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

Avikus bags 1st Level 2 autonomous navigation orders

Avikus, an in-house venture under Hyundai Heavy Industries Group, became the first autonomous navigation software company to sell Level 2 autonomous navigation solutions in the world. Avikus signed order contracts with two South Korean shipping companies, SK Shipping and Sinokor Merchant Marine, to install Hyundai intelligent Navigation Assistant System (HiNAS) 2.0 on a total of 23 large vessels, including container ships and LNG carriers, starting from August 2023, the company said Tuesday. H

Aug. 9, 2022

‘Don’t touch batteries of flooded EVs’: experts

The possibility of getting an electric shock from a submerged electric vehicle is low, but drivers should never touch the battery of flooded cars, experts warned Tuesday. According to the Korea Transport Institute, EV batteries are designed to automatically cut off outgoing electricity if any water seeps into it. The battery then drains itself by sending electric currents back and forth between the two electrodes. Though it is highly unlikely one would get electrocuted by touching the vehicle

Aug. 9, 2022

[Herald Interview] Future of head-up display tech is in augmented reality

Head-up Display, or HUD, has been largely adopted by global carmakers in recent years as a way of keeping drivers’ eyes on the road. But by using bulky, conventional optics, HUDs could only project limited information on the windshield above the steering wheel, providing rudimentary information such as direction and speed. However, in the near future, the cockpit feature would be transformed to take a bigger role in driving by applying augmented reality technology, said an executive at H

Aug. 7, 2022

SoCar IPO faces lukewarm response from investors

Amid dampened appetite for initial public offerings, South Korean car-sharing company SoCar is facing lukewarm response from institutional investors, with a growing possibility that it may join this year’s long list of market debut flops. According to industry sources, during the two-day book building period on Thursday and Friday, institutional investors had written their preferred share price below 34,000 won ($26), lower than the price band of 34,000 won-45,000 won suggested by the co

Aug. 7, 2022

Mercedes-Benz Korea apologizes for allegedly selling a submerged car

Mercedes-Benz Korea issued an apology on Friday to a local customer who had accused the automaker of selling submerged cars. The company promised to exchange the vehicle in question. The luxury car brand came under fire on July 24 when the customer posted online that the person bought a submerged car from Mercedes-Benz and that the automaker refused to compensate. The unidentified customer said in the post: “Two weeks ago I bought a Mercedes-Benz GLS for 150 million won ($115,694) and

Aug. 5, 2022

[Photo News] Red Dot Winner

The GV60, a compact SUV under the Genesis brand, is on display at a special exhibition titled “Light & Wonder” held at Genesis Studio Hanam, Genesis Suji and Genesis House New York. The exhibition presented by Hyundai Motor Group was one of six Red Dot Awards received by the carmaker. The company also won the Red Dot Awards for its CES 2022 exhibition hall design and brand concept store Genesis Suji.

Aug. 4, 2022

BMW, Mercedes-Benz in tight race for top importer title in Korea

Two German carmakers are in a tight race to take the top spot in South Korea’s imported car market this year, with BMW chasing its rival Mercedes-Benz closely to dethrone it from its seven-year run in the No. 1 position. According to the Korea Automobile Importers and Distributors Association on Thursday, BMW sold a total of 5,490 units last month, outpacing Mercedes-Benz which sold 5,456 units in the same period. This was the third month this year after January and June that BMW has sol

Aug. 4, 2022

Car-sharing platform SoCar to go public this month

South Korean car-sharing company SoCar said Wednesday it planned to debut in the nation‘s benchmark Kospi to expand its footing in the mobility industry worth 350 trillion won (267.6 billion) and growing. The company will decide soon whether to float 4.55 million shares or not on Aug. 22 after testing the water with the two-day preliminary proceedings scheduled on Thursday and Friday. The preferred share price is set between 34,000 won and 45,000 won. The main underwriter is Mirae A

Aug. 3, 2022

Carmakers expand reach to e-bikes

Global carmakers are penetrating the electric bicycle market, taking advantage of its value as a test bed for the future technology of electric vehicles while rounding out their e-mobility portfolios. Experts note that both e-bikes and EVs have motors and batteries as their core parts, and also shared parts of their design structure. This gives carmakers a great leg up in the e-bike market, which is still in its nascent stage with no clear market leader.  “When the finished carmake

Aug. 3, 2022