Hyundai Motor gobbles 55% of hydrogen fuel-cell vehicle market in Q1

South Korean automaker Hyundai Motor captured more than half of the global hydrogen fuel-cell vehicle market in the first quarter, according to energy market tracker SNE Research on Thursday. A total of 3,737 hydrogen fuel-cell vehicles were sold worldwide in the first three months of 2023, up 4.5 percent on-year. Among manufacturers, Hyundai Motor sold a total of 2,042 vehicles, of which it sold 2,013 units of the Nexo -- an 19.8 percent increase on-year. Hyundai’s market share increased

May 11, 2023

[Photo News] Portable green energy

BMW Korea Future Fund will offer an opportunity to check out the German automaker's green energy technology at the upcoming Seoul Safety Festival taking place from Thursday through Saturday in Yeouido Park, the nonprofit organization said Wednesday. The nonprofit will display its Next Green To-Go mobile energy storage system, which uses electric vehicle batteries, to show the importance and different ways of using eco-friendly energy. The German luxury carmaker set up the fund in 2011 to

May 10, 2023

Jeju Air shifts to net profit in Q1 as travel demand recovers

Jeju Air Co., South Korea's biggest budget carrier, said Tuesday it shifted to a net profit in the first quarter from a year earlier on recovering travel demand amid eased COVID-19 curbs. In the three months ended in March, Jeju Air swung to a net profit of 48.19 billion won ($36 million) from a net loss of 64.91 billion won during the same period last year, the company said in a statement. "Increased flights to Southeast Asian countries helped offset lackluster travel demand to China,

May 9, 2023

Kia outpaces Tesla in profitability

Hyundai Motor Group’s smaller affiliate Kia outpaced Tesla in operating profit margin in the first three months this year, shedding light on how a legacy carmaker could challenge the world’s top electric vehicle company, an analyst report showed Tuesday. Kia’s first-quarter operating profit margin came to 12.1 percent, surpassing that of Tesla’s 11 percent, according to the Samsung Securities report. “Kia could be the only traditional auto maker that can compete h

May 9, 2023

Korea’s battery exports to grow 33% annually until 2030: Goldman Sachs

South Korea’s battery exports are estimated to post an annual growth rate of 33 percent until 2030, boosting the country’s GDP growth by 0.3 percent, a report issued by Goldman Sachs showed Monday. According to the global investment bank, Korean battery makers’ global sales are expected to surge by an average of 43 percent in the cited period. The nation’s rapid expansion of its EV supply chain will have a positive impact on macroeconomic indicators such as the GDP gr

May 8, 2023

[From The Scene] EV diagnostics key to safety: KITECH

JEJU, Jeju Island -- Amid the booming market for electric vehicles, demand for car maintenance and diagnostics services has been on the rise to prevent fatal accidents on the roads. In a move to offer enhanced diagnostic technology for EV failure and repair, the Jeju Island unit of the state-run Korea Institute of Industrial Technology demonstrated a test that collects data from driving electric cars in front of the media on Thursday. During the test performed at the institute's headquart

May 7, 2023

[Photo News] Honoring fallen heroes

Hyundai Motor Group officials including Executive Chair Chung Euisun (fourth from left) paid their respects to fallen soldiers at the Korean War Veterans Memorial in Washington on April 26, according to the Korea-US Alliance Thursday. Chung laid a wreath at the memorial on behalf of Hyundai Motor Group. He accompanied President Yoon Suk Yeol’s state visit to the United States last week as a member of the Korean business delegation.

May 4, 2023

Korean Air unveils Blackpink aircraft endorsing Busan's expo bid

Korean Air unveiled a special aircraft dedicated to endorsing Korea’s 2030 Busan World Expo bid during an event held at Incheon Airport on Wednesday. The aircraft, a Boeing 777-300ER, displays the image of world-renowned K-pop idol group Blackpink, bringing attention to and fostering support for the expo bid. “It is a great honor to be part of the nationwide efforts to raise awareness and gather support for Korea’s bid for the World Expo. We will fulfill our role as an ambassad

May 3, 2023

[Photo News] Hyundai's new hydrogen-powered truck

Hyundai Motor Group said Wednesday that it has unveiled its new hydrogen-powered heavy-duty electric trucks during the Advanced Clean Transportation Expo 2023. The new XCIENT Fuel Cell Tractor, weighing 37.2 tons, was developed to suit the North American market, where long-distance operations are common. It is equipped with a 180-kilowatt hydrogen fuel cell system.

