Most Popular
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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First-ever meeting of president, opposition chief set to finally happen
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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More med professors to take day off each week while govt. urges them to stay
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South Korea to launch space security center under spy agency
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Are Korean drivers losing appetite for EVs?
A recent survey released Tuesday by Encar, the largest used car platform in Korea, has revealed a shift in consumer preferences toward gasoline vehicles for new car purchases in 2024, with them regaining prominence over hybrids and electric vehicles, which were the top choices in 2022. The survey, titled "What's Your Next Car in 2024?" and conducted over a week in mid-January, involved 2,090 participants. 65.3 percent of these car owners plan to sell their current vehicles, primar
Jan. 30, 2024
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Samsung SDI logs record sales in 2023 on strong EV demand
Samsung SDI said Tuesday it posted an all-time high revenue last year with robust growth in sales of electric vehicle batteries. In its earnings report, the company said annual sales revenue soared 12.8 percent to 22.7 trillion won ($17.1 billion). Its operating profit, on the other hand, dropped 9.7 percent to 1.6 trillion won due to sluggish sales of small batteries and electronics materials. “Although we missed the profit target for last year, the EV battery business has seen 38 percent
Jan. 30, 2024
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Korea, 5th largest market for Bentley
UK luxury car manufacturer Bentley Motors said Monday it achieved an all-time high sales record in the South Korean market last year, making it the leading market in the Asia-Pacific region and the fifth largest globally for the second year running. Bentley Motors Korea accelerated its sales trajectory in the domestic market for the third year in a row, with 810 units sold in 2023, surpassing the sales milestones of 506 units in 2021 and 775 in 2022, according to data from the Korea Automobile I
Jan. 29, 2024
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Posco Future M seeks more regulatory support
Kim Jun-hyung, CEO of Korean battery materials manufacturer Posco Future M, urged the Ministry of Environment to reinforce measures to boost the rechargeable battery industry, according to the company on Monday. Kim met with Lim Sang-jun, deputy minister at the Environment Ministry, who visited the company’s artificial graphite anode materials manufacturing plant in Pohang, North Gyeongsang Province, earlier in the day. Posco Future M shared its achievements in the cathode and anode materi
Jan. 29, 2024
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Hyundai Mobis secures $9.2b in overseas orders in 2023
Hyundai Mobis secured a record high of global orders totaling $9.2 billion last year on the back of the worldwide automation trend in the car sector, the South Korean auto parts manufacturer under Hyundai Motor Group said Monday. Noting that the overseas orders significantly exceeded the originally set target of $5.6 billion, Hyundai Mobis highlighted that the new record was achieved through key parts orders signed with global automakers excluding the two Korean carmakers, Hyundai Motor Company
Jan. 29, 2024
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Porsche vows to bring out best of ASEAN market
SINGAPORE -- Porsche has underscored its drive to put a great emphasis on the Southeast Asian region, as the German automaker vowed to find ways to offer various Porsche experiences for the Association of Southeast Asian Nations. “Our business is based on four pillars and (they are) Europe, North America, China and (what we call the) 'overseas region,' which is becoming more and more important,” said Matthias Becker, Porsche’s vice president of region overseas and eme
Jan. 28, 2024
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Hyundai Mobis logs 14% sales growth in 2023
Hyundai Mobis, an auto parts manufacturing unit under Hyundai Motor Group, said Friday its revenue surged over 14 percent last year to nearly 60 trillion won ($44.9 billion). The company posted an annual revenue of 59.25 trillion won in 2023, breaking the record of 51.9 trillion won it set the year before. Its operating profit came to 2.29 trillion won, a 13.3 percent increase over the same period. The stellar performance comes after an increase in the supply of electric car parts, following a b
Jan. 26, 2024
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LG Energy Solution hits record earnings on upbeat US sales
Despite the slowdown of electric vehicle sales, LG Energy Solution broke the record in earnings last year, largely driven by a boost in sales in the all-important US market. In its earnings report released Friday, the battery maker said its annual revenue surged by 31.8 percent to 33.7 trillion won ($25.3 billion) while operating profit skyrocketed 78.2 percent to 2.2 trillion won -- both hitting all-time high figures. With robust sales in the US, some 677 billion won worth of tax credits were a
Jan. 26, 2024
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[From the Scene] New Macan signals true beginning of Porsche EV
SINGAPORE -- Porsche debuted the new Macan -- the automaker’s second all-electric vehicle and first battery-powered sport utility vehicle -- in Singapore on Thursday, officially signaling the start of its future lineup based on the company’s EV-dedicated platform. “We are taking the Macan to a completely new level with exceptional E-Performance, the new driver experience and a very impressive design,” said Oliver Blume, chairman of Porsche’s executive board, durin
Jan. 25, 2024
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Hyundai-Kia retains global No. 3 spot as profits top Tesla's
