GM Korea unveils 2024 roadmap with four new vehicles

General Motors will release four new vehicles in South Korea this year including two electric vehicles as the global automaker looks to expand its presence in the local market, GM's Korean office said Friday. "We plan to strengthen GM’s presence in the fiercely competitive domestic market and meet the needs of those seeking the unique American product experience and new lifestyle that only GM can provide by expanding our comprehensive range of products," said Hector Villarre

Feb. 4, 2024

[KH Explains] US Election: calm before the storm for Korean auto, battery makers

South Korean automakers and battery firms are closely monitoring this year's US presidential election and calmly bracing for negative impacts in the case of the Joe Biden administration’s Inflation Reduction Act possibly being repealed in a second Donald Trump term. The IRA, which is intended to boost American manufacturing and keep China in check, offers incentives to buyers of electric vehicles with certain battery parts and materials secured from US soil or via international partne

Feb. 4, 2024

Hyundai sticks to premium pricing in US with new Santa Fe

Hyundai Motor continues to implement a premium pricing strategy emphasizing brand power and quality in global markets, as the automaker unveiled the pricing for the all-new 2024 Santa Fe sport utility vehicle which is substantially more costly than both its predecessors and South Korean counterparts. The US market will see an increase in the sticker price of all 2024 Santa Fe trims, ranging from an additional $2,250 to as much as $5,200, in comparison to the 2023 model, according to Hyundai Moto

Feb. 1, 2024

Posco Future M hits record sales in 2023

Posco Future M said Wednesday it broke the record in revenue last year, driven by large-scale supply deals of electric vehicle battery materials. According to the company’s earnings report, annual sales revenue soared 44.2 percent on-year to 4.76 trillion won ($3.57 billion). In particular, sales of the battery materials business skyrocketed 73.4 percent to 3.36 trillion won, with an increase in the supply of cathode products, largely consisting of premium high-nickel products. Anode bat

Jan. 31, 2024

Stellantis Korea appoints 1st female chief

Stellantis Korea has named Bang Sil as its new head, the global automaker’s Korean office announced Tuesday. Bang will become the first Korean and female managing director of Stellantis Korea once the appointment takes effect Thursday. The Amsterdam-headquartered automaker established its Korean office in 2021. The new chief has over 20 years of experience in the auto industry, covering areas such as public relations, marketing, sales and networking. She previously served as an executive a

Jan. 30, 2024

Are Korean drivers losing appetite for EVs?

A recent survey released Tuesday by Encar, the largest used car platform in Korea, has revealed a shift in consumer preferences toward gasoline vehicles for new car purchases in 2024, with them regaining prominence over hybrids and electric vehicles, which were the top choices in 2022. The survey, titled "What's Your Next Car in 2024?" and conducted over a week in mid-January, involved 2,090 participants. 65.3 percent of these car owners plan to sell their current vehicles, primar

Jan. 30, 2024

Samsung SDI logs record sales in 2023 on strong EV demand

Samsung SDI said Tuesday it posted an all-time high revenue last year with robust growth in sales of electric vehicle batteries. In its earnings report, the company said annual sales revenue soared 12.8 percent to 22.7 trillion won ($17.1 billion). Its operating profit, on the other hand, dropped 9.7 percent to 1.6 trillion won due to sluggish sales of small batteries and electronics materials. “Although we missed the profit target for last year, the EV battery business has seen 38 percent

Jan. 30, 2024

Korea, 5th largest market for Bentley

UK luxury car manufacturer Bentley Motors said Monday it achieved an all-time high sales record in the South Korean market last year, making it the leading market in the Asia-Pacific region and the fifth largest globally for the second year running. Bentley Motors Korea accelerated its sales trajectory in the domestic market for the third year in a row, with 810 units sold in 2023, surpassing the sales milestones of 506 units in 2021 and 775 in 2022, according to data from the Korea Automobile I

Jan. 29, 2024

Posco Future M seeks more regulatory support

Kim Jun-hyung, CEO of Korean battery materials manufacturer Posco Future M, urged the Ministry of Environment to reinforce measures to boost the rechargeable battery industry, according to the company on Monday. Kim met with Lim Sang-jun, deputy minister at the Environment Ministry, who visited the company’s artificial graphite anode materials manufacturing plant in Pohang, North Gyeongsang Province, earlier in the day. Posco Future M shared its achievements in the cathode and anode materi

Jan. 29, 2024

Hyundai Mobis secures $9.2b in overseas orders in 2023

Hyundai Mobis secured a record high of global orders totaling $9.2 billion last year on the back of the worldwide automation trend in the car sector, the South Korean auto parts manufacturer under Hyundai Motor Group said Monday. Noting that the overseas orders significantly exceeded the originally set target of $5.6 billion, Hyundai Mobis highlighted that the new record was achieved through key parts orders signed with global automakers excluding the two Korean carmakers, Hyundai Motor Company

