Posco Future M to build W400b battery materials plant in Pohang

Posco Future M, formerly called Posco Chemical, said Tuesday it would construct an electric vehicle battery materials plant in Pohang, North Gyeongsang Province, after landing a 40 trillion won ($30.6 billion) deal with Samsung SDI earlier this year. During a shareholders meeting Monday, the company decided to build a 392 billion-won plant that exclusively produces nickel cobalt aluminum (NCA) battery materials for the first time. The estimated annual production capacity is 30,000 tons, enough

March 21, 2023

[Photo News] EV charging robot

Hyundai Motor Group on Tuesday unveiled an artificial intelligence-based automotive charging robot. According to the carmaker’s test video, the robot communicates with the Ioniq 6 electric sedan and controls the charging process, from parking to opening and closing the charger port cover. Details about the robot’s mass-market debut were not disclosed immediately.

March 21, 2023

Kia unveils EV5 concept in China in renewed sales push

Hyundai Motor Group’s Kia on Monday unveiled the concept of its full-electric midsized sport utility vehicle EV5 in China, renewing its sales push in the all-important market where it has struggled to elevate its shrunken market share. The carmaker held the Kia EV Day event, its first media event this year, in Shanghai. Earlier, Kia said it would produce the EV5 in China for both domestic and global sales. The car is the smallest of its EV lineup. Since the 2021 debut of the EV6, its fir

March 20, 2023

[Herald Interview] Indiana lures Korean businesses with skilled workforce, hefty incentives

The US state of Indiana is seeking to set up a liaison office in South Korea to reach out to Korean businesses that are investing heavily to expand their presence in the burgeoning electric vehicle market there. “We are excited about opening a liaison office here that will focus on helping Indiana secure investment from Korea-based companies,” Indiana’s Secretary of Commerce Brad Chambers told The Korea Herald in an interview in Seoul Friday. “We are actively working to

March 20, 2023

LG Energy Solution continues aggressive US expansion

LG Energy Solution is looking to keep ramping up its battery businesses in the US as the North American electric vehicle market is projected to see a compound annual growth rate of 33 percent through 2030. According to the South Korean battery maker, the company’s backlog orders reached 370 trillion won ($284 billion) as of September last year, an increase of over 100 trillion won from the end of 2021. Of the backlog orders, 70 percent were due for the North American market. LG Energy Solu

March 20, 2023

[Photo News] Aid through air

Relief goods are shipped to Korean Air’s special charter flight before it departs for Turkey on Monday. The Boeing 777 freighter carried 45 tons of relief goods, including tents, sleeping bags and blankets, to be delivered to the area hit by the Turkey-Syria tearthquake in February.

March 20, 2023

[Herald Interview] Volvo Trucks seeks to woo young, female drivers

Moving toward autonomous driving, Volvo Trucks is developing the technology to offer the best truck-driving experience to draw in young drivers and female drivers, while investing into its driver environment. “If you later get the opportunity to drive the electric vehicle, it’s a fantastic driving experience. Smooth driving and great comfort in order to make the driver occupation more attractive, because we need to attract more younger, more females to drive trucks,” Johan Selv

March 20, 2023

Seoul Mobility Show to showcase new EVs, flying cars

The upcoming Seoul Mobility Show will unveil a wide range of innovative transportation spanning from new electric vehicles to air taxis, the organizing committee said Thursday. The 11-day exhibition, slated for March 30 - April 9, is scheduled to take place at Kintex in Gyeonggi Province. More than 160 mobility companies including automakers, mobility service providers and mobility software companies across 10 countries will participate in the event, a 60 percent jump from a year earlier, accord

March 16, 2023

[Photo News] Seoul-inspired Rolls-Royce cars

Rolls-Royce Motor Cars on Thursday unveiled the Korea-only Lucid Night Editions of the Rolls-Royce Black Badge Cullinan SUV. The three limited-edition cars were inspired by the night view of Seoul that represents South Korea’s dynamics and modernity, the ultra-luxury carmaker said. Their prices are estimated at over 800 million won ($610,000). Rolls-Royce CEO Torsten Muller-Otvos is scheduled to visit Seoul later this month.

March 16, 2023

[Photo News] Kia EV9 unveiled

South Korean automaker Kia on Wednesday unveiled the official design of the Kia EV9, a large all-electric sport utility vehicle. Kia said it will release detailed information about the Kia EV9 later this month and debut the car at the upcoming Seoul Mobility Show on March 31-April l9 at Kintex in Gyeonggi Province.

