Kia targets annual sales, operating profit margin of over 10% for next 3 yrs

Kia Corp., South Korea's second-largest automaker, on Tuesday announced ambitious financial targets for the next three years, aiming for an average annual sales growth rate and operating profit margin of over 10 percent. In the company's mid- to long-term value enhancement plan, Kia also said it aims to achieve return of equity rates of over 15 percent between 2025 and 2027. To achieve these targets, Kia outlined strategies, including expanding sales of eco-friendly vehicles, increas

Dec. 3, 2024

LG Energy Solution mulls acquiring GM’s stake in joint battery plant in Michigan

LG Energy Solution announced Tuesday that it is considering acquiring General Motors’ stake in their joint venture battery plant in Michigan. “LG Energy Solution is reviewing the acquisition of the Ultium Cells plant 3 in Lansing to improve investment and operational efficiency and maximize operating rates of plants in North America," the Korean battery maker said in a statement. GM revealed Monday that it plans to sell its stake in the Michigan battery plant to the Korean partn

Dec. 3, 2024

[Reporter’s Notebook] BYD’s Korean debut, a wakeup call for Hyundai, Kia

Spotting an electric vehicle on the road in Korea is not a rare sight nowadays as the country’s EV penetration rate has reached nearly 10 percent. But that is a still long way off China, where more than half of all newly sold vehicles there run on battery. BYD, a Chinese and world EV leader, is gearing up to make its debut in the Korean passenger vehicle market in January next year. To the Korean government and auto brands, this should serve less as a nudge to speed up the EV transition an

Dec. 3, 2024

[KH Explains] Will Northvolt's fall ease talent shortage for Korean battery makers?

Northvolt, backed by Volkswagen Group, was once hailed as Europe’s hope for an electric vehicle battery champion to challenge the creeping presence of Asian competitors. In a bid to spur growth, the Swedish battery maker hired dozens of battery researchers from Korean rivals, promising heftier salaries and a better quality of life -- until recently. After years of financial struggles, however, the company last month filed for bankruptcy protection in the US and its employees reportedly see

Dec. 2, 2024

[Photo News] Genesis GV70 EV refined

The 2025 Genesis GV70 Electrified brings a refreshed design inside and out. Updates include a new grille with a gradient pattern, streamlined air intakes and new 20-inch matte gray wheels. A fresh Ceres Blue color option -- offered in matte or glossy finishes -- offers more variety. The interior maintains its spacious layout while incorporating updated oval-themed accents for a modern look. Genesis plans to release more details about pricing and features closer to the launch early next year. (Ge

Dec. 2, 2024

Hyundai, Kia less dependent than rivals on EV tax credits in US: study

An automotive industry study has found that American buyers of Hyundai Motor and Kia electric vehicles are less likely to have chosen the Korean EVs based on the US government’s tax benefits, raising hopes for the Korean automakers as they gear up for a second Donald Trump administration next year. According to a study published by US auto industry research firm J.D. Power last week, only 32 percent of Hyundai buyers and 24 percent of Kia buyers selected tax credits and incentives as a pri

Dec. 2, 2024

[Test Drive] BMW's new X3 offers sedan-like driving

The new X3, BMW’s latest sports utility vehicle, has come back as a premium mid-sized SUV that offers the comfort driving of a luxury sedan while looking more dynamic than ever. The Korea Herald got to ride the new X3 20 xDrive, a full-change model following the previous third generation that has been immensely popular in the global market since its launch in 2017, in a media test drive and launch ceremony held at the BMW Experience Center in Incheon on Thursday. The BMW X3 has led Korea&r

Dec. 1, 2024

Hyundai-Kia may face 19% profit loss from US tariffs: report

Korean automaker Hyundai and its smaller affiliate Kia may face a steep 19 percent decline in operating profitability if the US enacts a proposed 20 percent tariff on vehicles imported from South Korea, according to a report by S&P Global Ratings published last Friday. The potential tariffs, part of US President-elect Donald Trump’s suggested “universal tariff” on imports, would significantly impact the automaker’s earnings before interest, taxes, depreciation and amo

Dec. 1, 2024

Renault Grand Koleos dominates Korea's SUV market

Renault Korea’s latest hybrid sport utility vehicle, the Grand Koleos, has secured a 30 percent share in the domestic mid-size SUV market in just two months since its rollout. Launched in August, the Grand Koleos E-Tech Hybrid sold 5,296 units in October, boosting Renault Korea’s total hybrid vehicle sales this year to 11,110 units -- a 634 percent jump from the same period last year. Powered by Renault’s E-Tech Hybrid system, the Grand Koleos combines a gasoline engine with d

Nov. 29, 2024

Hyundai Motor braces for Trump 2.0 with hybrid push

Hyundai Motor Group is expected to ramp up sales of hybrid electric vehicles in the US, bracing for US President-elect Donald Trump’s drastic EV policy changes, sources said Friday. According to Hyundai Motor Company and Kia, the two carmakers already sold 275,103 eco-friendly vehicles in the US from January to October this year, with HEVs accounting for 63.1 percent of these sales. Compared to last year, the cumulative sales until October have surged by 11.3 percent. Last month alone, Hyu

