CHUNGJU, North Chungcheong Province -- Hyundai Motor Executive Vice Chairman Chung Eui-sun on Tuesday introduced the automaker’s long-term plan to manufacture 500,000 units of fuel cell electric vehicles here annually by 2030 in an effort to overtake rivals Japan and China in the FCEV market.With these goals in mind, Hyundai Mobis, the auto parts supplier, held a groundbreaking ceremony for its second hydrogen fuel cell stack factory, which when complete is expected to produce stacks for some 40

South Korean carmakers Hyundai and Kia have sold a combined 20 million vehicles in the US since entering what is currently the world’s second-largest market 33 years ago.Their accumulated sales marked 20.69 million units as of November, the companies’ data showed. Hyundai entered the market in 1985. Kia, after it was acquired by Hyundai, started selling vehicles there in 1994. (Hyundai Motor)By company, Hyundai has sold around 60 percent of the total, or 12.22 million units, while sister affilia

Hyundai Motor and Kia Motors’ green car sales are widely expected to grow further in 2019 on the back of the government’s increased budget to expand the use of ecofriendly cars here, industry insiders said Sunday. The two flagship companies of Hyundai Motor Group sold a combined 257,861 units globally between January and November this year, up 10 percent on-year, according to officials.By vehicle type, sales of electric vehicles soared 112.4 percent to 52,370 units, plug-in-hybrids 51.9 percent

South Korea's antitrust watchdog said Sunday that it has fined Volvo's local unit 20 million won($17,800) for not adhering to the country's technical data request guidelines when dealing with its subcontractors. An excavator made by Volvo Group (Yonhap)The Fair Trade Commission said that besides the fine, Volvo Group Korea, which produces and sells excavators and various types of construction equipment here, has been instructed to change its practices in regards to asking for blueprints for comp

A joint venture plan involving a local government and Hyundai Motor to build a manufacturing plant in Gwangju for sake of reinvigorating the local economy went adrift Thursday as the sides failed to narrow their differences at the last minute.Gwangju’s city government on Wednesday demanded Hyundai Motor remove a condition that wage renegotiations be suspended for the first five years. Later in the evening, Hyundai Motor rejected the demand, saying that the revised proposal no longer makes its in

Hyundai Motor Co.'s i30 N high-performance car topped other sports cars in Germany and Australia for this year, the company said Thursday. In Germany, the i30 N hot hatchback has been named the 'Import Winner' in the Auto Bild Sports Cars of the Year awards in the small car & compact category, Hyundai said in a statement. Hyundai i30N (Yonhap)In Australia, the vehicle beat out others in Australia's Best Cars Awards, or ABC awards, in the best sports car under $50,000 category. It also ranked 1st

LG Chem may well be able to make a turnaround and post a profit in its electric car battery business for the first time ever in the fourth quarter, market watchers said Thursday.The South Korean company does not separately disclose the performance of the EV battery business, but the prevalent view is that it will hit an annual operational profit of 196 billion won ($176 million) next year. The balance last year was 114 billion won in the red, which is expected to shrink to 56 billion won in the

South Korean SUV maker SsangYong Motor established an overseas sales subsidiary in Melbourne, Australia, last week, as part of efforts to expand its global operations, the company said Wednesday.The Australian unit will lead SsangYong’s overall operation in the country, building dealership networks and bolstering customer service. The carmaker expects to expand shipments to Australia, following its previous entries into Europe, South America and the Middle East. The carmaker is re-entering the A

LSIS, a South Korean power and energy solution provider, has acquired an energy storage system unit from US-based Parker Hannifin to expand its presence in the global smart energy market, it announced Wednesday. Citing confidentiality, the company did not disclose the deal value. Parker Hannifin is a leader in motion and control technologies and its ESS business, now acquired by LSIS, is the largest in the US and holds top-level ESS-related technologies, said officials in Anyang, Gyeonggi Provin

General Motors Co. Vice President Barry Engle recently flew to South Korea to underscore the necessity of a separate R&D corporation for the viability of its loss-making South Korean unit, GM Korea said Wednesday. GM Korea didn't provide details of the GM executive's schedule in Korea but confirmed he had a meeting with Lee Dong-gull, chairman of the state-run Korea Development Bank, the second-biggest shareholder of the carmaker after GM.  General Motors Co. Vice President Barry Engle (Yonhap)T

Legendary design director for Jaguar Ian Callum discusses higher importance of design in future mobility

Encouraged by signs of improving sales in the US, South Korean automaker Hyundai is going trendy in marketing its next vehicles in the global market. According to Hyundai Motor and Kia Motors, they sold a combined 102,600 units in the US in November, up 1.1 percent on-year. Hyundai Motor’s sales last month in the US market came to 57,082 units, up 3 percent on-year, while Kia Motors saw a 1.8 percent increase at 45,101 units. Increased sales in the US, largely due to the wider range of sport uti

The Korea Advanced Institute of Science and Technology, the nation’ first research-intensive institution established with a development loan from the US in 1971, will help the Kenyan government build a science research hub starting next year, it said Monday.KAIST has concluded a deal with the Kenyan government to build a science research institution with a 107 billion won ($95.7 million) loan from the South Korean government. KAIST leads a South Korean consortium that includes local builders and

MotorTrend’s cover story on the Genesis G70 (Hyundai Motor)The 2019 Genesis G70, a sports sedan under Hyundai Motor’s Genesis marque, was named car of the year by US magazine MotorTrend last week, the company said Monday.The luxury sports sedan competed with 19 other car of the year award contenders, including the BMW3, in the magazine’s annual evaluation. It won the award for being the most competent, desirable and capable vehicle to debut for the 2019 model year, the magazine said in a stateme

Hyundai Motor and Kia Motors conducted overseas executive reshuffles with the goal of strengthening their regional headquarters, the two companies said Friday. The latest change comes less than a month after similar reshuffles in China.Hyundai Motor Group said the purpose of the reshuffles was “to strengthen organizational agility to adapt to a rapidly-changing business environment.”Kim Seung-jin, new head of Hyundai Motor’s global operations division (Hyundai Motor)Hyundai Motor appointed Kim S