Hyundai Motor to sell auto plant in Russia

Hyundai Motor Group said Tuesday it has decided to sell its entire shares of its car manufacturing plant in Russia, which has been temporarily shut down because of Russia's invasion of Ukraine, to a Moscow-based company, ending a decadelong operation. The carmaker’s board of directors approved selling Hyundai Motor Manufacturing Russia in St. Petersburg, along with a General Motor plant it acquired in 2020 to the Russian automotive service firm Art-Finance. “We have reviewed var

Dec. 19, 2023

Hyundai Motor donates W35b to charity

Hyundai Motor Group said Tuesday that it has donated 35 billion won ($26.8 million) to Community Chest of Korea, a nonprofit organization and state-sanctioned charity. The South Korean auto conglomerate has taken part in CCK’s year-end campaign for helping the underprivileged since 2003. Hyundai Motor said it increased this year’s donations by 10 billion won. According to the company, the auto giant’s accumulated amount of donations reached 394 billion won as of this year. &ldq

Dec. 19, 2023

Harim takeover of debt-ridden HMM draws concerns

Harim Group’s consortium was named as the preferred bidder for debt-ridden container ship company HMM, leaving concerns about how it would fund the acquisition worth 6.4 trillion won ($4.9 billion), industry sources said Tuesday. Outbidding rival Dongwon Group, the company is expected to take over the 57.9 percent stake owned by controlling shareholders of HMM -- the state-run Korea Development Bank and Korea Ocean Business Corp. The creditors have sought to get the shipper back on track t

Dec. 19, 2023

[KH Explains] Why Hyundai Motor has no plan to adopt Apple’s upcoming CarPlay

Hyundai Motor Group could compete head-to-head with Apple in software, a domain where Apple, as the world's most valuable company, is known to excel, as the South Korean automaker is progressing toward its own software-defined vehicle vision that aims to incorporate its proprietary connected car operating system into all new models by 2025. This bold move could be part of its strategy to dominate in-car screens with its own software, potentially opening new revenue streams through content a

Dec. 18, 2023

[Photo News] Team building

Kia held the championship round of its in-house League of Legends tournament on Friday at the automaker's training institute, the Kia Vision Square, in Yongin, Gyeonggi Province, the South Korean automaker said Monday. The company began its first in-house LoL tournament with 23 teams of 115 employees from Kia offices nationwide in November. On the sidelines of the championship round, professional esports players from the automaker-sponsored Dplus Kia team held an event match and competed ag

Dec. 18, 2023

Korea’s car exports surge over 80% after COVID-19: report

South Korea’s car exports climbed 84.2 percent from January to September this year compared to 2019, while imports of electric vehicles and EV batteries from China gradually increased, a report showed Monday. The export volume surged to $50.5 billion in the cited period after the prolonged COVID-19 pandemic and global supply glitches, according to the Korea Automotive Technology Institute, or Katech. Compared to last year, exports of battery-powered cars and hydrogen fuel cell vehicles sky

Dec. 18, 2023

KG Mobility to produce Torres EV in Saudi Arabia

KG Mobility, formerly SsangYong Motor, and Saudi National Automobiles Manufacturing Company, a licensed producer of international and domestic automobiles, signed a partnership agreement on Friday to assemble the carmaker's Torres EVX electric vehicle in Saudi Arabia. The agreement expands an existing deal between the companies for SNAM to manufacture KGM's internal combustion engine vehicles. Under the new pact, SNAM will augment production capabilities to assemble the all-electric To

Dec. 17, 2023

Why Renault bets big on Polestar’s Busan production

Swedish electric-vehicle maker Polestar recently announced its plan to produce the new all-electric Polestar 4 at Renault Korea Motors’ Busan plant in 2025. The new partnership comes as Polestar, a spinoff from Volvo in 2017, is seeking to secure a bigger footing in the burgeoning EV market with a more diversified product lineup from the Polestar 2 sedan and the Polestar 3 sport utility vehicles to the latest Polestar 4 coupe-styled SUV. At a time when it is crucial to beef up its produc

Dec. 17, 2023

[Herald Interview] Group14, SK Materials to operate Asia’s largest silicon plant for EVs

The joint venture between Washington-based Group14 Technologies and SK Materials, a chemical materials unit under Korea’s SK Group, will start the commercial operation of Asia’s first large-scale manufacturing plant for silicon battery materials in Sangju, North Gyeongsang Province, early next year. “(SK Materials Group14), the joint venture in Sangju, is the Asia’s first electric vehicle-scale silicon anode manufacturing facility that will go online very soon in the next

Dec. 17, 2023

Sales of Hyundai, Kia in US exceed 1.5m this year

The combined vehicle sales of Hyundai Motor Co., South Korea's top carmaker, and its affiliate Kia Corp. in the United States surpassed 1.5 million units this year, according to industry data on Sunday. Hyundai and Kia sold 788,403 and 722,176 units, respectively, over the January-November period, the data showed. Hyundai's figures include sales of its independent Genesis brand, which also hit an annual record of 62,372 units. The combined figure marks the highest yearly sales since Hy

