Hyundai Motor Group Executive Chair Chung Euisun (center) stands next to the N Vision 74 hydrogen hybrid electric vehicle, inspired by the carmaker’s first-ever car model, the Pony coupe, at the prestigious Concorso d’ Eleganza Villa d’Este classic car show held in Lake Como, Italy, Saturday. During the annual event, the carmaker unveiled its recently revived Pony Coupe Concept 49 years after the car made its debut in 1974 at the Turin Motor Show. The N Vision 74 is a test ca

Mobility May 21, 2023

BUSAN -- Renault Korea Motors seeks a bigger presence as its Busan plant aims to become a regional export base for the French auto giant. On Tuesday, the carmaker held a media event at its Busan plant to unveil its cost-effective shipping know-how and longer-term export strategy. At the plant, Renault’s top-selling compact SUV XM3 Arkana was being loaded into a container box before shipment from Busan New Port to Le Havre, a northwestern coastal city in France. Three Arkana cars were loa

Mobility May 18, 2023

South Korea’s Minister of Science and ICT Lee Jong-ho touted the successful launch of the nation’s homegrown Rocket Nuri last year as one of his top achievements, marking the one-year anniversary of his inauguration. “I was under huge pressure before the second launch of Nuri that took place in June (last year),” said Lee during a press conference in Sejong on Wednesday. “It was a weight off my shoulders to have given hope to our people during the darkest days of th

Technology May 17, 2023

Hyundai Motor Group’s Kia Motors is in talks to expand the production lines at its Mexico plant as part of efforts to bolster responsiveness to US subsidies for electric vehicles, according to company officials and local authorities on Tuesday. “We are not building a new plant but (we are) considering transferring some of the production lines for EVs,” a Kia official told The Korea Herald. “The move is part of our response to the Inflation Reduction Act in the US. But the

Mobility May 16, 2023

A growing number of US states are going all-out to attract lucrative production lines of Korean battery makers, with some of them offering hefty incentives in addition to the federal government’s tax cuts under the Inflation Reduction Act. “There’s a national competition among some states. It really comes down to the whole package of what a state can offer,” Indiana’s Secretary of Commerce Brad Chambers told The Korea Herald in a recent phone interview. Indiana has

Mobility May 15, 2023

The face-lifted version of Hyundai’s flagship family sedan Sonata the Edge has made a grand comeback after four years, making its 37th anniversary this year. The Sonata is the longest-running car in South Korea, selling around 9.3 million units since its launch in 1985. But the beloved midsized sedan suffered a setback in recent years as more drivers flock to SUVs. Amid slowing sales, the car even faced rumors that it might be discontinued when the carmaker delayed launching the eighth-gen

Mobility May 14, 2023

South Korean oil refiner S-Oil, wholly owned by Saudi Arabia’s state-run Aramco, said Tuesday it has appointed Anwar A. Al-Hejazi as the company’s new CEO. “Al-Hejazi’s expertise in the global energy industry as an officer of Aramco will contribute to boosting S-Oil’s business and growth in global markets,” S-Oil’s board of directors said in a statement about the appointment during a shareholders meeting. S-Oil said Al-Hejazi has shown leadership in dive

Industry May 9, 2023

Hyundai Motor Group’s smaller affiliate Kia outpaced Tesla in operating profit margin in the first three months this year, shedding light on how a legacy carmaker could challenge the world’s top electric vehicle company, an analyst report showed Tuesday. Kia’s first-quarter operating profit margin came to 12.1 percent, surpassing that of Tesla’s 11 percent, according to the Samsung Securities report. “Kia could be the only traditional auto maker that can compete h

Mobility May 9, 2023

South Korea’s battery exports are estimated to post an annual growth rate of 33 percent until 2030, boosting the country’s GDP growth by 0.3 percent, a report issued by Goldman Sachs showed Monday. According to the global investment bank, Korean battery makers’ global sales are expected to surge by an average of 43 percent in the cited period. The nation’s rapid expansion of its EV supply chain will have a positive impact on macroeconomic indicators such as the GDP gr

Mobility May 8, 2023

JEJU, Jeju Island -- Amid the booming market for electric vehicles, demand for car maintenance and diagnostics services has been on the rise to prevent fatal accidents on the roads. In a move to offer enhanced diagnostic technology for EV failure and repair, the Jeju Island unit of the state-run Korea Institute of Industrial Technology demonstrated a test that collects data from driving electric cars in front of the media on Thursday. During the test performed at the institute's headquart

Mobility May 7, 2023

SEOGWIPO, Jeju Island – Amid a surge in electric vehicle sales globally, experts on Tuesday called for concerted efforts among policymakers and industry officials to prevent EV batteries from catching fire. Fire-prone batteries were blamed for 12 percent of the total 130 recalls issued here since 2018, while software malfunctions took up the largest share at 43 percent, according to Lee Gwang-beom, an advisor at law firm Shin & Kim. “But battery fires are directly linked to con

Mobility May 2, 2023

South Korea’s top chaebol chiefs who accompanied President Yoon Suk Yeol on his state visit to Washington last week have returned with their hands full of hot-button issues, including the increasingly protectionist policies in the all-important US market. With no immediate breakthrough in related talks between the two countries, industry watchers say the business leaders seem to be in a rush to study the industrial implications of the summit talks and come up with follow-up measures. After

Industry May 1, 2023

Hyundai Motor Group Executive Chair Chung Euisun will join a lunch auction event to better connect with the younger generation, the Federation of Korean Industries said Monday. The business lobby has invited the Hyundai Motor chief, along with car-sharing company SoCar CEO Park Jae-uk and TV celebrity Noh Hong-chul, to take part in the event, similar to billionaire Warren Buffett's famous charity lunch. A total of 30 people will be selected for the power lunches targeted at the “MZ ge

Industry May 1, 2023

SK IE Technology, an electronics materials maker affiliated with SK Group, said Monday it is supplying battery separators to Chinese battery maker Sunwoda Electronic, paving the way for it to secure a footing in China’s burgeoning electric vehicle market. The two companies recently signed a memorandum of understanding at Sunwoda’s headquarters in Shenzhen, with senior executives of both companies in attendance. A battery separator is one of the key components of EV batteries, as it p

Industry May 1, 2023

Hyundai Motor’s all-electric compact sport utility vehicle Kona has returned to the market after a yearslong hiatus. Its first-generation model was suspended in 2019 following a series of battery fires, leading to a 1.4 trillion won ($1 billion) recall of some 80,000 vehicles. For the vehicle's second generation, dubbed the All New Kona Electric, the carmaker has teamed up with Chinese battery giant CATL to enhance safety while minimizing price hikes, according to Hyundai’s prod

Mobility April 30, 2023