BMW, Mercedes-Benz duel to be No. 1 importer in Korea

The race to be South Korea’s top auto importer is coming down to the wire as BMW tries to reclaim the No. 1 position from Mercedes-Benz for the first time since 2015. According to the Korea Automobile Importers and Distributors Association’s report released Tuesday, BMW sold 69,546 vehicles in the Korean market from January to November. Mercedes-Benz sold 68,156 units in the same period, 1,390 cars less than BMW. The bestselling models of the two German automakers are the BMW 5 Serie

Dec. 6, 2023

Posco Future M to supply battery materials for LG-GM’s JV in US

Posco Future M said Wednesday its Pohang plant in North Gyeongsang Province had started the supply of high-nickel cathode materials to the US-based Ultium Cells, the joint venture of LG Energy Solution and General Motors. Following its manufacturing plant in Gwangyang, South Jeolla Province, the Pohang site is the company’s second production base for high-nickel cathode materials. With the fast-growing demand for the materials from battery makers, it has moved up the schedule for commercia

Dec. 6, 2023

Posco wins W300b EV parts deal with US carmaker

Posco International announced Wednesday it has signed a contract worth 300 billion won ($229 million) to supply electric vehicle parts to an American manufacturer, ramping up its presence in the green vehicles industry. Under the contract, Posco International will supply electric vehicle reducers to a major automaker based in the US from 2024 until 2032. The company declined to reveal the name of the client, citing deal conditions. A reducer can adjust the rotational speed to increase the torque

Dec. 6, 2023

[Photo News] GV60 named China SUV of year

Hyundai Motor Group said Wednesday that its premium brand's all-electric sports utility vehicle, the Genesis GV60, has been named the 2024 China SUV of the Year. According to the carmaker, the car won the top honor by a wide margin as it received a total score of 186, while the Lotus Eletre and the Geely Galaxy L7 received 121 and 107 points, respectively, among some 80 competitors. (Hyundai Motor Group)

Dec. 6, 2023

Hyundai, Kia named top exporters of the year

South Korean carmaker Hyundai and its sibling firm Kia have topped the list of exporters in Korea, posting a record-high of $54.5 billion in total export volume, Hyundai Motor Group said Tuesday. Among 1,700 companies here, Hyundai and Kia ranked first and second place, respectively, the highest record since 2012 when the two recorded $350 billion in exports. From July 2022 to June this year, Hyundai’s exports surged on-year 29.6 percent to $31 billion, while Kia saw a 30.7 percent jump to

Dec. 5, 2023

[Photo News] Up in the chair

Hyundai Motor Group said Tuesday that it donated 30 vehicles and 105 electric wheelchairs and electric scooters to encourage mobility for people with disabilities. The South Korean automaker has carried out the corporate social responsibility activity since 2011. According to the firm, the accumulated amount of donations has reached 7.9 billion won ($6 million) so far. The donations have been delivered to various associations and federations that support disabled people across the country. (Hyun

Dec. 5, 2023

Hanwha sets W1.4tr goal in battery equipment sales by 2027

Hanwha Momentum, a supplier of manufacturing facilities and equipment for batteries, solar panels and displays, hosted its 2023 Hanwha Battery Day on Monday to reveal the company's strategies and technological road map in response to burgeoning global demand for secondary battery manufacturing equipment. During the event, CEO Yang Ki-won unveiled an ambitious target of 1.4 trillion won ($1.07 billion) in sales solely from secondary battery process equipment solutions by 2027. The company&

Dec. 4, 2023

[KH Explains] Why tighter US subsidy rules could boost Chinese firms

Tighter rules from the US limiting China-made materials in batteries eligible for electric vehicle tax credits might ironically offer a boon for Chinese companies, who hold huge stakes in joint ventures with South Korean battery manufacturers. The Joe Biden administration on Friday announced new guidance for the Inflation Reduction Act barring electric car buyers from claiming a $7,500 tax credit in case the product uses materials from China and other countries deemed a “Foreign Entity of

Dec. 4, 2023

[Photo News] Toyota donates Kimchi

Toyota Motor Korea said Monday that it donated kimchi to the underprivileged across South Korea last week in partnership with the Seoul Council on Social Welfare. Some 300 company officials and dealers, including CEO Manabu Konyama (right), participated in the voluntary event, which the Japanese company has carried out every year since 2012. (Toyota Motor Korea)

Dec. 4, 2023

[Photo News] Golf Treffen in Korea

Volkswagen Korea said Monday it held a special meeting for local owners of the Golf, the German automaker's signature compact vehicle, for the first time in Korea at a car theater in Paju, Gyeonggi Province, on Sunday. Named the "2023 Volkswagen Golf Treffen Korea," the event drew some 70 Golf vehicles and 200 participants. "Treffen" means an informal gathering in German. According to the automaker, Koreans across the country brought various models of Golf ranging from t

