‘Inflation law may disrupt Korean exports of 100,000 plus EVs’

South Korean carmakers on Thursday said at least 100,000 electric vehicles built here would face disruption in export sales annually under the new US law, which excludes battery-powered vehicles made outside of the US from tax credits. They also urged the South Korean government to revise the current subsidy law and map out temporary measures for local carmakers, such as tax credits.  According to the Korea Automobile Manufacturers Association, of which Hyundai Motor and Kia are members,

Aug. 25, 2022

[Exclusive] Jeju Island to launch drone taxi routes for tourists by 2025

South Korea’s resort island of Jeju will launch air routes for Urban Air Mobility (UAM) and drone taxis dedicated to tourists in the island by 2025, as the first municipality in the country to do so. Aimed at offering quick and accessible air mobility in the near future, the routes will connect the island’s popular tourist spots through the coast with quick and accessible air mobility in the near future, an executive who devised the idea told The Korea Herald on Thursday.  Jej

Aug. 25, 2022

[Newsmaker] Chung Euisun heads to US as inflation law puts Hyundai Motor EV strategy in peril

Hyundai Motor Group Executive Chair Chung Euisun made an emergency trip to the US on Tuesday to seek ways to deal with the latest US tax credit bill that has scrapped subsidies for foreign-made electric vehicles. Amid looming concerns that the bill may jeopardize the carmaker’s EV strategy, Chung left for Washington, D.C., with Hyundai Motor President Gong Young-woon who is in charge of public relations, media outlets reported Wednesday, quoting unnamed sources. They plan to meet high-ra

Aug. 24, 2022

Volkswagen Korea to bring ID.4 next month

Volkswagen Korea will launch its first pure electric sports utility vehicle next month as the first overseas branch of the German carmaker outside of Europe, its CEO said Tuesday. “ID.4, Volkswagen’s first pure electric SUV, will be launched in Korea and we will be the first country in the world for export market outside of Europe,” said Sacha Askidjian, the executive director of Volkswagen Korea at a launching ceremony for the new Tiguan Allspace, a seven-seater family SUV eq

Aug. 23, 2022

[Test Drive] Maserati’s first hybrid powerful yet traditional

The Maserati Ghibli GT Hybrid is a car that can satisfy those who love the sound of a combustion engine, but want to make a more fuel-efficient choice. The Ghibli GT Hybrid is the first ever electrified Maserati model, with which the luxury brand makes an attempt to keep up with the trends of the automobile industry. Maserati uses a 2.0-liter, four-cylindrical gas turbo engine boosted by a 48-volt battery and offers a maximum torque of 45.9 kilogram-meters. In a 245-kilometer test drive sessi

Aug. 23, 2022

No. of Ioniq 6 preorders hits new record on 1st day

Hyundai Motor received 37,446 EV preorders for its Ioniq 6 on the first day of presales, the highest day one preorder sales figure in the company‘s history. The carmaker said the number is far higher than Ioniq 5’s first-day preorders number of 23,760 units set last year. “Ioniq 6’s innovative interior and exterior design, along with the industry’s top-level traveling distance and driving performance incorporated with latest technology appear to have attracted po

Aug. 23, 2022

[Herald Interview] ‘Low driver pay is the root cause of taxi crisis’

In recent months, a severe taxi shortage saw people hailing a taxi on the streets of Seoul to no avail while ride-hailing apps like Kakao T failing to dispatch a driver, especially during nighttime peak hours. Between 10 p.m. and 2 a.m., only one 1 of 4 attempts to call for a taxi succeeds, according to Transport Minister Won Hee-ryong last month. The taxi crisis is blamed on a number of factors, including a sudden post-pandemic spike in demand and a reduced driver pool after many switched o

Aug. 20, 2022

One-third of newly registered taxis electric: data

More than one-third of newly registered taxis this year were electric vehicles, illustrating their continuously expanding market in the country. According to Transport Ministry data analyzed by CarIsYou data center, 7,394 electric vehicles were newly registered for taxi operation from January to July. This equates to 36.4 percent of the 20,296 units newly registered as taxis in the same period.  The number of electric taxis has significantly increased in the last decade. In 2013, there

Aug. 19, 2022

Buyers beware of flooded cars on used market: experts

A Lamborghini Aventador, the Italian supercar whose price tag is more than 500 million won ($400,000) here, was recently put up for sale on Danggeun Market -- a popular online flea market platform -- for just 1 million won. The owner claimed that the car was submerged during the heavy rainfall last week in Seoul, and that he cannot start the car any longer -- but the interior remains clean, and other features like air conditioning and lighting still work. “The car will become a luxurio

Aug. 18, 2022

Hyundai Mobis to set up parts, module arms

Hyundai Mobis, an auto parts affiliate of Hyundai Motor Group, said Thursday it will set up two manufacturing subsidiaries -- one in charge of modules and the other for auto parts -- that will be wholly owned by the company. Its current module manufacturing units located in Ulsan, Gwangju and Hwaseong, Gyeonggi Province, will come under the module subsidiary, while the auto parts manufacturing units in charge of air bags, lamps, brakes, steering and electrification will come under the au