May 3, 2023

Experts urge efforts to prevent EV fires

SEOGWIPO, Jeju Island – Amid a surge in electric vehicle sales globally, experts on Tuesday called for concerted efforts among policymakers and industry officials to prevent EV batteries from catching fire. Fire-prone batteries were blamed for 12 percent of the total 130 recalls issued here since 2018, while software malfunctions took up the largest share at 43 percent, according to Lee Gwang-beom, an advisor at law firm Shin & Kim. “But battery fires are directly linked to con

May 2, 2023

[Photo News] The House of GM

American multinational automotive company General Motors said Tuesday it will open its first collective brand space in Korea called "The House of GM" on Friday. The space, inspired by GM's heritage site, Factory One, will be used to showcase the firm's company values, US culture and lifestyles. There will also be a variety of events for visitors to enjoy, including test drives, DIY workshops and gifts for child visitors in celebration of Children's Day, which will be dis

May 2, 2023

LS Cable completes Asia’s largest submarine cable plant, eyeing offshore wind power market

South Korea’s top wire and cable maker LS Cable & System said Tuesday it has completed Asia’s largest high-voltage direct current (HVDC) underwater cable plant in Donghae, Gangwon Province. The plant, named Submarine Building 4, is a 172-meter-tall vertical continuous vulcanization (VCV) tower with a total floor area spanning 34,816 square meters. Some 190 billion won ($141 million) has been injected into the construction that started in July 2021. The company said this facility

May 2, 2023

[Herald Interview] Kona Electric comes back stronger, cheaper

Hyundai Motor’s all-electric compact sport utility vehicle Kona has returned to the market after a yearslong hiatus. Its first-generation model was suspended in 2019 following a series of battery fires, leading to a 1.4 trillion won ($1 billion) recall of some 80,000 vehicles. For the vehicle's second generation, dubbed the All New Kona Electric, the carmaker has teamed up with Chinese battery giant CATL to enhance safety while minimizing price hikes, according to Hyundai’s prod

April 30, 2023

[Photo News] Hyundai chair at Yoon’s US Congress speech

Hyundai Motor Group Executive Chair Chung Euisun (second from right in second row) was spotted during President Yoon Suk Yeol’s address to a joint meeting of the US Congress, celebrating the 70th anniversary of the bilateral alliance at the House Chamber of the US Capitol, Washington, D.C., on Thursday. Chung and top executives including Hyundai Motor Group CEO Chang Jae-hoon and Jose Munoz, president and CEO of Hyundai and Genesis Motor North America, had reportedly signed up to make sure

April 28, 2023

Korea Exchange to resume trading of KG Mobility shares

South Korea's main bourse operator decided Thursday to keep KG Mobility, formerly known as SsangYong Motor, listed on the market. SsangYong's shares have been suspended since December 2020, when the carmaker filed for a court receivership. The court receivership procedure was completed in November last year, after KG Group decided to acquire SsangYong. The company was later renamed KG Mobility. The Korea Exchange conducted an eligibility review Thursday and decided to keep the compan

April 27, 2023

Hyundai, Kia likely to outpace Toyota in Q1 earnings for 1st time

Hyundai Motor Group is highly likely to outpace Toyota in first quarter earnings this year for the first time, according to industry estimates on Wednesday. The South Korean auto giant’s Hyundai and Kia brands posted a combined 6.5 trillion won ($4.8 billion) in operating profits in the first three months of this year. It is a record figure for the carmaker, exceeding the estimated 5.98 trillion won of operating profits of its archrival Toyota, the world’s No. 1 carmaker in terms of

April 26, 2023

Korean battery makers bolster EV alliance in US to tackle IRA

South Korean battery and automakers are shelling out big funds to set up joint ventures for electric vehicle batteries in the US in response to the protectionist Inflation Reduction Act, industry sources said Wednesday. Samsung SDI announced Tuesday it is poised to build a joint venture with General Motors in the US. Details of the deal including the location were not made available. Under $3 billion investment, the plant will have an annual production capacity of 30 gigawatt-hours, supplying

April 26, 2023

Renault’s QM6 combines perks of SUVs and sedans

Renault Korea’s new QM6 SUV is more than just your typical SUV -- it is also equipped with the much-loved perks of a sedan. SUVs are usually known to offer a less comfortable riding experience compared to sedans due to the bigger tires causing higher road impact. With an improved power train, reduced noise, an upgraded exterior and additional convenience features, Renault’s QM6 presents a solution to this issue by keeping the performance and capabilities of an SUV while incorporating

April 26, 2023

[Photo News] New Mercedes E-Class

Mercedes-Benz unveiled the new E-Class in a digital world premiere on Tuesday. The new E-Class underwent a full change for the first time in seven years to feature advanced personalization and digitalization functions. The luxury midrange sedan is expected to go on sale early next year in South Korea.

April 26, 2023

Hyundai Motor outpaces Samsung in quarterly earnings for 1st time

Hyundai Motor, the flagship unit of Hyundai Motor Group, said Tuesday it posted record operating profits of 3.6 trillion won ($2.7 billion) in the first three months of this year, outpacing Samsung Electronics in quarterly earnings for the first time. The auto giant reported surprising earnings in the first quarter, with operating profits jumping up 86.3 percent on-year. During the same period, Samsung Electronics posted 600 billion won in operating profits. It is the first time that Hyundai

April 25, 2023