Jan. 29, 2024

Porsche vows to bring out best of ASEAN market

SINGAPORE -- Porsche has underscored its drive to put a great emphasis on the Southeast Asian region, as the German automaker vowed to find ways to offer various Porsche experiences for the Association of Southeast Asian Nations. “Our business is based on four pillars and (they are) Europe, North America, China and (what we call the) 'overseas region,' which is becoming more and more important,” said Matthias Becker, Porsche’s vice president of region overseas and eme

Jan. 28, 2024

Hyundai Mobis logs 14% sales growth in 2023

Hyundai Mobis, an auto parts manufacturing unit under Hyundai Motor Group, said Friday its revenue surged over 14 percent last year to nearly 60 trillion won ($44.9 billion). The company posted an annual revenue of 59.25 trillion won in 2023, breaking the record of 51.9 trillion won it set the year before. Its operating profit came to 2.29 trillion won, a 13.3 percent increase over the same period. The stellar performance comes after an increase in the supply of electric car parts, following a b

Jan. 26, 2024

LG Energy Solution hits record earnings on upbeat US sales

Despite the slowdown of electric vehicle sales, LG Energy Solution broke the record in earnings last year, largely driven by a boost in sales in the all-important US market. In its earnings report released Friday, the battery maker said its annual revenue surged by 31.8 percent to 33.7 trillion won ($25.3 billion) while operating profit skyrocketed 78.2 percent to 2.2 trillion won -- both hitting all-time high figures. With robust sales in the US, some 677 billion won worth of tax credits were a

Jan. 26, 2024

[From the Scene] New Macan signals true beginning of Porsche EV

SINGAPORE -- Porsche debuted the new Macan -- the automaker’s second all-electric vehicle and first battery-powered sport utility vehicle -- in Singapore on Thursday, officially signaling the start of its future lineup based on the company’s EV-dedicated platform. “We are taking the Macan to a completely new level with exceptional E-Performance, the new driver experience and a very impressive design,” said Oliver Blume, chairman of Porsche’s executive board, durin

Jan. 25, 2024

Hyundai-Kia retains global No. 3 spot as profits top Tesla's

Hyundai Motor Group has retained its position as the world's third-largest automaker for a second year, trailing only Toyota Motor and Volkswagen Group, based on its 2023 fourth-quarter and yearly financial results disclosed Thursday. The Korean automotive giant, comprising the Hyundai, Kia and Genesis brands, sold approximately 7.32 million vehicles last year, marking a 6.7 percent on-year increase from 2022. Kia, in particular, hit a record operating margin of 11.6 percent, surpassing tra

Jan. 25, 2024

Hyundai takes earnings crown after profit surge

Hyundai Motor Group pulled in an all-time high annual operating profit of 26.7 trillion won ($20 billion) last year, outpacing Samsung Electronics, which held the No. 1 position among the listed companies in Korea for 14 consecutive years, for the first time. Hyundai Motor Company saw a 15.1 trillion won record profit in 2023, a 54 percent jump from the earlier year with a 9.3 percent operating profit margin, while its sales revenue surged 14.4 percent to 162.7 trillion won, the company’s

Jan. 25, 2024

Hyundai’s $5.5b EV plant may receive fewer incentives in US

Hyundai Motor Group might not receive full tax credits from the US for setting up an electric vehicle manufacturing plant in the state of Georgia, although it made hefty investments in the new production base, media reports said Wednesday. According to the Korea-based news outlet, Seoul Economic Daily, the US Department of Energy is putting off responding to the carmaker’s request to apply the maximum 30 percent tax break for the Georgia plant. Given that the company has vowed to inject mo

Jan. 24, 2024

Kia plant completes upgrade for EV production

Hyundai Motor Group’s smaller affiliate Kia’s second auto manufacturing plant in Gwangmyeong, Gyeonggi Province, will resume operation in February, after an eight-month refurbishment to prepare the plant for electric vehicle production, industry sources said Tuesday. The company reportedly announced to the factory’s production line staff, who were on paid leave during the monthslong shutdown, that they would start working from Jan. 30. An official from Hyundai Motor Group confi

Jan. 23, 2024

Korean EV, battery makers seek leniency on IRA rules

Hyundai Motor Group and Korean battery manufacturers called for leniency in the US electric vehicle tax credit rules blocking battery sourcing from foreign adversaries including China, according to the Federal Register. In public comments submitted to the open-access website for US federal government documents on Thursday, Hyundai said, “It is unlikely that other countries will be able to replace China in the short term,” underscoring the global market’s dependence on the No. 1

Jan. 22, 2024

1 in 3 new import cars priced over W100m

Nearly 1 in 3 import cars sold last year was priced at 100 million won ($75,000) or over, with their sales hitting a record high despite a slight downturn in the import car market overall. According to the Korea Automobile Importers & Distributors Association on Friday, 78,208 vehicles priced at over 100 million won were sold here last year, an 8.8 percent jump from a year prior. During the same period, the overall import car market suffered a 4.4 percent drop, selling 271,344 vehicles all t

Jan. 19, 2024