Dec. 4, 2023

Kia's EV9 wins multiple global accolades

Kia's latest large full-electric sport utility vehicle, the EV9, is garnering a slew of global accolades, clenching three major awards and several nominations for major North American and World Car of the Year honors. Kia on Sunday announced the EV9's win of the 2024 Danish Car of the Year's Innovation Award from Danske Motorjournalist, Denmark’s Automobile Journalists Association. In Spain, the car was also named the Moveo Car of the Year 2023 by La Vanguardia, gaining reco

Dec. 3, 2023

EcoPro, Samsung SDI clinch W44tr cathode supply deal

EcoPro BM, a battery materials manufacturing subsidiary of EcoPro, said Sunday it has forged a deal with Samsung SDI to supply 44 trillion won ($34 billion) worth of cathode materials for electric vehicle batteries. From next year to 2028, the battery materials company is poised to supply high-nickel cathode materials that consist of more than 80 percent nickel to Samsung SDI’s EV battery manufacturing plant in Hungary. EcoPro BM CEO Joo Jae-hwan, Samsung SDI Vice President Kim Ik-hyeon an

Dec. 3, 2023

Incheon Airport traffic nears pre-pandemic levels

Passenger traffic at Incheon Airport has breached 90 percent of pre-pandemic levels as of November, according to the airport on Sunday. The number of international passengers via the airport was 5.35 million in November, equivalent to 91 percent of the monthly average of 5.88 million in 2019. The overall passenger counts from January to November this year amounted to 50.51 million, reflecting a recovery to 78 percent of the 2019 level. Travelers to popular destinations, including Japan, the US

Dec. 3, 2023

Hyundai Mobis develops world’s first quantum dot car display

Hyundai Mobis, a South Korean auto parts maker affiliated with Hyundai Motor Group, unveiled on Thursday that it has developed the world's first quantum dot display for automobiles with local dimming technology, offering a lower-cost alternative to organic light-emitting diode displays commonly found in luxury vehicles. It marks Hyundai Mobis' entry into the high-end automotive display arena, positioning its quantum dot innovation as a challenger to pillar-to-pillar OLED display format

Dec. 2, 2023

[KH Explains] KG Mobility looks to turn to annual profit for 1st time in 7 years

KG Mobility is hoping to finish 2023 strong to end the year with a profit for the first time since 2016 on strong sales overseas and the automaker’s bestselling sport utility vehicle Torres. According to a regulatory filing, the Korean carmaker has logged accumulative revenue and operating profit of almost 3 trillion won ($2.32 billion) and 42.4 billion won, respectively, in the first three quarters of this year. The revenue from the period of January to September saw a 24.6 percent jump o

Nov. 30, 2023

Hyundai Motor says Expo bid bolstered global partnerships

Hyundai Motor Group, one of the most avid supporters of the ultimately unsuccessful Korean campaign to host the World Expo 2030 in Busan, reports having strengthened its worldwide business opportunities and global partnerships through the campaign-backing efforts across the globe. The Korean government came up short as the country lost to Riyadh, Saudi Arabia in the first round of voting by the members of the Bureau International des Expositions in Paris on Tuesday. Despite the loss, Hyundai Mot

Nov. 29, 2023

Hyundai’s ‘Uni Wheel’ system gives more room for different car designs

Hyundai Motor Group on Tuesday unveiled a more compact, integrated wheel system that frees up more room for futuristic car designs. Called “Uni Wheel,” short for Universal Wheel Drive System, the system integrates the constant velocity joints – a device that links the vehicle’s transmission to its wheels – and other parts such as the drive shaft and car decelerator into a wheel. The system, the first of its kind, also connects smaller motors to each wheel, instead o

Nov. 28, 2023

Volvo EX30 debuts in Korea

Volvo on Tuesday launched its latest all-electric sport utility vehicle, EX30, in South Korea, emphasizing the EV’s extraordinary safety technology and affordable prices to win the hearts of local customers. “EX30 is a premium all-electric vehicle that has everything required to move toward a safer future,” said Lee Yun-mo, CEO of Volvo Cars Korea. “(The EV) has everything that our customers expect from Volvo. Ranging from a new, pure electric powertrain that has achieved

Nov. 28, 2023

[Photo News] Faker for Mercedes

Mercedes-Benz Korea said Tuesday that the automaker held a fan meeting with Lee Sang-hyeok and Moon Hyun-jun -- two players of Korea's League of Legends team T1, better known as Faker and Oner, respectively -- at the Yongin AMG Speedway in Gyeonggi Province on Monday to celebrate T1's victory at the LoL World Championship Finals earlier this month. Mercedes-Benz is an official sponsor of T1. In this photo, Lee poses with the high-performance electric vehicle Mercedes-AMG EQE on the rac

Nov. 28, 2023

[KH explains] Hyundai to sell vehicles on Amazon in US sales push

Hyundai Motor Group’s cars will be sold online through Amazon for the first time in the US next year, offering an opportunity for the world’s third-largest carmaker to ramp up sales in the all-important market. During the Los Angeles Auto Show on Nov. 16, Hyundai and Amazon announced that customers can purchase Hyundai vehicles -- internal combustion engine cars, electric vehicles, leased and used cars -- available in their area on the tech giant’s website from a local dealer

Nov. 27, 2023