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

Mobility Aug. 24, 2022

South Korean aircraft engine manufacturer Hanwha Aerospace established a $165 million supply deal with British air taxi developer Vertical Aerospace last month, according to a regulatory filing released on Tuesday. Under the deal, which follows a development agreement announced in July, Hanwha Aerospace is set to exclusively supply three types of electromechanical actuators to Vertical for its VX4 air taxi from 2025 to 2035. The four-seater VX4 is currently under development for commercializat

Industry Aug. 23, 2022

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

Mobility Aug. 23, 2022

The South Korean government will review launching a complaint to the World Trade Organization over a new US bill regarding tax credits that immediately scrapped subsidies for electric vehicles made outside the US, South Korean Industry Minister Lee Chang-yang said Monday. Last week, US President Joe Biden signed the $430 billion Inflation Reduction Act, which would allow up to $7,500 of tax credits for “Made in US” EVs only, as part of the scheme to lift the portion of eco-friendly

Industry Aug. 22, 2022

Posco International, a trading firm under Posco Group, said Monday that it has sponsored performances of the South Korean opera “Chunhyang-jeon” in Uzbekistan, as part of the company’s effort to support Busan’s World Expo 2030 bid. According to the company, the Korean opera was staged at Bolshoi Theater in Tashkent, Sunday, to mark 30 years of diplomatic ties between South Korea and Uzbekistan. Posco International sponsored the performance in collaboration with Busan Me

Industry Aug. 22, 2022

Lotte Group Chairman Shin Dong-bin will visit Vietnam next month on his first overseas trip after a presidential pardon granted last week lifted a legal hurdle that had limited his business activities in recent years.  According to the group, Shin will attend the groundbreaking ceremony for Lotte E&C’s construction of Eco Smart City complex in Thu Thiem, Ho Chi Minh, on Sept. 2. Some $900 million have been invested into the construction of the 60-story building on a 680,000-squa

Industry Aug. 22, 2022

Hyosung Group said Friday that it has donated10 AI care robots, called Pibo, to older patriots and veterans, as part of its social contribution activities.  Pibo, an AI care robot developed by a South Korean startup, Circulus, offers information such as news and weather while also monitoring the user’s body temperature and heart rate. It also manages medication tracking by setting a specific reminder of a user’s treatment schedule. The robot can monitor a user’s state of

Industry Aug. 19, 2022

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

Mobility Aug. 19, 2022

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

Mobility Aug. 18, 2022

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

Mobility Aug. 17, 2022

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

Mobility Aug. 16, 2022

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

Mobility Aug. 16, 2022

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

Mobility Aug. 15, 2022

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

Mobility Aug. 11, 2022

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

Mobility Aug. 7, 2022