Oh Young-ju, formerly ambassador to Vietnam, has been nominated as the new minister of SMEs and startups, the presidential office said Monday. The 60-year-old is an international relations expert who has worked as the nation’s first female second vice minister of the Foreign Ministry since July this year. Before that, Oh served as Korea’s ambassador to Vietnam. Oh majored in political science and international relations at Ewha Womans University. “These days when our economy

Tighter rules from the US limiting China-made materials in batteries eligible for electric vehicle tax credits might ironically offer a boon for Chinese companies, who hold huge stakes in joint ventures with South Korean battery manufacturers. The Joe Biden administration on Friday announced new guidance for the Inflation Reduction Act barring electric car buyers from claiming a $7,500 tax credit in case the product uses materials from China and other countries deemed a “Foreign Entity of

EcoPro BM, a battery materials manufacturing subsidiary of EcoPro, said Sunday it has forged a deal with Samsung SDI to supply 44 trillion won ($34 billion) worth of cathode materials for electric vehicle batteries. From next year to 2028, the battery materials company is poised to supply high-nickel cathode materials that consist of more than 80 percent nickel to Samsung SDI’s EV battery manufacturing plant in Hungary. EcoPro BM CEO Joo Jae-hwan, Samsung SDI Vice President Kim Ik-hyeon an

Hyundai Motor Group on Tuesday unveiled a more compact, integrated wheel system that frees up more room for futuristic car designs. Called “Uni Wheel,” short for Universal Wheel Drive System, the system integrates the constant velocity joints – a device that links the vehicle’s transmission to its wheels – and other parts such as the drive shaft and car decelerator into a wheel. The system, the first of its kind, also connects smaller motors to each wheel, instead o

Hyundai Motor Group’s cars will be sold online through Amazon for the first time in the US next year, offering an opportunity for the world’s third-largest carmaker to ramp up sales in the all-important market. During the Los Angeles Auto Show on Nov. 16, Hyundai and Amazon announced that customers can purchase Hyundai vehicles -- internal combustion engine cars, electric vehicles, leased and used cars -- available in their area on the tech giant’s website from a local dealer

The Ministry of Trade, Industry and Energy said Sunday the recent supply disruptions of hydrogen for automobiles in the central region of South Korea will gradually ease next week. “(The government has made sure) the hydrogen suppliers have secured extra hydrogen, so we expect the supply glitch will slowly improve starting next week,” said Lee Ho-hyeon, head of energy policy at the industry ministry, in a statement. “Until the situation returns back to normal, we will carry out

Tesla has begun making its Superchargers in Korea accessible to all non-Tesla electric vehicles, tightening its grip on the mobility charging network on the home turf of Hyundai and Kia. Starting Wednesday, non-Tesla electric cars can use around 570 of the EV maker’s V3 chargers that can give 261 kilometers of range in approximately 15 minutes at 84 stations. That is around half of the 1,007 Superchargers at 148 stations in Korea. To use the chargers, drivers should download the Tesla app,

LG Energy Solution, the nation’s top battery maker for electric vehicles, said Wednesday that its board of directors has appointed President Kim Dong-myung as its new CEO starting next year. Kim, replacing the firm’s iconic leader Kwon Young-soo, is a chemical specialist who has been leading the aggressive overseas expansion in the burgeoning EV market in recent years. The new CEO joined the company, then a business unit of LG Chem, in 1998 to work at a battery research center. The u

Hyundai Motor Group is expected to post record sales in the UK, the second-largest automotive market in Europe, this year, according to industry estimates Monday. The carmaker sold 173,428 vehicles in the UK in the January-October period this year, up 8.7 percent from the same period last year, the Society of Motor Manufacturers & Traders said citing corporate filings. Its market share stood at 10.8 percent. If the current sales momentum continues, the carmaker said, its car sales are highly

EcoPro said Sunday it has joined hands with SK Ecoplant and its electronics waste recycling subsidiary, TES, to set up an electric vehicle battery recycling plant in Hungary. EcoPro CEO Song Ho-jun, SK Ecoplant CEO Park Kyung-il and TES CEO Terence Ng participated in the signing ceremony held at SK Ecoplant’s headquarters in Jongno, Seoul, Thursday. By 2025, the three companies will build recycling facilities in Hungary -- the first project under a business agreement made in March targetin

