vehicles eligible for the service are selected monthly, mainly among popular models. Customers can apply for the service through the inquiry channel of Han Sung

June 12, 2024

Hyundai Motor to premier first original film starring Son Suk-ku, Ioniq 5

Hyundai Motor Company said Tuesday it is releasing its first original film “Night Fishing,” starring actor Son Suk-ku and featuring its top-selling electric vehicle the Ioniq 5, this Friday nationwide. The film, the carmaker’s first foray into cinema, is a humanistic thriller weaving mystery and twists against the backdrop of an EV charging station. Directed by Moon Byoung-gon, the first Korean to win the Short Film Palme d’Or at Cannes in 2013, this project marks his ret

June 11, 2024

LG-GM joint venture workers win 30% wage hike

LG Energy Solution and General Motors' joint venture, Ultium Cells, have tentatively agreed to a 30 percent wage increase over the next three years, significantly boosting worker pay amidst concerns about rising production costs. The United Auto Workers announced Monday that their local chapter at the Ultium Cells plant in Warren, Ohio, has reached a preliminary agreement with the company. This tentative deal still requires ratification by union members. UAW President Shawn Fain stated that

June 11, 2024

Busan mobility show to bank on hybrid, EV debuts

The 2024 Busan International Mobility Show will take place later this month amid challenges faced by traditional auto shows worldwide, with Hyundai-Kia, Renault Korea and BMW Korea expected to unveil their latest electric and hybrid models. The biannual event, hosted at the Busan Exhibition and Convention Center, will commence with a press day on June 27 and continue until July 7. This year’s show coincides with the decline of long-standing auto exhibitions like the Geneva Motor Show, whic

June 10, 2024

[Photo News] For child protection

Mercedes-Benz Korea's corporate social responsibility committee has donated 500 million won ($363,000) to a child protection agency in Busan, the German automaker's local office said Monday. The donation was part of some 1 billion won raised through the auto importer's charity run held in Busan in April. In this photo, Mathias (left), CEO of Mercedes-Benz Korea, and Park Heong-joon, mayor of Busan, hold up the donation certificate during the delivery ceremony at Busan City Hall on

June 10, 2024

Hyundai Motor accelerates hydrogen drive

Hyundai Motor Company has acquired the domestic hydrogen fuel cell business from the auto conglomerate’s affiliate and auto parts maker Hyundai Mobis to speed up its technological innovation and product development, the automaker said Sunday. According to Hyundai Motor, the takeover was officially completed last month to gather Mobis’ hydrogen fuel cell facilities, assets and personnel in one place. With the acquisition, Hyundai Motor set up a new process quality unit under its resea

June 9, 2024

42dot gets $185m from Hyundai-Kia to boost hiring

Hyundai Motor and Kia are investing some 253 billion won ($185 million) in 42dot, the global software center within Hyundai Motor Group, to aggressively recruit top-tier talent and accelerate the group's software-defined vehicle strategy. On Tuesday, Hyundai and Kia announced through Korea's Financial Supervisory Service that their boards had approved a capital increase, with Hyundai contributing over 152 billion won and Kia adding more than 101 billion won. This investment is based on

June 5, 2024

LG Energy Solution, Analog Devices team up for BMS innovation

LG Energy Solution said Wednesday it has signed a memorandum of understanding with American semiconductor manufacturer Analog Devices, Inc. to enhance battery management technologies for electric vehicles. Over the next two years, ADI will supply high-performance battery management integrated circuits, or BMIC, while both companies develop algorithms to measure the internal temperatures of EV battery cells accurately. Analog Devices specializes in impedance measurement technologies. Impedance, t

June 5, 2024

[KH Explains] Hyundai eyes IPO to leverage presence in India

Hyundai Motor Group is aiming to list its Indian subsidiary, Hyundai Motor India, in the coming months, raising up to $3 billion in a landmark initial public offering, according to industry sources Monday. HMI reportedly plans to file for the IPO in June, with Kotak and Morgan Stanley newly joining the syndicate as the deal advisers. If successful, it could surpass the $2.5 billion raised by the Life Insurance Corporation of India in 2022, potentially setting a new record in the Indian stock mar

June 3, 2024

Hyundai rally team wins third WRC race in Italy

Hyundai Motor Co. said Monday it clinched its third consecutive victory of the 2024 World Rally Championship season on Sunday at the Rally Italia Sardegna. The Hyundai World Rally Team secured a win in the sixth round of the 2024 WRC season on the Italian island of Sardinia, held from Thursday to Sunday. Rally Italia Sardegna, known for its challenging narrow and rough roads and sweltering early summer weather, is considered one of the toughest events in the WRC calendar. Hyundai's Ott Tana

June 3, 2024

Kazen's new look powers HD Hyundai Oilbank's premium push

HD Hyundai Oil Bank is stepping up its focus on the premium gasoline market with an updated brand design and slogan for Kazen, its flagship high-end gasoline product. The new design, launched in May, aims to improve readability and create a strong, dynamic impression. It will be rolled out across all HD Hyundai Oil Bank gas stations nationwide. The Kazen boasts an octane rating of over 100, exceeding legal standards. This high-octane fuel is crucial for preventing engine knocking and optimizing

May 30, 2024

UAE president, Hyundai Motor chief discuss green mobility partnerships in Seoul

Hyundai Motor Group Executive Chair Chung Euisun met with United Arab Emirates President Sheikh Mohammed bin Zayed Al Nahyan in Seoul on Tuesday to discuss enhancing private-sector collaboration in sustainable mobility during Al Nahyan's visit to Korea this week. The UAE President's visit, his first to South Korea, also included meetings with leaders of other major South Korean conglomerates, such as Samsung Electronics' Lee Jae-yong and SK Group's Chey Tae-won. These discuss

May 29, 2024

Hyundai Motor hires ex-Porsche engineer to lead high-performance push

Hyundai Motor Group has recruited Manfred Harrer, former lead developer of Porsche’s first all-electric vehicle Taycan, to take the helm of developing products for the Korean carmaker’s luxury brand Genesis and Hyundai Motor’s high-performance N series, the company said Tuesday. According to the auto conglomerate, Harrer has been appointed as the head of Genesis & Performance Development Tech Unit, which operates under the Research & Development Division of Hyundai Moto

May 28, 2024

Korea's privacy watchdog denies Tesla Autopilot probe

South Korea's privacy watchdog has denied claims from a news report suggesting the agency is specifically investigating Tesla for potential privacy violations related to the carmaker's Autopilot system. The Personal Information Protection Commission clarified that its current efforts are part of a broader privacy policy initiative that involves all smart cars and self-driving mobility systems, not just Tesla’s Autopilot. On Tuesday, a local daily reported that the Personal Information Prot

May 28, 2024