Despite the slowdown of electric vehicle sales, LG Energy Solution broke the record in earnings last year, largely driven by a boost in sales in the all-important US market. In its earnings report released Friday, the battery maker said its annual revenue surged by 31.8 percent to 33.7 trillion won ($25.3 billion) while operating profit skyrocketed 78.2 percent to 2.2 trillion won -- both hitting all-time high figures. With robust sales in the US, some 677 billion won worth of tax credits were a

Germany carmaker's first full-electric SUV boasts driving range of 613 km

Carmaker outpaces Tesla in margin, driven by a diverse range of more profitable SUV, EV sales

Hyundai duo outpaces Samsung Electronics in operating profit for first time in 14 years

Concerns raised that protectionist policies will drag down EV investments in US

Hyundai Motor Group’s smaller affiliate Kia’s second auto manufacturing plant in Gwangmyeong, Gyeonggi Province, will resume operation in February, after an eight-month refurbishment to prepare the plant for electric vehicle production, industry sources said Tuesday. The company reportedly announced to the factory’s production line staff, who were on paid leave during the monthslong shutdown, that they would start working from Jan. 30. An official from Hyundai Motor Group confi

Hyundai Motor Group and Korean battery manufacturers called for leniency in the US electric vehicle tax credit rules blocking battery sourcing from foreign adversaries including China, according to the Federal Register. In public comments submitted to the open-access website for US federal government documents on Thursday, Hyundai said, “It is unlikely that other countries will be able to replace China in the short term,” underscoring the global market’s dependence on the No. 1

Nearly 1 in 3 import cars sold last year was priced at 100 million won ($75,000) or over, with their sales hitting a record high despite a slight downturn in the import car market overall. According to the Korea Automobile Importers & Distributors Association on Friday, 78,208 vehicles priced at over 100 million won were sold here last year, an 8.8 percent jump from a year prior. During the same period, the overall import car market suffered a 4.4 percent drop, selling 271,344 vehicles all t

Mercedes-Benz said Friday it is poised to roll out nine new cars in Korea this year, highlighting the strategic importance of the Korean market for the German luxury carmaker. The new lineups include five full-change models – the E-Class sedan, CLE Coupé, CLE Cabriolet, Mercedes-Maybach EQS SUV and electric G-Class – and four face-lift models – the Mercedes-Benz GLS, EQA, EQB and G-Class. One of the key launches is the 11th-generation E-Class sedan, a complete revamp fro

South Korea saw its first-ever decline in the overall number of registered fuel-powered vehicles last year, as reported by the Ministry of Land, Infrastructure and Transport on Friday. The total number of registered vehicles powered by gasoline, diesel and liquefied petroleum gas fell by 85,000 to 23.647 million last year. This 0.4 percent decrease, the first since record-keeping began in the 1960s, was mainly driven by a downturn in diesel and liquefied petroleum gas vehicles, despite the regis

Korean automakers combine for over 1.1m units sold last year

The global automotive market is projected to grow modestly this year, with a 1.6 percent increase to 84.12 million units signaling a tempered post-pandemic recovery, as global carmakers are looking to adopt strategies from Chinese carmakers to spur mass adoption of electric vehicles, according to Hyundai Motor Group's Business Research Center. Yang Jin-soo, head of the center’s auto industry unit, shared his insights at a seminar hosted by the Korea Automobile Journalists Association

General Motors Korea’s Chevrolet Trailblazer, the carmaker’s popular compact sport utility vehicle, claimed the top spot on the list of the most exported cars of 2023, selling 214,048 units in overseas markets, according to the Korea Automobile Manufacturers Association on Thursday. Other top exporters included the Hyundai Kona SUV (212,489 units), the Hyundai Avante compact (206,371 units) and the Chevrolet Trax (181,950 units). (GM Korea)

Software specialist Song Chang-hyeon to oversee carmaker’s burgeoning software strategy

Hyundai Motor Group said Wednesday that it has won nine Good Design awards this year. Eight cars, including Hyundai’s N Vision 74 sports car, Kia’s EV9 and the Genesis X Convertible, won transportation awards, while Kia’s next-generation infotainment system, called Ki, won an interactive media award. The N Vision 74, inspired by the Pony Coupe Concept, the nation’s first sports car unveiled in 1974, has won all four major design awards, including from iF, the Industrial D