BMW overtook Mercedes-Benz in the Korean imported car market in July, taking the top spot for the second month in a row.BMW sold 5,490 units in July to beat Mercedes-Benz, which posted 5,456 units, the Korea Automobile Importers & Distributors Association said on Aug. 3. BMW rose to the top spot in
Tesla’s market share in Korea plummeted in the first half of this year. Its share in the United States is also expected to fall to the 10 percent range.Sales of imported electric vehicles in Korea reached 12,959 units in the January-June period of this year, up 13 percent from 11,431 units in the sa
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Maintain BUY, target price of KRW130,000 We maintain BUY and 12m TP of KRW130,000 on LGE. While HE earnings fell on sluggish demand, mid-/long-term growth potential appears intact, as VS posted its first ever p
LG Electronics' automotive electronics business is growing fast. It posted eight trillion won in order intake in the first half of this year.LG Electronics announced on July 5 that its VS Business Division has recently won orders for in-vehicle infotainment systems from a global automaker that o
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Maintain BUY, target price of KRW130,000 We maintain BUY and 12m TP of KRW130,000 on LGE. Despite shrinking B2C demand, mid-/long-term growth potential should remain intact, as VS is expected to post its first
Hyundai Motor Co.’s electric vehicle IONIQ 5 has outscored models from Mercedes-Benz and Audi in a performance test by Germany’s leading automobile magazine Auto Motor und Sport (AMS). The IONIQ 5 was selected as the most competitive car in a recent evaluation of four electric SUV models conducted b
The author is an analyst of KB Securities. He can be reached at jeff.kim@kbfg.com. -- Ed. Lower target price to KRW130,000 but maintain BUY; expect solid H&A, sluggish HE We lower our 12m TP for LGE from KRW160,000 to KRW130,000, as we revise down 2022E/2023E NP (attributable to controlling interest
LG Electronics' automotive electronics business is expected to enjoy the first surplus in 26 quarters in the second quarter of this year. Its order intake is expected to approach 70 trillion won by the end of this year. On June 28, ZKW, a subsidiary of LG Electronics, announced that it signed a
The number of patent applications related to advanced driver assistance system (ADAS), a core technology for autonomous vehicles, is increasing fast.As some automakers such as Hyundai Motor, Mercedes-Benz, and Honda are promoting the commercialization of Level 3 autonomous vehicles capable of condit
The Korea Automobile Importers & Distributors Association announced on June 7 that a total of 23,512 imported cars were newly registered in South Korea last month, down 2.4 percent from a year ago and up 1.9 percent from the previous month.The figure for the first five months of this year is 108,314
Hyundai Motor Co. will limit the autonomous driving speed of the Genesis G90, a Level 3 self-driving car to be released within 2022, to 60 km per hour.Hyundai Motor plans to release the G90 with Level 3 autonomous driving technology in the fourth quarter of 2022.The Society of Automotive Engineers (
The three major Korean battery cell companies are accelerating the diversification of battery product lines in line with growing demand.LG Energy Solution plans to produce standard-size LFP battery cells beginning from October 2023. It showcased LFP batteries for energy storage systems (ESSs) at the
The Ministry of Land, Infrastructure and Transport announced on May 19 that it told six automakers to recall 64,754 cars and the six companies are Hyundai Motor Co., Kia, Mercedes-Benz Korea, Porsche Korea, Volkswagen Group Korea, and Ford Sales Service Korea.According to the ministry, the cars incl
The share of prismatic batteries in the global battery market increased from 53.1 percent in the first quarter of 2021 to 63.6 percent in the first quarter of 2022, according to SNE Research on May 17.During the same period, the share of pouch type batteries decreased from 25.7 percent to 20.8 perce
Korea’s automobile exports amounted to US$4.4 billion in April, up 6.1 percent from the same period of 2021. Export growth was led by eco-friendly vehicles amid a global push for carbon neutrality. However, production decreased due to a shortage of semiconductors and disruptions in parts supply trig
Hankook Tire announced the company’s 2022 Q1 financial results on May 11, with consolidated global sales of 1,790.6 billion won and operating profit of 126.0 billion won.The company saw a 32.2% decline in operating profit year on year due to the lingering effects of the ongoing global supply chain d
Geely Automobile Holdings, a subsidiary of Geely Group, the largest private automobile group in China, has acquired a 34.02 percent stake in Renault Korea Motors.As a result, Geely Automobile Holdings overtook Samsung Card to become Renault Korea Motors’ second-largest shareholder. However, even aft
Korean automakers and foreign carmakers' operations in Korea delivered mixed results in 2021. Hyundai Motor Co. and Kia Corp. achieved record-high sales in 2021 thanks to strong sales of the luxury brand Genesis and increased sales of SUVs, respectively. Renault Korea Motors, SsangYong Motor and
The author is an analyst of NH Investment & Securities. He can be reached at esshim@nhqv.com. -- Ed. NHN KCP conducted an NDR for institutional investors over Apr 18~19. Despite concerns over slowing online market growth in the post-pandemic era, the firm’s earnings expansion should continue on the
South Korean electric vehicle battery manufacturers are facing a triple whammy as the ongoing global chip shortage is leading to vehicle production delays, raw material prices are soaring, and Chinese electric vehicle battery manufacturers are expanding their business abroad.The state government of