Group Lotus, the British luxury carmaker, on Thursday unveiled its first flagship store in the posh district of Gangnam in southern Seoul, renewing its commitment to South Korea, a market it left a decade ago after years of lukewarm sales. With its “second debut” in the Korean market, Lotus’ Asian chief showed high expectations about its growth here. “Next year, Korea will become the biggest market for us in Asia outside of mainland China and will overtake Japan, which cu

Hyundai Motor Group Executive Chair Chung Euisun has received the Order of the British Empire from Britain's King Charles III, the carmaker said Wednesday. Among the five classes of the order, Chung was awarded the Honorary Commander of the Most Excellent Order of the British Empire. Colin Crooks, British ambassador to the Republic of Korea, delivered the medal on behalf of the king at the British Embassy in Seoul. Chung was recognized for his accomplishments in low-carbon mobility expans

Amid a supply glut at home, Chinese battery makers are extending its reach deeper into Europe, the world’s second-largest market for electric vehicles where their Korean rivals used to be clear dominant players. Up until two years ago, Korea’s LG Energy Solution, Samsung SDI and SK On owned a combined 70.6 percent of Europe’s burgeoning EV battery market, while Chinese firms had a tiny 6.7 percent, according to market tracker SNE Research. Led by world No. 1 battery manufacture

ULSAN – Hyundai Motor Group on Monday broke ground for a new plant at home – the first in 29 years – solely dedicated to producing electric vehicles. Earlier in the day, the world’s third-largest carmaker held a groundbreaking ceremony for the new plant in Ulsan, South Gyeongsang Province, one of its key production and export sites, with its top executives, including Executive Chair Chung Euisun, in attendance. The EV plant will be built on a 548,000-square-meter site, ne

Amid intensifying competition among US states to attract Korean battery makers' job-creating production bases, South Carolina and its largest metropolitan region, Charleston, have put their hats in the ring to seek possible business opportunities riding high on the boom in vehicles fueled by the new energy source. “We’ve discussed potential partnerships with (some of the) Korean battery manufacturers like LG Energy Solution, Samsung SDI and SK On,” said Joseph Affsprung, g

Renault Korea Motors CEO Stephane Deblaise has pledged to ramp up the transition to electric vehicles with cutting-edge hybrid car technologies, the company said Wednesday. With additional investments, the company will add hybrid cars to its Busan plant production lineup, Deblaise was quoted as saying at the Invest Korea Summit 2023 that wrapped up Wednesday in Busan. No time frame was mentioned. Under the vision of a “thriving automotive tech company,” the CEO added the carmaker has

Samsung SDI said Tuesday it is bolstering ties with Volvo Trucks as the two companies celebrate the fifth anniversary of their partnership this year. Samsung SDI CEO Choi Yoon-ho and Martin Lundstedt, CEO and president of Volvo Group, as well as other company officials participated in the celebratory event held at the Korean battery maker’s Cheonan plant in South Chungcheong Province last month. Aside from battery-powered trucks, the two vowed to enhance their partnership on constructi

South Korean battery maker SK On said Monday it has clinched a deal with Swedish carmaker Polestar to supply its premium electric vehicle batteries. Under the agreement, the battery manufacturer will supply nickel, manganese and cobalt (NCM) batteries for the Polestar 5, the full-electric version of the carmaker's four-door coupe, from 2025. The size of the deal was not disclosed. The company said the partnership shows that the demand for high-performance NCM batteries is still high in the

Hyundai Motor Group is expected to develop its own price-competitive lithium iron phosphate, or LFP, batteries for electric vehicles late next year to reduce dependence on China-made batteries, industry sources said Monday. According to media reports, under the two-year joint project with Korea-based battery makers that started this year, Hyundai will complete development of LFP batteries in 2024. The batteries will be installed in Hyundai and Kia’s small and entry-level electric cars and

Hyundai Motor Group reported robust growth in electric vehicle sales in the US this year, shrugging off the impact of not being eligible for consumer tax credits for EVs under the Inflation Reduction Act. According to the carmaker Sunday, Hyundai and Kia sold a combined 77,772 EVs in the US during the January-October period this year, a 53.7 percent surge from a year ago. Hyundai alone sold 51,563 vehicles, more than doubling from the same period last year. The carmaker’s cumulative EV sal