In the first quarter of 2023, domestic automobile production exceeded 1 million units for the first time in six years in Korea. This is because a shortage of automotive semiconductors that had continued until last year was largely resolved.According to the Korea Automobile Manufacturers Association
The Korean automobile industry saw a new high in export volume after just two months. Exports of eco-friendly cars crossed US$2 billion for the first time. Its total car and parts exports topped US$7.6 billion, rising to the No. 1 spot among Korea’s export items.According to the automobile industry
Attention is focusing on South Korea-Japan collaborations in the EV industry after their recent summit.At present, LG Energy Solution is the only South Korean EV battery maker that is doing business with Japanese automakers. It has supplied batteries to Nissan and Isuzu and is discussing a partnersh
Hyundai Motor Group ranked third in the global car sales standings last year, following Toyota and Volkswagen. This marked the first time Hyundai Motor Group has joined the Big 3 Club and in 12 years since the Korean carmaker beat Ford in 2010, taking fifth place.According to data from automotive gr
The Council of the European Union postponed its voting regarding a ban on the sale of internal combustion engine vehicles.The European Union is planning to implement the ban in 2035 and an agreement to that end was reached in October last year. At present, however, some members are opposed to the pl
The war in Ukraine entered its second year. Many global enterprises such as Apple, Mercedes-Benz and Renault have already left Russia, but South Korean enterprises such as Samsung Electronics, LG Electronics and Hyundai Motor Co. have not withdrawn from the country. Their one-year business loss in R
Pure car and truck carriers (PCTCs) are becoming increasingly insufficient in East Asia as China’s car exports are increasing fast.According to Clarksons Research, the daily charter rate for a PCTC with a capacity of 6,500 CEU, that is, 6,500 cars was US$25,000 in 2021 but topped US$110,000 in Decem
The three major Korean battery makers -- LG Energy Solution, Samsung SDI, and SK On -- are expected to invest up to 20 trillion won in 2023 to ramp up their production capacities at home and abroad.This year, the three battery makers are expanding their production capacities by 135 gigawatt hours (G
The combined market share of Hyundai Motor Co. and Kia Corp. in the European vehicle market stood at 9.4 percent in 2022, up 0.75 percentage point from the previous year, said the European Automobile Manufacturers Association (ACEA) on Feb. 6. This was the largest increase among global automakers.Ot
Last year, car exports from South Korea exceeded US$50 billion, achieving the highest ever export performance. Despite the Russia-Ukraine war and global automotive chip shortage, exports of eco-friendly vehicles such as electric and hybrid cars increased significantly and drove growth.The Ministry o
The labor union of Nexen Tire’s plant in the Czech Republic announced through a local social network on Jan. 25 that it would go on strike on Jan. 31.The labor union claimed that it had tried to narrow differences with the management over the past year with regard to a pay raise and other working co
Hyundai Motor Co. and Kia Corp. (Hyundai Motor Group) logged a 9.4 percent share of the European car market in 2022, the first time that the two Korean carmakers' combined market share exceeded 9 percent in Europe.According to the European Automobile Manufacturers’ Association (ACEA), Hyundai Mo
Renault Korea Motors said on Jan. 12 that it is seeking to expand exports in response to a contraction in domestic sales, but is facing difficulties in securing vessels for car exports.Renault Korea Motors and its partners said France’s Renault Group may transfer production of the XM3 and new models
The Korea Automobile Importers & Distributors Association announced on Jan. 4 that the domestic sales volume of Hyundai Motor Co., Kia, GM Korea, Renault Korea and SsangYong Motor totaled 1,388,476 in 2022, down 3.1 percent from a year ago.Hyundai’s fell 5.2 percent to 688,884 and Kia’s rose 1.1 per
Hyundai Motor Group (HMG) is expected to rank third, the highest ever, in sales in the European automobile market in 2022.The Korean automotive group started to export cars to Europe in 1977. For the first time since then, it is expected to overtake France’s Renault Group in the European market.HMG
The Korea Automobile Manufacturers Association announced on Dec. 14 that Hyundai Motor Co., Kia, GM Korea, SsangYong Motor and Renault Korea produced 3,394,816 cars in South Korea from January to November this year. The amount increased 8.3 percent year-on-year, and the November output hit a four-ye
The Ministry of Trade, Industry and Energy announced on Dec. 12 that South Korean automakers’ output and exports increased 25.4 percent and 25 percent last month, respectively. Auto exports increased for five months in a row to reach a new high. Electric and hydrogen vehicle exports set new records,
As the shortage of automotive semiconductors gradually eases, the five Korean automakers posted sales growth in November. In domestic sales, they had mixed results, but in overseas markets, they all enjoyed increased sales.Domestic auto sales in November totaled 127,157 units, up 3.2 percent from th
Hyundai Motor Group ranked second in the U.S. electric vehicle (EV) market in the January-September period of this year.The group accounted for 9 percent of the U.S. EV market during the period -- Hyundai Motor Co. took up 4 percent, placing fourth, while Kia Corp. controlled 5 percent, ranking thir
As the war between Russia and Ukraine prolongs, Hyundai Motor Group is deeply contemplating whether to withdraw or stay in the Russian market.Hyundai Motor Manufacturing Russia (HMMR) did not sell a single car for two consecutive months in August and September.The Russian-Ukrainian war broke out on