Posco Future M sets sales target of W43tr by 2030

South Korean battery materials maker Posco Future M on Monday pledged to secure 42 trillion won ($32.4 billion) in sales and 3.4 trillion won in operating profits by 2030, under a new vision of accelerating eco-friendly future materials business. “We are the one and only total solution provider for rechargeable battery materials that operates a value chain for mining, processing and recycling,” said Posco Future M CEO Kim Jun-hyung in a town hall meeting in Seoul. “Posco Future

Aug. 28, 2023

[Photo News] Hyundai's double podium

Hyundai Motor's Avante N TCR, known as the Elantra in global markets, has achieved a double-podium finish, taking first and second place at the first final race during the 2023 TCR World Tour held at the Jose Carlos Bassi street circuit in San Luis, Argentina from Friday to Sunday, the South Korean automaker said Monday. The triumph marked the third time that Hyundai has taken the top trophy since the 2023 TCR World Tour began in April. With the latest victory, BRC Hyundai N Squadra Corse m

Aug. 28, 2023

E-scooter-only lanes mulled for better safety

South Korea’s Ministry of Land, Infrastructure and Transport on Sunday announced a set of new guidelines to enhance the safety of personality mobility, or PM, vehicles such as electric scooters. As part of the ministry’s revision bill, the new guidelines will be applied for building new roads for better safety of both pedestrians and vehicles, especially dedicated lanes for PM vehicles. The revision mandates that when road management bodies conceptualize or revamp PM-only lanes, they

Aug. 27, 2023

[Test Drive] Hyundai’s Santa Fe returns with off-road updates

The first Korean-made sport utility vehicle, Hyundai’s Santa Fe, has returned with its biggest update since its debut in 2000, with improved off-road features in design and performance. Touting the All New Santa Fe as a mid-sized family vehicle that can cater to both city commuters and outdoor enthusiasts, the carmaker laid out an ambitious sales target for next year -- 135,000 units in North America, 16,000 units in Europe and 70,000 units in Korea. “From the beginning, the Santa

Aug. 27, 2023

All Mercedes-Benz’s cars contain piece of Korea: CEO

Mercedes-Benz Group CEO Ola Kallenius on Thursday touted South Korea’s level of automotive technology and the importance of the German automaker’s partnership with Korean companies. “Korea is hugely important for us. But not just in the battery cell space where we have strong partnerships for years,” said Kallenius in a press conference at Hotel Shilla in central Seoul. “This is one of the leading nations in automotive innovation and I don’t think we build a s

Aug. 24, 2023

Hyundai Mobis geared for IAA Mobility 2023

Hyundai Mobis, an automotive parts maker under South Korean conglomerate Hyundai Motor Group, said Thursday it is participating in the upcoming IAA Mobility 2023 to show off its vision of electrification at one of the largest automotive trade shows, in Germany. IAA Mobility will take place in Munich, Germany, on Sept. 5-10. This marks Hyundai Mobis’ second year attending the event, following its debut in 2021. Hyundai Mobis said it will display an array of over 20 advancements in electrifi

Aug. 24, 2023

SM6 Feel combines perks of popular Renault sedans

Renault Korea Motors' SM6 Feel sedan, an upgraded version that integrates existing SE and LE trims, has been gaining popularity in the domestic market as a stylish yet cost-effective option. The car company said Thursday that its SM6 Feel accounted for 71 percent of the total sales of its SM6 vehicles in the first half of the year. Prior to the model's launch, the carmaker surveyed customers to reflect their needs and preferences in the new trim. The new sedan adopts all the preferre

Aug. 24, 2023

EcoPro to set up joint venture with SK On, Ford in Canada

South Korean battery materials company EcoPro said Wednesday it is poised to set up a joint venture for a battery cathode materials manufacturing plant with SK On and Ford Motor Company in Quebec, Canada. Of the 1.2 trillion won ($897.3 million) investment, the joint venture, called EcoPro Cam Canada LP, plans to provide 600 billion won, while the Canadian government and Quebec will cover the other half in subsidies. EcoPro said the company will hold the largest stake in the joint venture compar

Aug. 23, 2023

[Photo News] Kia Ray EV

Kia will begin taking pre-orders for its Ray electric vehicle from Thursday with the car's official launch slated for next month. Equipped with a 35.2 kilowatt-hour battery, the Ray EV is capable of driving 205 kilometers per charge. The price of the four-person passenger model begins at 27.75 million won ($20,762). Kia said it expects the Ray EV to accelerate the automation trend in the Korean market as the vehicle provides an affordable city car option for customers. (Hyundai Motor Group)

Aug. 23, 2023

LS e-Mobility to supply W250b in EV parts to Hyundai, Kia

LS e-Mobility Solutions, an electric vehicle parts manufacturer under LS Electric, said Tuesday it has clinched a deal with Hyundai and its smaller affiliate Kia to supply EV battery management components worth 250 billion won ($186.5 million). The company’s products, called EV Relay, are used to maintain the safe operation of batteries in EVs by transferring battery current to inverters, while shutting it down in case of fire or current voltage overload. The company plans to supply EV Rel

