Automotive
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S. Korea's SUV maker KG Mobility launches special brand for car tuning and customizing parts
SEOUL -- KG Mobility, formerly known as Ssangyong Motor, will launch a new subsidiary specializing in tuning and customizable parts for vehicles, targeting South Korea's tuning car parts market that is projected to reach 10.5 trillion won ($7.9 billion) by 2030. Ssangyong Motor, which started business in South Korea as a small vehicle workshop founded by the late automotive titan Ha Dong-hwan in 1954, gained a reputation as the maker of sport utility vehicles (SUVs) in the coun
18 April 2023
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Hyundai and Kia cars excluded from list of EVs eligible for US tax credits of up to $7,500
SEOUL -- The US Treasury Department has sidelined Hyundai and Kia's electric vehicles from the list of 16 EVs that are eligible for the United States federal tax credit of up to $7,500, which branches out from the Inflation Reduction Act that was signed into law in 2022. The exclusion cast a dark cloud over the South Korean carmakers as their products lost competitiveness in the North American EV market which is growing at an average annual growth rate of about 37 percent to
18 April 2023
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Kia reveals big plan to accelerate electrification of vehicles to sell 2.3 mln eco-friendly cars by 2030
SEOUL -- Kia, a South Korean carmaker affiliated with Hyundai Motor, has revealed a big plan to go full throttle on the electrification of its vehicle lineups in a bid to capture the global future clean energy vehicle market. The world's clean energy vehicle market, mainly dominated by electric vehicles (EVs), is growing at a whopping speed of an average annual growth rate of about 55 percent to reach 10.2 million units sold in 2022, according to global market research firm Cou
6 April 2023
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Hybrid model of Hyundai's new full-sized sedan Grandeur garners popularity in S. Korea
SEOUL -- About 40 percent of consumers who buy the latest model of Grandeur, Hyundai's full-sized sedan also known by the name of Azera in foreign markets, choose the hybrid option, data released by the South Korean carmaker showed. Grandeur, first released in the domestic market through collaboration with Japanese carmaker Mitsubishi in 1986, gained iconic recognition among South Koreans as the "car of a successful person." The full-sized sedan was popular among busi
27 March 2023
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Hyundai unveils automatic charging robot for electric vehicles
SEOUL -- To ease electric vehicle drivers' hassle of having to plug a charging cord into their cars every time, South Korean carmaker Hyundai has developed an intelligent robot that can communicate with vehicles and automatically connect a car to a charger. Currently, electric vehicle (EV) drivers have to park their cars in a parking lot section where EV chargers are installed and manually plug the charger cord into their vehicle. The process is simple but it gets tr
22 March 2023
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Kia showcases concept model for compact electric SUV 'EV5' exclusive for Chinese market
SEOUL -- South Korean carmaker Kia has showcased a concept model for the company's new electric compact sport utility vehicle exclusive for the Chinese market during an unveiling event held in Shanghai on March 20. Kia will seek to secure its foothold in the Chinese electric vehicle market which is growing 87 percent year-on-year. China has the world's largest passenger EV market where one in every four cars sold is an EV, according to Counterpoint Research, a global market
21 March 2023
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Hyundai Motor company becomes world's third-largest carmaker: market data
SEOUL -- South Korea's Hyundai auto group has become the world's third-largest carmaker, thanks to the motor group's clean energy vehicles including electric vehicles which became popular in major car markets in North America and Europe, investor relations data released by various car companies showed. Also, increased sales of Hyundai's luxury car brand Genesis played a vital role in boosting the company's global recognition around the world. Hyundai entered the
15 March 2023
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Hyundai signs term sheet to acquire GM car factory in India
SEOUL -- Hyundai Motor is pushing to acquire a foreign car factory in India for the first time since entering the Indian market in 1996. The company aims to increase its annual production to around 900,000 units and surpass the current leader Maruti Suzuki to take the top spot in the world's fourth-largest car market. According to data released by Statista, a global market analyst firm, India's automobile market is rapidly growing at an annual average growth rate of about 3
14 March 2023