Dec. 17, 2023

Hyundai Kona EV remains eligible for French EV incentives

Hyundai Motor's all-electric compact sports utility vehicle, the Kona Electric, will continue to be eligible for cash incentives offered by the French government to buyers of electric vehicles. Paris on Thursday released a list of 78 EVs from 22 brands eligible for the government incentives. According to the announcement, Kona was the only Korean vehicle that remained eligible, whereas Kia’s two hybrid vehicles -- the Niro and Soul -- were excluded from the list. The new eligibility l

Dec. 15, 2023

Kia to unveil 5 new concept cars at CES 2024

Kia will present its future sustainable mobility strategies and unveil five new concept vehicles for the first time at the CES tech show in Las Vegas early next month, the Korean automaker said Thursday. Returning to CES for the first time since 2019, Kia said it will redefine the “Purpose-Built vehicle,” or PBV, the brand’s total mobility solution, to “Platform Beyond Vehicle” to offer experience-based values that suggest new business and lifestyles. The automaker

Dec. 14, 2023

[Herald Interview] SES AI bolsters battery partnership with Hyundai Motor on EV, UAM

SES AI Corp., a Boston-based company pioneering in lithium-metal batteries, is strengthening business ties with Hyundai Motor Group in developing the next-generation power source for electric vehicles and Urban Air Mobility. “Of the three production lines in Korea, we are preparing one for developing B-Sample lithium-metal batteries for EVs in Uiwang, near Seoul, with Hyundai Motor Group,” said SES AI Corp. CEO Qichao Hu during an interview with The Korea Herald in Seoul on Wednesday

Dec. 14, 2023

[Photo News] New Toyota Prius

Toyota Korea on Wednesday launched the fifth-generation Prius in South Korea. The Japanese carmaker's signature hybrid model comes in two different powertrains: a 2.0-liter hybrid electric vehicle boasting fuel efficiency of 20.9 kilometers per liter and a 2.0-liter plug-in HEV capable of driving up to 64 km on battery only. The starting prices of the HEV and PHEV models are set at 39.9 million won ($30,350) and 46.3 million won, respectively. (Toyota Korea)

Dec. 13, 2023

Germany’s lukewarm EV sales alarm Korean battery makers

A recent report showed that Germany, the largest European automotive market, is expected to see a drop in electric vehicle sales this year for the first time in seven years, piling pressure on Korean battery makers who have operated core businesses in the all-important region. From January to November, the number of EVs sold in Germany decreased 5 percent on-year to 627,000 units, according to a report from Eugene Investment & Securities. In November alone, the country witnessed a 39 percent

Dec. 12, 2023

Hyundai, Kia file patent for 'automatic' snow chains

Hyundai Motor and its sister company Kia on Monday unveiled a new tire technology that promises to improve winter driving safety and convenience by offering an automatic, hassle-free alternative to traditional snow chains. The patented technology integrates snow chains into the tire using a shape memory alloy. Traditional snow chains, known for their cumbersome installation and removal process, often deter drivers from using them. This new technology enables automatic deployment and retraction o

Dec. 11, 2023

Porsche Korea CEO named honorary Seoul citizen

Porsche Korea CEO Holger Gerrmann has been appointed as an honorary foreign citizen of Seoul, the German automaker's Korean office said Monday. "Blending historical landmarks and modern cityscapes and combining vibrant cultural diversity, Seoul is a city that inspires dreamers and is full of positive energy for the future," Gerrmann said in a statement. "As a representative of the corporate citizens and a citizen of Seoul, I will continue to fulfill my social responsibilities

Dec. 11, 2023

LG Uplus, Toyota team up to extend EV charginbg network

Toyota Motor Korea and LG Uplus, the nation’s main telecommunications carrier, have joined hands to build an electric vehicle charging network in line with the electrification megatrend, the companies said Monday. Under the memorandum of understanding, the mobile carrier agreed to supply its EV charging platform named Voltup to the automaker. Launched last year, Voltup is an independent EV charger business led by LG Uplus. The mobile carrier takes care of the launch, management and custome

Dec. 11, 2023

[Herald Interview] Renault Korea prepares for major changes from 2024

Renault Korea Motors is pinning high hopes for next year to be the beginning of a complete turnaround after years of struggle, as the French automaker has big plans for 2024 and beyond, its CEO says. “Next year, we will have two big events. One related to the brand uplift and one related to the launch of the Aurora 1,” said Renault Korea Motors CEO Stephane Deblaise in an interview with The Korea Herald at the automaker’s office in Seoul on Dec. 5. The Aurora 1, codenamed AR1,

Dec. 10, 2023

LG's new research promises potential for 900km-range EVs

LG Energy Solutions and the nation's top-ranked Korea Advanced Institute of Science and Technology have made a significant discovery in lithium metal battery technology, as revealed in a research paper in the prestigious journal Nature Energy, potentially increasing electric vehicle range by 50 percent and drastically enhancing battery efficiency and lifespan. The discovery stems from a collaboration that began over two years ago at the Frontier Research Laboratory, a joint venture between

Dec. 7, 2023