Hyundai Motor Group has retained its position as the world's third-largest automaker for a second year, trailing only Toyota Motor and Volkswagen Group, based on its 2023 fourth-quarter and yearly financial results disclosed Thursday. The Korean automotive giant, comprising the Hyundai, Kia and Genesis brands, sold approximately 7.32 million vehicles last year, marking a 6.7 percent on-year increase from 2022. Kia, in particular, hit a record operating margin of 11.6 percent, surpassing tra
Jan. 25, 2024
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Hyundai takes earnings crown after profit surge
Hyundai Motor Group pulled in an all-time high annual operating profit of 26.7 trillion won ($20 billion) last year, outpacing Samsung Electronics, which held the No. 1 position among the listed companies in Korea for 14 consecutive years, for the first time. Hyundai Motor Company saw a 15.1 trillion won record profit in 2023, a 54 percent jump from the earlier year with a 9.3 percent operating profit margin, while its sales revenue surged 14.4 percent to 162.7 trillion won, the company’s
Jan. 25, 2024
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Hyundai’s $5.5b EV plant may receive fewer incentives in US
Hyundai Motor Group might not receive full tax credits from the US for setting up an electric vehicle manufacturing plant in the state of Georgia, although it made hefty investments in the new production base, media reports said Wednesday. According to the Korea-based news outlet, Seoul Economic Daily, the US Department of Energy is putting off responding to the carmaker’s request to apply the maximum 30 percent tax break for the Georgia plant. Given that the company has vowed to inject mo
Jan. 24, 2024
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Kia plant completes upgrade for EV production
Hyundai Motor Group’s smaller affiliate Kia’s second auto manufacturing plant in Gwangmyeong, Gyeonggi Province, will resume operation in February, after an eight-month refurbishment to prepare the plant for electric vehicle production, industry sources said Tuesday. The company reportedly announced to the factory’s production line staff, who were on paid leave during the monthslong shutdown, that they would start working from Jan. 30. An official from Hyundai Motor Group confi
Jan. 23, 2024
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Korean EV, battery makers seek leniency on IRA rules
Hyundai Motor Group and Korean battery manufacturers called for leniency in the US electric vehicle tax credit rules blocking battery sourcing from foreign adversaries including China, according to the Federal Register. In public comments submitted to the open-access website for US federal government documents on Thursday, Hyundai said, “It is unlikely that other countries will be able to replace China in the short term,” underscoring the global market’s dependence on the No. 1
Jan. 22, 2024
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1 in 3 new import cars priced over W100m
Nearly 1 in 3 import cars sold last year was priced at 100 million won ($75,000) or over, with their sales hitting a record high despite a slight downturn in the import car market overall. According to the Korea Automobile Importers & Distributors Association on Friday, 78,208 vehicles priced at over 100 million won were sold here last year, an 8.8 percent jump from a year prior. During the same period, the overall import car market suffered a 4.4 percent drop, selling 271,344 vehicles all t
Jan. 19, 2024
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Mercedes-Benz debuts new E-Class, taking cue from Korean drivers
Mercedes-Benz said Friday it is poised to roll out nine new cars in Korea this year, highlighting the strategic importance of the Korean market for the German luxury carmaker. The new lineups include five full-change models – the E-Class sedan, CLE Coupé, CLE Cabriolet, Mercedes-Maybach EQS SUV and electric G-Class – and four face-lift models – the Mercedes-Benz GLS, EQA, EQB and G-Class. One of the key launches is the 11th-generation E-Class sedan, a complete revamp fro
Jan. 19, 2024
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Korea records first-ever drop in fuel-powered vehicle count
South Korea saw its first-ever decline in the overall number of registered fuel-powered vehicles last year, as reported by the Ministry of Land, Infrastructure and Transport on Friday. The total number of registered vehicles powered by gasoline, diesel and liquefied petroleum gas fell by 85,000 to 23.647 million last year. This 0.4 percent decrease, the first since record-keeping began in the 1960s, was mainly driven by a downturn in diesel and liquefied petroleum gas vehicles, despite the regis
Jan. 19, 2024
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Hyundai, Kia post record sales in Europe
Hyundai Motor Company and Kia have set a new record, selling over 1.1 million vehicles in Europe in 2023, the South Korean automakers said Thursday. According to the announcement, Hyundai Motor sold 534,170 units and Kia sold 572,297 units, up 3.1 percent and 5.4 percent on-year, respectively. Together, the two carmakers’ yearly sales increased by 4.3 percent in comparison to the year before. The European Automobile Manufacturers’ Association announced that the European Union's
Jan. 18, 2024
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Global auto market to grow modestly as China leads EV adoption
The global automotive market is projected to grow modestly this year, with a 1.6 percent increase to 84.12 million units signaling a tempered post-pandemic recovery, as global carmakers are looking to adopt strategies from Chinese carmakers to spur mass adoption of electric vehicles, according to Hyundai Motor Group's Business Research Center. Yang Jin-soo, head of the center’s auto industry unit, shared his insights at a seminar hosted by the Korea Automobile Journalists Association
Jan. 18, 2024
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[Photo News] Top auto exporter
General Motors Korea’s Chevrolet Trailblazer, the carmaker’s popular compact sport utility vehicle, claimed the top spot on the list of the most exported cars of 2023, selling 214,048 units in overseas markets, according to the Korea Automobile Manufacturers Association on Thursday. Other top exporters included the Hyundai Kona SUV (212,489 units), the Hyundai Avante compact (206,371 units) and the Chevrolet Trax (181,950 units). (GM Korea)
Jan. 18, 2024