Hyundai Motor chief visits Intel's Irish chip plant

Hyundai Motor Group Executive Chair Chung Euisun visited Intel’s semiconductor plant in Ireland on Friday to inspect the global chip supply chain trends and prepare stability for in-vehicle chips in the future. According to the South Korean auto giant on Sunday, Chung checked out the manufacturing process at the Fab 24 manufacturing plant, located at Intel Ireland’s Leixlip campus in County Kildare as he was briefed on the chip company’s global business status. Hyundai Motor Gr

July 9, 2023

LG Energy Solution, Stellantis, Canadian gov’t agree on subsidies for battery plant

LG Energy Solution said Thursday it has come to an agreement with the Canadian government on the conditions of subsidies for the construction of a joint battery plant for electric vehicles with Stellantis. Nextstar Energy, a joint venture between LG Energy Solution and Stellantis, signed the final contract for the battery production plant in the Canadian province of Ontario. Meanwhile, the federal and local governments agreed to offer subsidies equivalent to those provided under the US’ In

July 6, 2023

Volvo Trucks chief visits Seoul

Volvo Trucks President Roger Alm visited South Korea to show the company’s commitment to cater to the fast-growing demand of electric commercial trucks in the nation’s logistics industry, the company said Wednesday. During a luncheon with corporate clients in a hotel in Seoul, Alm stressed the importance of the Korean market and pinned high hopes on its Korean unit in creating a strong foothold in the electric heavy-duty vehicles market. Aside from battery-powered trucks, the truckma

July 5, 2023

Sales of ultra-luxury super cars exceed 6,000 units

The number of ultra-expensive luxury cars priced at over 300 million won ($231,00) sold in South Korea has exceeded 6,000 units, a report showed Tuesday. As of April, 6,299 units of high-priced cars were registered nationwide, according to a report from Rep. Yang Kyung-suk of the main opposition Democratic Party of Korea, citing data from the Ministry of Land, Infrastructure and Transport. Vehicles priced between 300 million and 500 million won hit 5,006 units, while the ones priced at over 500

July 4, 2023

[From the Scene] Kia's Gwangju plant ups automation

GWANGJU -- A line of pressing machines continuously stamped out automotive body panels inside Kia’s manufacturing plant in Gwangju on Thursday. The pressers never seemed to miss a beat as they kept stamping out the panels, offering a glimpse of the automatized operations at the South Korean carmaker’s major domestic production site. A similar scene could be observed at the next stop, the welding shop. A large electronic display board hanging down from the ceiling showed how the autom

July 4, 2023

Hyundai, Kia US sales rise 9.9% in June on SUVs, eco-friendly models

Hyundai Motor Co. and its affiliate Kia Corp. said Tuesday their combined sales in the United States rose 9.9 percent in June from a year earlier on robust sales of SUVs and environment-friendly models. Last month, Hyundai and Kia sold 145,849 vehicles in the world's most important automobile market, up from 132,739 units a year earlier, according to the companies' sales data. Hyundai's sales climbed 11 percent to 75,354 units in June from 67,597 a year ago, while Kia's were

July 4, 2023

KG Mobility to take over Edison Motors

KG Mobility said Monday it will look to strengthen its commercial vehicle portfolio after being picked as the final candidate to acquire Edison Motors. With approval from the local court in Changwon, South Gyeongsang Province, of KG Mobility as the final takeover candidate, Edison Motors can complete the corporate rehabilitation process once it submits a debt recovery plan and acquires an agreement from creditors. KG Mobility said it plans to transform Edison Motors into a firm that can contribu

July 3, 2023

Hyundai, Kia to outpace chaebol rivals in Q2 profits

Hyundai Motor Company and its sister firm Kia will continue to post upbeat earnings in the second quarter as the two automakers are projected to take first and second places on the list of Korea’s top profit makers in the second quarter. According to market tracker FnGuide’s earnings consensus on Monday, Hyundai Motor’s operating profit in the second quarter is expected to reach 3.6 trillion won ($2.7 billion), up 21.1 percent on year to repeat as the leading earner among the l

July 3, 2023

US deputy secretary welcomes SK-Ford battery partnership

David Turk, deputy secretary at the US Department of Energy, visited the construction site of BlueOval SK in Stanton, Tennessee, a joint venture of SK On and Ford Motor Co., the South Korean battery maker said Monday. “BlueOval SK is a project that shows fantastic partnership among the US government, SK On, Ford and BlueOval SK,” Turk said during a meeting with SK On, Ford Motor and SK BlueOval executives and US government officials on Thursday. “I think this is a phenomenal

July 3, 2023

[Photo News] Mini showrooms in Korea

Mini has opened the world's first showrooms specifically designed to promote its high-performance brand -- John Cooper Works, or JCW -- in South Korea, the company under BMW said Monday. Located in Suwon, Gyeonggi Province, Incheon, Daegu and Busan, the four JCW performance showrooms present the entire lineup of JCW vehicles, offering premium services and test drives for customers. The Korean sales of JCW models jumped by 45 percent on-year in 2022, logging the biggest annual sales figure o

