Sport utility vehicles (SUVs) are dominating the Korean new car market this year. More than six out of 10 new models sold this year were SUVs.A total of 767,979 SUVs, including recreational vehicles (RVs) such as minivans, were sold in Korea from January to October this year, according to industry s
Samsung Electronics has been ranked among the top five global brands for the fourth consecutive year.The Korean tech giant took fifth place in the world with a brand value of US$91.4 billion. This is a 4 percent jump from 2022, according to the Global 100 Brands released by Interbrand, a global bran
The Korea Startup Forum (Chairman Jae-Wook Park, hereinafter referred to as KSF), the organizing organization of the global startup festival COMEUP, announced that COMEUP 2023, which was held at Dongdaemun Design Plaza (DDP) for three days from November 8 to 10, attracted about 66,000 people. It was
SK ecoplant, in collaboration with EcoPro and TES, is set to establish a battery recycling plant in Hungary. This strategic move will capitalize on Hungary's status as a European Battery Production Hub, where a number of global battery and electric vehicle companies are present, ensuring a steady su
Hyundai Motor Group came in second after Tesla in the first three quarters of this year as the number of electric vehicle (EV) registrations in the United States surged despite concerns over slowing demand for EVs.According to a report by Automotive News Nov. 12, a U.S. automotive publication, the n
The growth of electric vehicles (EVs) changing the paradigm of the global automobile market has come to an abrupt halt. As a result, carmakers are showing mixed moves.General Motors (GM), Ford and Volkswagen, as well as the world’s No. 1 EV maker Tesla, have postponed or canceled their investment pl
The number of new imported vehicle registrations, mainly new imported electric vehicle (EV) registrations, slid, but only that of new imported hybrid vehicle registrations rose in Korea in October.The Korea Automobile Importers & Distributors Association (KAIDA) said on Nov. 3 that the number of new
LG Electronics is strategically aligning its electric vehicle (EV) components business, a sector it is nurturing as a future growth engine, with a focus on premium car manufacturers like Mercedes-Benz, BMW, Audi, and more, propelling the business in a promising trajectory.According to the Financial
Global brands from various sectors are taking notice of the Korean market. Leading luxury brands like Gucci and PRADA have hosted large-scale events in Korea, while imported car brands such as BMW, Mercedes-Benz, and Audi are using Korea as a testbed for their products. This trend extends beyond jus
Samsung SDI and Hyundai Motor Group have entered into an agreement for the supply of electric vehicle batteries for the first time. Following their collaboration in automotive electrical and electronics parts, including semiconductors, this expansion into the battery sector marks the broadening of t
Samsung SDI will display a range of electric vehicle (EV) batteries at the 2023 Korea Future Mobility Expo held at EXCO, Daegu for three days starting from Oct. 19.Centering on the PRiMX battery, Samsung SDI will showcase various EV batteries and technologies that encapsulate “unparalleled technical
The U.S. Inflation Reduction Act (IRA) has been found to significantly impact the sales volumes of automobile manufacturers in the global electric vehicle (EV) market, excluding China.According to a study by the energy market research firm SNE Research, the number of EVs registered in regions outsid
BMW is aggressively entering the Korean electric vehicle market with the establishment of electric vehicle charging infrastructure as a key strategy.According to BMW Korea on Oct. 14, the German automaker has installed 920 EV charging stations in Korea, starting with 120 EV chargers at E-Mart branch
The number of electric vehicle recalls surged more than 14 times in the last three years, according to data from. The most recalled manufacturer was BMW (three models), while the most recalled model was Tesla’s Model 3.According to data on electric vehicle recalls which the Korea Transportation Safe
Tesla’s Model Y, a five-seat midsize electric sport utility vehicle (SUV), was the top-selling imported vehicle in Korea in September. Purchases of the model swelled as it was loaded with Chinese-made lithium iron phosphate (LFP) batteries which helped lower its retail price, analysts say.According
Over the past five years, the automotive company that received the highest amount of fines and penalties in South Korea was Mercedes-Benz Korea, the leading player in the imported car industry. The company had a cumulative amount of approximately 28 billion won.According to data obtained by Park San
Three out of every 10 imported sport utility vehicles (SUVs) sold in the first half of 2023 were high-priced cars worth more than 100 million won.A total of 28,005 imported SUVs costing more than 100 million won were sold in Korea from January to August this year, up 15.9 percent from 24,156 units i
The government has initiated the process of revamping the current vehicle tax, which is currently based on engine displacement, to consider factors such as vehicle price. If the criteria for vehicle taxation changes, it is anticipated that imported cars will face a significant increase in tax burden
The large-scale imports of Chinese-made vehicles and batteries is expected to have a significant impact on the domestic car market and parts industry in Korea. The increase in Chinese imports can be attributed to competitive pricing, driven in part by rising raw material costs.Experts argue that whi
Despite the slowing growth of the domestic electric vehicle market, sales of imported brands have increased.According to the new registration statistics from the Korea Imported Car Association (KAIDA) on Sept. 10, the number of imported electric vehicles sold in the domestic market from January to A