The number of ultra-expensive luxury cars priced at over 300 million won ($231,00) sold in South Korea has exceeded 6,000 units, a report showed Tuesday. As of April, 6,299 units of high-priced cars were registered nationwide, according to a report from Rep. Yang Kyung-suk of the main opposition Democratic Party of Korea, citing data from the Ministry of Land, Infrastructure and Transport. Vehicles priced between 300 million and 500 million won hit 5,006 units, while the ones priced at over 500

Mobility July 4, 2023

David Turk, deputy secretary at the US Department of Energy, visited the construction site of BlueOval SK in Stanton, Tennessee, a joint venture of SK On and Ford Motor Co., the South Korean battery maker said Monday. “BlueOval SK is a project that shows fantastic partnership among the US government, SK On, Ford and BlueOval SK,” Turk said during a meeting with SK On, Ford Motor and SK BlueOval executives and US government officials on Thursday. “I think this is a phenomenal

Mobility July 3, 2023

Switzerland-based elevator manufacturer Schindler Holding AG’s recent stake sale snafu in Hyundai Elevator is escalating doubts about its yearslong attempt at a hostile merger and acquisition of the Korean company, industry sources said Sunday. The second-largest shareholder of Hyundai Elevator has reportedly filed a regulatory filing to make it look like it is selling a large number of shares when in fact, it only sold a small portion of its stake. The Swiss company announced last Monda

Industry July 2, 2023

KC Motors’ luxury limousine brand Noble Klasse is a leading player in the nation’s premium limousine market that is equipped with both design and production capabilities. Since its debut in 2015, its limousine lineup consists of L4, L9, L9 Standard and L13 models based on the number of passenger seats. The smallest second generation L4 is the nation’s first limousine with a full partition that offers a comfortable ride for a limited number of VIP passengers. The car comes with

Mobility June 28, 2023

Hyundai Motor Group said Wednesday it has made follow-on investments worth 2 billion won ($1.5 million) in Korea-based auto chip startup Bos Semiconductors in a move to boost its autonomous car business. Under the deal, the carmaker plans to strengthen its strategic partnership with the startup and develop auto chips for self-driving cars and electric vehicles. Further details on the investment including in which car lineups the startup’s chips will be installed were not made available. Th

Mobility June 28, 2023

South Korea has become Lamborghini’s eighth-largest market in the world and No.1 in the Asia Pacific last year, selling over 400 units for the first time. With the growing strategic importance of the Korean market, the Italian high-end car brand is upping the ante here with its first hybrid sports car Revuelto, according to the company’s regional chief. “(Even before the official launch,) through pre-orders, the allocated number of cars until 2025 for the Korean market has comp

Mobility June 27, 2023

Unlike other global carmakers going all-out to launch fully electric vehicles, Toyota and its premium brand Lexus have insisted on developing hybrid cars. However, with burgeoning demand for battery-powered EVs (BEVs) in Korean and other major countries’ clean car markets, Lexus aims to expand its footing with the first BEV lineup, The All New Electric RZ. RZ 450e, the first EV in the RZ lineup, is a crossover utility vehicle -- a mix of sedan and sport utility vehicle -- that runs on To

Mobility June 26, 2023

Lamborghini said Friday it would be launching its first plug-in hybrid high-performance sports car, the Revuelto, in Korea. “Revuelto sets another big milestone for Lamborghini’s new flagship vehicle. This is an important moment for us to launch the car model here in Korea,” Francesco Scardaoni, Asia Pacific regional director of Lamborghini, said at a press conference in Gimpo, Gyeonggi Province. Named after a Spanish fighting bull, Revuelto merges the best of Lamborghini&rsq

Mobility June 23, 2023

Toyota’s premium brand Lexus on Wednesday announced the Korean launch of its first battery-powered electric vehicle, the all-new electric RZ 450e, marking a shift from its hybrid EV-focused business portfolio. “Korea is a key market for understanding the latest trends of (the) automotive market because customers here are trend-savvy and show great interest in cutting-edge technology,” said Lexus International CEO Watanabe Takashi during a press conference in Seoul. “Latel

Mobility June 21, 2023

Hyundai Motor Group said Tuesday it aims to boost its annual sales of electric vehicles in global markets sixfold to 2 million units by 2030 under its revamped electrification strategy. Under its 10-year financial plan worth 109.4 trillion won ($85.1 billion), it plans to inject 35.8 trillion won into electrification. On average, 3.6 trillion won will be invested in EVs and batteries annually, which is higher than last year’s commitment of 2.2 trillion won per year. The operating profit

Mobility June 20, 2023

Hanwha Solution said Monday it is poised to build an industrial complex for manufacturing semiconductors and auto parts in Hwaseong, Gyeonggi Province, in a move to offset its sluggish oil and gas business. According to the company, Hwaseong City has approved its business plan to construct the industrial zone, called H-Techno Valley. With a joint investment worth 380 billion won ($296 million) by the firm and the city government, the construction project is scheduled to be completed by 2027 in t

Industry June 19, 2023

Hyundai Motor Group’s smaller affiliate Kia is launching a three-row family electric car, the EV9 -- the first of its kind here -- revamping the brand’s push toward sustainable transportation. The EV9 is the second model to adopt Hyundai’s electric car platform E-GMP, following the mid-sized electrified sport utility vehicle EV6, which debuted in 2021. Kia boasted that the latest EV will become a flagship model with the most advanced electrification technology. Creating a new E

Mobility June 19, 2023

More than 35,000 new electric vehicle chargers were built nationwide in the first five months of this year, bringing the total number to over 240,000 units, a report showed Sunday, amid the nation’s fast-growing demand for clean transportation. As of May, 240,695 units of EV chargers were installed nationwide, according to a report from Rep. Park Sang-hyeok of the main opposition Democratic Party of Korea, citing data from the Ministry of Land, Infrastructure and Transport, and the Minis

Mobility June 18, 2023

Hyundai Motor Group said Thursday it has invested 1.3 trillion won ($1 billion) in mobility and tech startups, in a move to expand its presence as the first mover in the global future mobility market. “Unlike the traditional automotive industry, mobility innovation nowadays is happening outside of the manufacturing sector in places like Silicon Valley,” said Hwang Yoon-seong, director of the Hyundai and Kia Open Innovation division, during a press conference at a hotel in Seoul. &l

Mobility June 15, 2023

Hyundai Motor Group said Monday it plans to bring back to Korea a capital surplus at its foreign units worth a total of $5.9 billion, taking full advantage of the nation’s recent corporate tax revision as well as its upbeat sales abroad in recent years. Under the scheme, the Seoul headquarters plans to boost dividends payouts to foreign units with good performance, including its US and European operations, and the dividends will be invested into expanding production of electric vehicles

Mobility June 12, 2023