Nov. 29, 2024

[Photo News] Polestar 4 begins delivery in Korea

Polestar Korea said Friday it began delivering the Polestar 4, the Swedish electric vehicle maker's first coupe-styled sports utility vehicle, for the customers here. According to the automaker, the delivery started in five cities -- Seoul, Hanam in Gyeonggi Province, Busan, Jeju and Daejeon. The Polestar 4 was launched in the Korean market in August this year with a starting price of 66.9 million won ($48,000) and a certified maximum driving range of up to 511 kilometers per charge. (Poles

Nov. 29, 2024

[From the Scene] Hyundai Motor unveils lighter, cheaper exoskeleton for factory workers

Factory workers often experience physical strain and injuries as they are exposed to overhead work, heavy lifting and other repetitive tasks. For instance, a Hyundai Motor plant worker on an assembly line has to lift their arms anywhere from 3,000 to 5,000 times a day. On Wednesday, Hyundai Motor Group unveiled a new wearable robotic exoskeleton, called “X-ble Shoulder,” which promises to reduce stress on factory workers' joints by up to 60 percent. The first product released in

Nov. 28, 2024

[Photo News] French alliance

The Grand Koleos E-Tech Hybrid, Renault Korea's latest sports utility vehicle, has been selected as the official vehicle of the Embassy of France in Korea, the French auto brand announced Wednesday. The hybrid SUV has seen a surge in sales as the model sold 5,385 vehicles in October to take up around a 30 percent market share here. Philippe Bertoux, French Ambassador to Korea, said that the vehicle, which is produced at Renault Korea's Busan plant, demonstrates the highest level that b

Nov. 27, 2024

Hyundai Motor pledges $484m to ramp up output in Malaysia

Hyundai Motor has decided to invest $484 million in Malaysia to expand local production there as the Korean automaker looks to ramp up its presence in the burgeoning Southeast Asian market. According to Hyundai Motor on Wednesday, the automaker will make the investment over five years starting next year to upgrade its complete knock-down -- or CKD -- plant in Kulim in cooperation with local partner Inokom. The CKD plant expansion will mark Hyundai Motor’s largest investment in Malaysia yet

Nov. 27, 2024

Hyundai Motor to launch EV charging subscription service in Indonesia

Hyundai Motor Co. announced Wednesday that it will launch an electric vehicle (EV) charging subscription service for its customers in Indonesia this week. Beginning Thursday, subscribers will gain access to 518 chargers at 288 charging stations operated by Hyundai and its EV partner companies across Indonesia. The service, available through Hyundai's smartphone app, offers subscription plans of 50 kilowatt-hours (kWh), 100 kWh, and 250 kWh. Additional charging can be purchased once users ex

Nov. 27, 2024

Mercedes-Benz donates W500m for child protection center in Incheon

Mercedes-Benz’s Corporate Social Responsibility Committee said Monday that it has donated 500 million won ($358,000) to establish a specialized child protection center, aimed at protecting abused children and preventing further abuse. The funds, raised through the 11th Mercedes-Benz Give ’n Race charity event, will be fully allocated to the Incheon Child Protection Center to be built in Seo-gu, Incheon. A donation ceremony was held at Incheon Metropolitan City Hall on Monday, attende

Nov. 25, 2024

Hyundai Capital sets up Australian subsidiary

Hyundai Capital Services, the financial arm of Hyundai Motor Group, announced Monday the official launch of its Australian subsidiary, Hyundai Finance Australia, marking its 12th overseas expansion in automotive financing. The new entity will provide tailored financial solutions for Hyundai Motor customers in Australia, offering a wide range of products such as installment plans for new and certified pre-owned vehicles. Among its offerings is the flagship Guaranteed Future Value program, which p

Nov. 25, 2024

[Exclusive] Hyundai Mobis eyes closer ties with BYD

Hyundai Mobis, an auto parts manufacturer under Hyundai Motor Group, is looking to expand relations with Chinese electric vehicle giant BYD in an apparent move to diversify its profit sources outside of Hyundai and Kia. According to industry sources Monday, a group of Hyundai Mobis officials visited BYD’s headquarters in Shenzhen last month. Currently, Hyundai Mobis supplies steering parts to BYD, the No. 1 EV maker in China. During the visit, sources say, the two companies discussed ways

Nov. 25, 2024

[Photo News] Kumho Tire backs Hawks on and off court

Kumho Tire’s European branch president Cho Nam-hwa (right) and Hawks Chief Commercial Officer Andrew Saltzman hold a jersey to mark Kumho’s new sponsorship of the Atlanta Hawks. This partnership gives Kumho prominent exposure at the team’s State Farm Arena. With roots in Georgia, where it runs a factory and logistics hubs, Kumho also plans to support local communities with volunteer events and youth outreach programs. Fans can expect exciting extras, too, like autograph session

Nov. 25, 2024

Samsung SDI builds EV momentum with Audi, Hyundai deals

Samsung SDI is charging ahead to claim a bigger slice of the electric vehicle battery market, bolstered by new supply agreements, upcoming product launches and accelerating demand for EVs, particularly in Europe. One of the company’s latest moves is expanding its supply with Audi. Samsung SDI recently began supplying batteries for two of Audi’s EV models, the E-Tron 50 Quattro and E-Tron Sportback 50 Quattro, which previously used batteries from LG Energy Solution. Of the 14 Audi EV

Nov. 25, 2024