Aug. 22, 2023

[Photo News] Lamborghini back in Korea

The Lamborghini Super Trofeo Asia returns to the Inje Speedium in Gangwon Province for the first time in three years. The Korean circuit hosted the fourth round of the racing tournament from Friday to Monday. Korean drivers Lee Chang-woo and Kwon Hyung-jin, representing SQDA-GRIT Motorsport, maintained the top spot in the season standings after winning the first race in the amateur class and finishing second in the same class's second race. Having completed four races, in Malaysia, Australi

Aug. 22, 2023

S. Korean shipbuilders' new orders up 11.9 percent in H1

New orders won by South Korean shipbuilders jumped 11.9 percent in the first half of 2023 on the back of rising demand for high-priced vessels, the industry ministry said Tuesday. The country's shipbuilders secured orders worth $9.29 billion in the January-June period, compared with $8.24 billion a year earlier, according to the Ministry of Trade, Industry and Energy. South Korea accounted for 29 percent of the orders placed worldwide in the first half, taking up the world's second spo

Aug. 22, 2023

[Photo News] Kia heritage

Kia unveiled the restored models of the automaker's two signature heritage vehicles -- the T-600 (left) and Brisa -- at its brand experience center, Kia360, in Seoul on Thursday. T-600, a three-wheeled car developed in 1969, became the 400th nationally registered cultural heritage in 2008 as it was recognized for its historical value in the history of the Korean auto industry. Kia said it had restored the vehicles to look back at its 79-year history as a mobility firm, adding that it will c

Aug. 21, 2023

Korean Air to measure passengers’ weights for better safety, efficiency

South Korean carrier Korean Air said Sunday it would be measuring body weights of its passengers in a bid to strengthen aviation safety and minimize excessive fuel use. Passengers on domestic flights will be asked to weigh in from Aug. 28 through Sept. 6, while international flight passengers will be weighed from Sept. 8 to 19. The weight measuring process will take place at the boarding gates. Those who do not wish to partake in the process can notify the staff that they wish to opt out and b

Aug. 20, 2023

Preorders start for new Audi Q4 e-trons

Audi Korea said Sunday that it started receiving preorders for the all-new Audi Q4 40 e-tron and Q4 Sportback e-tron, the German luxury carmaker’s full-electric sport utility vehicles, for them to be delivered to customers later this month. Since their debut in September last year, the two battery-powered compact cars have enjoyed immense popularity in Korea, selling nearly 2,000 units in just over three months, a sales record among premium compact electric SUVs here. The new 2023 models h

Aug. 20, 2023

Unredeemed miles of Korean Air, Asiana estimated at W3.4tr

The combined value of unused miles at South Korea's two major air carriers reached 3.4 trillion won ($2.5 billion) as of the first half of 2023, data showed Sunday, amid the extension of expiry dates after the COVID-19 pandemic disrupted international travel. The amount of the deferred income of the two companies, Korean Air and Asiana Airlines, which can be translated into unredeemed miles, marked a 17.4 percent rise from the same period in 2019, according to the companies' regulatory

Aug. 20, 2023

Kia touts new Sorento’s stylish, bold design

Kia on Thursday highlighted the stylish and bold exterior of the new Sorento, the South Korean automaker’s latest facelifted sport utility vehicle, as it announced the SUV's official launch in the country. “The new Sorento is a facelifted model of Kia’s core model that has received much love and interest worldwide,” said Yoon Mun-hyo, head of Kia’s Next Design Exterior Team 2, at a launch event held at the Grand Walkerhill Hotel's Aston House in eastern Se

Aug. 17, 2023

[Photo News] New Cayenne

Porsche Korea on Thursday launched the new Cayenne, the latest version of its top-selling sport utility vehicle. Porsche Korea CEO Holger Gerrmann (pictured here) highlighted that the Cayenne has been upgraded in all areas, including a more powerful engine, a brand-new design, new chassis technology and high-tech features. As the best-selling Porsche model in Korea, the Cayenne accounted for 50 percent of the German automaker's total local sales in the first half of the year with 3,112 unit

Aug. 17, 2023

Korea to add more flights to prepare for China’s travel rush

Korea Airports Corp. said Wednesday it is considering adding some 4,500 flights connecting the nation’s seven provincial airports to cities in China by the end of this year, to better respond to China’s travel rush in the coming months. The state-run airport operator held an emergency meeting earlier in the day to discuss measures regarding the Chinese government’s recent decision to lift a ban on group tours to Korea. "As China’s group travel to Korea resumes for th

Aug. 16, 2023

Hyundai takes over GM plant in India

Hyundai Motor Company on Wednesday signed a deal to acquire General Motors’ auto manufacturing plant in Talegaon, in the western state of Maharashtra, India, further strengthening the South Korean automaker’s will to expand its market share in the world’s third-largest car market. Hyundai said the two sides decided to not reveal the amount of the acquisition. According to Hyundai, it will be able to fully acquire the rights to the GM site once it obtains the Indian government&r

Aug. 16, 2023