July 3, 2023

S. Korea, Slovenia seek stronger ties in EVs, logistics

South Korea and Slovenia discussed ways Friday to enhance bilateral cooperation on electric vehicles, logistics and advanced industries, Seoul's industry ministry said. During the meeting with Slovenia's economic minister, Matjaz Han, in Seoul, Seoul's Trade Minister Ahn Duk-geun pointed to the recent growth in the EV market in the European nation and voiced expectations for stronger ties in the related sectors, according to the Ministry of Trade, Industry and Energy. Ahn also ask

June 30, 2023

S. Korea's forklift exports up 57% through May

South Korea's forklift exports jumped nearly 57 percent on-year in the first five months of 2023, data showed Friday, following a rebound in the global construction industry. Exports of forklifts reached $525 million from January to May this year, reaching a record-high amount for the period, according to the data compiled by the Korea Customs Service. The agency attributed the growth to increasing demand from construction sites worldwide, as some companies in major countries shifted their

June 30, 2023

EU antitrust regulators temporarily halt probe of Korean Air-Asiana deal

BRUSSELS (Reuters) -- EU antitrust regulators have temporarily suspended their investigation into Korean Air Lines' proposed acquisition of Asiana after the former asked for more time to prepare remedies to address competition concerns, the South Korean carrier said on Wednesday. The temporary halt took effect on June 23, the European Commission's site shows. "Korean Air has requested a deadline extension to render comprehensive remedies that can address the EC’s concerns, a

June 28, 2023

Lucid CEO says Aston Martin EV tech deal is just the beginning

LONDON (Reuters) -- Lucid will pursue more deals to sell its luxury electric vehicle equipment as it looks to grow its technology supply business, its top executive said on Wednesday, adding its recent deal with Aston Martin is just the start. The US EV firm will provide Aston with technology including a rear drive unit with twin motors, battery modules and software for integrating systems under the agreement with the British luxury carmaker announced on Monday. The parts will come from Lucid�

June 28, 2023

[Best Brand] Noble Klasse offers top-class luxury limousine service

KC Motors’ luxury limousine brand Noble Klasse is a leading player in the nation’s premium limousine market that is equipped with both design and production capabilities. Since its debut in 2015, its limousine lineup consists of L4, L9, L9 Standard and L13 models based on the number of passenger seats. The smallest second generation L4 is the nation’s first limousine with a full partition that offers a comfortable ride for a limited number of VIP passengers. The car comes with

June 28, 2023

[Best Brand] Yamaha aims to enhance motorcycle safety

Yamaha Motor Company has been a pioneer in making motorcycles safer and more convenient by developing and incorporating cutting-edge electronic safety equipment. In particular, the all-new XMAX 300 sports scooter, recently released in South Korea under the distributor Hankook Motor Company, touts such innovative technology, making it a viable option for riders who want to be safer on the road. The vehicle comes with an anti-lock brake system and a traction control system, Yamaha said, which inst

June 28, 2023

Hyundai invests W2b in auto chip startup

Hyundai Motor Group said Wednesday it has made follow-on investments worth 2 billion won ($1.5 million) in Korea-based auto chip startup Bos Semiconductors in a move to boost its autonomous car business. Under the deal, the carmaker plans to strengthen its strategic partnership with the startup and develop auto chips for self-driving cars and electric vehicles. Further details on the investment including in which car lineups the startup’s chips will be installed were not made available. Th

June 28, 2023

[Herald Interview] ‘Lamborghini Revuelto is sold out in Korea until 2025’

South Korea has become Lamborghini’s eighth-largest market in the world and No.1 in the Asia Pacific last year, selling over 400 units for the first time. With the growing strategic importance of the Korean market, the Italian high-end car brand is upping the ante here with its first hybrid sports car Revuelto, according to the company’s regional chief. “(Even before the official launch,) through pre-orders, the allocated number of cars until 2025 for the Korean market has comp

June 27, 2023

Hyundai Mobis bets big on futuristic displays

Hyundai Mobis, a South Korean automotive parts maker under Hyundai Motor Group, is seeking to lead the global in-vehicle display market with its rollable and swivel displays. “Hyundai Mobis is developing various in-vehicle display technologies centered on innovating space, enhancing user satisfaction and securing passenger safety,” said Han Young-hoon, Hyundai Mobis’ vice president heading the Electronics Convenience and Control lab during a media conference held at the company

June 27, 2023

[Test Drive] Lexus’ answer for luxury EV

Unlike other global carmakers going all-out to launch fully electric vehicles, Toyota and its premium brand Lexus have insisted on developing hybrid cars. However, with burgeoning demand for battery-powered EVs (BEVs) in Korean and other major countries’ clean car markets, Lexus aims to expand its footing with the first BEV lineup, The All New Electric RZ. RZ 450e, the first EV in the RZ lineup, is a crossover utility vehicle -- a mix of sedan and sport utility vehicle -- that runs on To

June 26, 2023