Hyundai Motor Group is expected to develop its own price-competitive lithium iron phosphate, or LFP, batteries for electric vehicles late next year to reduce dependence on China-made batteries, industry sources said Monday. According to media reports, under the two-year joint project with Korea-based battery makers that started this year, Hyundai will complete development of LFP batteries in 2024. The batteries will be installed in Hyundai and Kia’s small and entry-level electric cars and

Mobility Nov. 6, 2023

Hyundai Motor Group reported robust growth in electric vehicle sales in the US this year, shrugging off the impact of not being eligible for consumer tax credits for EVs under the Inflation Reduction Act. According to the carmaker Sunday, Hyundai and Kia sold a combined 77,772 EVs in the US during the January-October period this year, a 53.7 percent surge from a year ago. Hyundai alone sold 51,563 vehicles, more than doubling from the same period last year. The carmaker’s cumulative EV sal

Mobility Nov. 5, 2023

KG Mobility, formerly known as Ssangyong Motor, has clinched a deal with China-based electric vehicle maker BYD to set up a new EV battery pack manufacturing plant and develop a hybrid car system in Korea. KG Mobility Chairman Kwak Jae-sun, KG Mobility CEO Chung Yong-won, BYD Chairman Wang Chuanfu, BYD subsidiary FinDreams Battery Chairman He Long and other executives from the two companies participated in the signing ceremony held at BYD's headquarters in Shenzhen, China on Wednesday. &ldq

Mobility Nov. 2, 2023

Hyundai Motor Group’s Kia on Thursday unveiled The New K5, the third generation model of its bestselling midsized sedan, setting an ambitious sales target of more than 30,000 units at home in the first year. “More than 6,000 K5 cars were preordered since Oct. 25, with hybrid models taking up the biggest portion, followed by gasoline models,” said Choi Yang-suk, head of the domestic marketing team at Kia, during a press conference held in Seoul on Wednesday. “Although the

Mobility Nov. 2, 2023

With upbeat earnings in the third quarter, Hyundai Motor Group's yearly operating revenue has surpassed the 20 trillion won ($14.8 billion) mark, the company’s earnings report showed Friday. The South Korean auto giant’s Hyundai and Kia brands hit a combined 20.8 trillion won in operating profit and sales revenue of 196.5 trillion won during the January-September period. The two carmakers’ annual profit and revenue in 2022 were 17.5 trillion won and 229.8 trillion won, res

Mobility Oct. 27, 2023

Participants of Hyundai Motor Group’s 14th World Skill Olympics, the biannual competition event for car maintenance technicians, pose for a photo in Cheonan, South Chungcheong Province, Thursday. This year, Haydar Ali from Indonesia won first place among the 75 participants from 56 countries in Europe, Central America and Southeast Asia. Since 1995, the annual event has evaluated mechanics’ skills in diagnosing and fixing problems with international combustion engine cars and, more

Mobility Oct. 27, 2023

Hyundai Motor Group said Thursday it hit record earnings in the third quarter thanks to all-time high sales in the US market. The company’s operating profit from July to September skyrocketed 146.3 percent from last year to 3.8 trillion won ($2.8 billion), its highest figure since 2011. Its sales revenue increased 8.7 percent to 41 trillion won in the same period. The world’s third-largest carmaker sold a total of 1.04 million cars abroad and within Korea, a 2 percent jump from a yea

Mobility Oct. 26, 2023

Samsung SDI said Thursday it has posted a record-high revenue in the third quarter, driven by upbeat sales of electric vehicle batteries. In the July–September period, the company’s revenue surged 10.8 percent on-year to 5.9 trillion won ($4.4 billion), mostly boosted by increased sales of prismatic and cylindrical batteries cells for EVs which saw a 60 percent jump in profit and a 9.3 percent operating profit margin. Its operating profit decreased 12.3 percent to 496 billion won in

Mobility Oct. 26, 2023

LG Energy Solution plans to boost production of price-competitive electric vehicle batteries -- including lithium iron phosphate (LFP) batteries -- in a move to expand its footing in the low-cost EV market dominated by Chinese rivals, the company said in its third quarter earnings call on Wednesday. “We plan to launch LFP batteries, and LFMP and manganese-rich batteries in 2026 and 2027, respectively to strengthen our low-priced battery product portfolio,” said Lee Chang-sil, chief f

Mobility Oct. 25, 2023

South Korean internet giant Naver said Tuesday it has secured a large-scale deal in Saudi Arabia to build a cloud-based digital twin platform for the kingdom’s futuristic smart city project. The deal signing ceremony was held in Saudi capital Riyadh on Monday upon President Yoon Suk Yeol’s state visit. Naver didn’t reveal the exact size of the deal, but the presidential office hinted that it could amount to $100 million. Under the agreement signed with Saudi Arabia’s Mini

Technology Oct. 24, 2023

Samsung SDI said Monday it has clinched a deal to supply electric vehicle batteries for Hyundai Motor Group – the first battery partnership between the two chaebol groups. Under the deal, Samsung SDI will supply prismatic batteries produced at its Hungary plant for Hyundai EVs made in Europe for seven years, from 2026 through 2032. Although the exact size of the deal was not disclosed immediately, industry sources predict that Samsung SDI could supply batteries to power up to 500,000 high-

Mobility Oct. 23, 2023

China last week unveiled its plans to restrict exports of graphite starting from December, piling pressure on Korean companies that are highly dependent on one of the key anode materials for making electric vehicle batteries. The world’s top graphite producer and exporter said Friday that export permits will be mandated to ship synthetic graphite material -- including high-purity, high-hardness and high-density versions -- as well as natural flake graphite from China. Chinese graphite manu

Mobility Oct. 23, 2023

South Korean battery materials manufacturer EcoPro, which celebrates its 25th anniversary this year, has laid out a goal to post 10 trillion won ($7.41 billion) in sales next year. EcoPro CEO Song Ho-jun and top executives of the firm's subsidiaries, including EcoPro BM, participated in a celebratory event held at the company’s headquarters in Ochang, North Chungcheong Province, on Friday. Preparing for the next 25 years, EcoPro said it plans to develop game changer materials, diversi

Mobility Oct. 22, 2023

Tesla, the world’s No. 1 electric vehicle manufacturer, is slashing car prices worldwide to further consolidate its leadership, seemingly willing to sacrifice its long-held premium brand image. In September, Tesla’s Model Y sport utility vehicle topped import car sales in Korea, selling a total of 4,206 vehicles, an 876 percent surge from a month ago, according to market tracker Carisyou. The Model Y outpaced Mercedes-Benz’s E-Class, the best-selling import car of 2022, which s

Mobility Oct. 22, 2023

LG Energy Solution said Thursday it is set to launch a new residential energy storage system device lineup called LG enblock S in the United States next month. Installed with nickel, manganese and cobalt batteries, the LG enblock S is a device with high energy density that can provide a wide range of power sources for households. “With LG enblock S products, households can save energy and lower electric bills. They can also be used as a backup power source when the electricity is shut do

Industry Oct. 19, 2023