March 15, 2023

Hyundai becomes world’s third-largest carmaker

Hyundai Motor Group has become the world’s third-largest carmaker in terms of sales, an impressive feat after more than two decades when, in 2000, the South Korean auto giant made it to the global top 10 list. According to its regulatory filing Wednesday, the carmaker sold a total of 6.8 million vehicles last year, the third highest after Toyota’s 14.8 million units and Volkswagen’s 8.5 million units. The sales figure outpaced Renault-Nissan Alliance's 6.2 million unit

March 15, 2023

Hyundai to acquire GM's auto plant in India

Hyundai Motor Group said Tuesday it is in the early stage of signing a deal to acquire General Motors’ car manufacturing plant in India, the world’s third-largest car market. The Indian unit of Hyundai Motor has signed a term sheet with GM to acquire its automobile plant in Talegaon, the western state of Maharashtra, India. It is the first time that the local unit is seeking an acquisition of its industry rival’s manufacturing facilities since it made foray into India in 1996.

March 14, 2023

Swing launches mobility services for foreign users

South Korean personal mobility startup Swing said Monday that it is starting services for foreign users by diversifying identity verification methods to include passports and international driving licenses. In a recent mobile application upgrade, foreign nationals living or visiting Korea can register for a membership through a simpler identification process to use the company’s mobility services using electric scooters, bicycles, or boards. Currently, the app supports Korean and English,

March 13, 2023

[Newsmaker] Hankook Tire halts fire-hit Daejeon plant

Hankook Tire and Technology has stopped production altogether at its Daejeon plant after a fire burned some of the factory buildings and left severe damage, the South Korean tire manufacturer said Monday. Although buildings in one of the two factory complexes were not damaged by the fire, a Hankook Tire official explained that the company is shutting down its operation for the day as part of safety measures. "We don't know when the plant will resume operation at the moment," the o

March 13, 2023

Ford points finger at SK On over F-150 recall

US auto giant Ford recently reiterated SK On’s battery defect in recalling 18 F-150 Lightnings that led to the production shutdown of the electric pickup trucks after a battery fire incident last month. “Ford is recalling 18 F-150 Lightnings due to a battery cell manufacturing defect, which occurred over a four-week period starting at the end of last year,” the carmaker said in a statement Friday local time. SK On is the battery supplier for the flagship model. The trucks mig

March 13, 2023

[KH Explains] Korean battery makers hint at ‘price war’ against Chinese rivals

After years of a high-pricing, premium strategy, South Korea’s top three battery makers -- LG Energy Solution, Samsung SDI and SK On -- are increasingly turning their eyes to low-priced batteries in an apparent move to prevent ceding more market share to their fast-growing Chinese rivals in the soaring global electric vehicle market. SK On, a spinoff from SK Innovation, will unveil its first lithium iron phosphate (LFP) battery, at this week’s InterBattery trade show that kicks off

March 12, 2023

Korean auto, battery sectors brace for EU-first act

South Korean automotive and battery companies are closely monitoring the soon-to-be-unveiled European Union’s Critical Raw Materials Act as the new regulation intends to strengthen the availability of critical raw materials and enhance the regional supply chain. For Korean businesses, the EU’s CRMA -- set to be made public on Tuesday -- is widely seen as the European version of the US’ Inflation Reduction Act. The IRA, which was signed into law by the Biden administration in Au

March 10, 2023

Hyundai Motor sets ambitious goals to beef up domestic output

Hyundai Motor Co. on Thursday laid out its goals to ramp up domestic production and exports to the highest figures since the COVID-19 pandemic began three years ago, showing the auto giant’s willingness to overcome various economic and geographical uncertainties. The record-high targets were announced as President Yoon Suk Yeol visited the automaker’s Ulsan plant. Hyundai Motor Group Executive Chair Chung Euisun accompanied Yoon as the president toured the automaker’s plant. Ac

March 9, 2023

Bentley unveils first luxury showroom in Seoul

Bentley Motors said Wednesday it has opened Bentley Cube, its first high-end retail showroom, in South Korea, catering to the fast-growing number of luxury customers craving exclusive experiences. Located in Gangnam, southern Seoul, the four-story flagship shop offers a private space for Bentley customers to enjoy the brand’s bespoke luxury lifestyle. “Korea is a leading country in luxury sales, the biggest market in the Asia-Pacific region. (The grand opening of Bentley Cube) is

March 8, 2023

[Photo News] Kona Electric unveiled

Hyundai Motor Group on Tuesday premiered the all-new Kona Electric, the automaker's latest addition to its expanding portfolio of all-battery electric vehicles, in a video on its YouTube channel. According to the carmaker, the latest EV can drive 410 kilometers or more on a single charge, the longest driving length among EVs in the same classification. Hyundai Motor plans to present the all-new Kona Electric for the first time in an offline setting at the upcoming Seoul Mobility Show schedu

March 7, 2023