SEOUL, May 9 (Korea Bizwire) — Hyundai Mobis Co., South Korea’s leading auto parts maker, said Thursday it plans to build a 90 billion-won (US$65.8 million) electric vehicle (EV) module plant in the country’s southeastern industrial city of Ulsan. The company signed a memorandum of understanding with the city government of Ulsan, 299 kilometers southeast [...]
SEOUL, May 7 (Korea Bizwire) – The electric vehicle fervor that once gripped global markets seems to be waning, and South Korea’s battery industry is feeling the pinch. In the aftermath of a sharp decline in demand for electric vehicles since mid-2023, major players in South Korea’s battery sector find themselves navigating compensation negotiations with international [...]
SEOUL, May 1 (Korea Bizwire) – As the global electric vehicle (EV) market’s growth decelerates, South Korea’s electric passenger car sales have dipped this year. However, the domestic production and sales of electric buses have been on an upward trajectory, according to data from the Ministry of Land, Infrastructure and Transport and the Korea Automobile Manufacturers [...]
SEOUL, Apr. 25 (Korea Bizwire) – LG Energy Solution Ltd. (LGES), South Korea’s leading battery maker, said Thursday its first-quarter net profit plunged 62 percent from a year earlier due to slowing electric vehicle sales. Net profit for the three months ended in March plummeted to 212.1 billion won (US$154 million) from 562 billion won [...]
SEOUL, Apr. 24 (Korea Bizwire) — Hyundai Mobis Co., South Korea’s leading auto parts maker, said Wednesday it has started construction of an electric vehicle (EV) battery plant in Spain. The company said it held a groundbreaking ceremony for the envisioned 150,000-square-meter factory in Navarre, Spain, on Tuesday. Hyundai Mobis aims to start mass production [...]
SEOUL, Apr. 22 (Korea Bizwire) — Hyundai Motor Group said Monday it has signed a 174- megawatt power purchase agreement (PPA) with a solar energy project led by Spain’s Matrix Renewables to power its envisioned electric vehicle (EV) plant in the United States with renewable energy. The 15-year PPA with the Matrix Renewables-led Stillhouse Solar [...]
SEOUL, Apr. 16 (Korea Bizwire) — Last year, all three major South Korean battery makers – LG Energy Solution, Samsung SDI, and SK On – secured positions within the top five in the global electric vehicle battery market, according to a recent report. According to SNE Research, an energy market research firm, the total electric vehicle [...]
SEJONG, Apr. 1 (Korea Bizwire) – Beginning on April 1, all electric vehicles sold in South Korea will be required to display color-coded labels indicating their energy efficiency rating on a scale of 1 to 5, with 1 being the most efficient. The new five-tier rating system, introduced by the Ministry of Trade, Industry and Energy, [...]
SEOUL, Mar. 21 (Korea Bizwire) – South Korea’s exports of eco-friendly vehicles, including hybrid and electric cars, experienced a significant decline in February, marking the first contraction in over three years, a concerning trend given the country’s rising dependence on electric vehicle (EV) exports. According to data released on March 20 by the Korea Automobile Manufacturers [...]
SEOUL, Mar. 19 (Korea Bizwire) – Hyundai Motor and Kia have formed a partnership with government agencies, academic institutions, and industry associations to develop advanced firefighting technologies aimed at improving the safety of electric vehicles in the event of fires. On March 18, the automakers signed a joint agreement with the National Fire Agency Research Institute, [...]