Aug. 18, 2022

US bill puts the brakes on Hyundai, Kia’s EV ambitions

Hyundai Motor Group’s ambitious green push has hit a snag in the all-important US market as President Joe Biden on Tuesday signed a new bill that has immediately scrapped subsidies for electric vehicles made outside America.  Under the $430 billion Inflation Reduction Act, up to $7,500 of tax credits will be offered to “Made in US” EVs to help lift the portion of eco-friendly vehicles to 50 percent of all car sales in the local market by 2030. Hyundai Motor and its small

Aug. 17, 2022

DSME's net losses narrow in H1 on new orders

South Korean shipyard Daewoo Shipbuilding & Marine Engineering Co. said Tuesday its net losses narrowed in the first half from a year earlier, thanks to increased orders. DSME, the world's No. 4 shipbuilder by order backlog, said in a regulatory filing that its net losses for the six months ending in June narrowed to 667.9 billion won ($594.5 million) from 1.24 trillion won a year ago. The company said it has received 6.67 billion won worth of orders so far this year, about 75 percent of

Aug. 16, 2022

Will battery subscriptions lower EV prices?

The government‘s new scheme to adopt battery subscription services for electric vehicles is drawing mixed reactions due to the high costs of battery swapping amid falling prices of EV batteries.  The government plans to revise related laws to allow double registrations for an EV and its battery pack so carmakers or financial firms can run their own battery rental services for drivers, which is expected to drastically lower the purchasing costs for EVs whose battery pack represents u

Aug. 16, 2022

[From the scene] Seoul’s first Formula E race leaves much to be desired

Seoul hosted the country’s first electric car racing event over the weekend, after the competition was delayed twice due to pandemic, but despite the hype for the motorsports extravaganza, the season finale left a wake of disappointment regarding its management and operation.  Seoul E-Prix, the final race of season eight of the ABB FIA Formula E World Championship, was held on Saturday and Sunday. Races took place on a 2.7-kilometer track constructed around and looping through Jamsi

Aug. 16, 2022

Volkswagen’s R-Line Arteon makes Korean debut

Volkswagen’s R-Line Arteon, a sportier version of the flagship sedan, made its debut in South Korea in July. The new Arteon R-Line 4MOTION has been revamped with a bold front bumper that creates a balanced look of the chassis. The car also comes with a 20-inch Nashville Alloy wheel, a black rear tailgate spoiler, and a quad muffler to enhance the design of the sports sedan. Inside the car, black titanium nappa leather applied on the seats not only gives the car a sophisticated look bu

Aug. 15, 2022

Hyundai Motor among big three carmakers for first time

Hyundai Motor Group said Monday it ranked third globally in car sales in the first half of this year -- a first feat for the nation’s largest carmaker. According to its sales data, Hyundai Motor Co., its luxury Genesis brand and its smaller affiliate Kia Corp. sold a total of 3.299 million vehicles in global markets in the January-June period. The sales figure is the third largest following Toyota Motor Group’s 5.138 million units and Volkswagen Group’s 4.006 million units.

Aug. 15, 2022

Free battery choice needed for Formula E, says Porsche team

Every Formula E works as a giant laboratory to test the latest electric vehicle technology. But the competition rule that forbids carmakers from altering auto components, particularly batteries, should be lifted to bring electric mobility to the next level, Porsche Motorsports said in Seoul Friday. “Battery is one of the most important parts of electric vehicles -- or the most important -- as it has huge impact to the weight and performance,“ said Porsche Motorsport Vice President

Aug. 15, 2022

For Seoul‘s first Formula E, DHL Korea delivers 415 tons of cargo

For Seoul’s first electric mobility extravaganza this weekend, global logistics giant DHL has delivered racing cars and other equipment, which weigh over 415 tons from all over the world, officials said Friday. The Korean branch of DHL is an official sponsor of Formula E that kicks off on Saturday for a two-day run. Its sponsorship is part of a corporate strategy to become a socially responsible business that voluntarily reduces carbon emissions. E Formula‘s goal of promoting green

Aug. 12, 2022

‘Formula E is all about technology, sustainability’

As DS Techeetah, a racing team by Stellantis’ French auto brand DS Automobiles, aims to win the Formula E season finale championship taking place in Seoul over the weekend, its team racers said the championship is all about technology and sustainability.  “I’m sure that Formula E is pushing the manufacturers to make models that are quicker and more efficient,” said two-time champion Jean-Eric Vergne during a press conference held in Seoul on Thursday, two days prio

Aug. 11, 2022

Nearly 5,000 vehicles flooded due to heavy rain

Insurance companies are expected to face costly claims for flooded cars as a result of the heavy rain that has inundated Seoul’s Gangnam area since Monday night. Twelve automobile damage insurance companies received more than 4,791 claims for flooded cars overnight, according to the General Insurance Association of Korea, as of 2 p.m. Tuesday. The estimated damage amounts to 65.86 billion won ($50.42 million) but is expected to increase as torrential rain is forecast to continue through

Aug. 9, 2022