President Park Geun-hye and Hyundai Motor vice chairman Chung Eui-sun (second from left) visit the carmaker’s Ioniq Electric production line Friday in Asan, South Chungcheong Province. (Yonhap)JEJUDO ISLAND -- South Korea’s top automaker Hyundai Motor unveiled its electric vehicle in the lineup of its green car brand Ioniq during the 3rd International Electric Vehicle Expo that opened in Korea’s southern resort island on Friday. “Eco-friendly and highly fuel-efficient models are becoming key fac

(Yonhap)JEJUDO ISLAND -- More than 140 electric car and parts makers gathered on Jejudo Island to showcase their latest green auto technologies. Global carmakers including Hyundai Motor, Renault Samsung Motors, BMW and Nissan are set to join the 3rd International Electric Vehicle Expo, which began on Friday for a seven-day run.The nation’s largest automaker Hyundai Motor unveiled its new electric vehicle Ioniq Electric. It is the latest model of Hyundai‘s Ioniq, which was first revealed at the G

Volvo Trucks aims to double its annual sales in Korea to 4,000 units by 2020, Volvo Group CEO Martin Lundstedt said in Seoul on Thursday.“The year 2015 was very successful for Volvo Trucks Korea. The Korean unit has contributed to the Volvo Group’s success as well,” the chief of the Swedish automaker said in a press conference. “Our 2020 vision is to sell more than 4,000 commercial vehicles (in Korea),” he added. Volvo Group CEO Martin Lundstedt talks to reporters in Seoul on Thursday. (Yonhap)T

Joylong Automobile, a Chinese electric vehicle manufacturer, signed a memorandum of understanding with Gwangju Metropolitan City on Wednesday to build its first overseas production line.It is the first time for a foreign EV maker to tap the Korean market for its production base abroad.  Gwangju City Mayor Yoon Jang-hyun (center) signs a memorandum of understanding with Joylong Automobile vice president Ou Yangguang (left) for the plant building project, at Gwangju City Hall on Wednesday.Under th

SK Innovation, the holding company of energy-related business at SK Group, announced Thursday it would expand its electric vehicle battery cell plant, in Seosan, South Chungcheong Province.“When the facility expansion is completed in the third quarter of the year, the plant will be able to produce enough battery cells to power 40,000 EVs per year, up from the current 30,000 EVs,” the company said in a press release. The SK Innovation’s EV battery cell plant in Seosan, South Chungcheong Province.

With the recent launch of its all-new X1, German luxury carmaker BMW is targeting those in Korea who are looking for affordable, upscale, sport-utility vehicles. The X1 is the carmaker’s best-selling compact SUV. Industry watchers said the arrival of the second generation of X1, which has an upgraded design and specifications, will heat up competition among German luxury carmakers in the compact SUV segment.  The driving shot of the all-new BMW X1 (BMW Korea)The all-new BMW X1 is vastly differen

Top carmaker needs to aggressively push for M&As of tech firms to catch up with rivals, experts say

Kia Motors has set its sights on the compact sport utility vehicle market this year, armed with its first hybrid SUV, dubbed the “Niro,” to cement market leading status in the leisure vehicle market. The Korean automaker stood ahead of its sister firm Hyundai Motor in sales last year in different recreational vehicle segments, except the small SUV market in which the carmaker has no flagship model. Niro, which made its global debut at the 2016 Chicago Auto Show in February, is Kia’s first green

Electronics retailers, including Lotte Himart and ETLand, are all set to sell electric vehicles and related products, according to industry sources Wednesday. They noted that the electronics goods distributor of retail giant Lotte Group is waiting for shareholders’ approval to enter the EV business. It plans to establish a firm to build a sales network for midsize EVs. CEOs of Lotte Himart and Korea Electric Power Corp. signed a memorandum of understanding to vitalize EV charging business on Tue

Hyundai Motor Group is gearing up for the reentry into the reopened Iranian market by exporting the semi-knockdown products. The automotive group said Tuesday that its two auto-making arms --Hyundai and Kia -- will supply its Complete Knock Down (CKD) products to Iranian automobile companies. Market watchers forecast the automaker’ export resumption will begin in April for the second quarter. CKD refers to semi-knockdown products that are intended to be assembled locally.  Cars waiting to go onb

Korea ranked fifth in the world in terms of superrich business tycoons who inherited their wealth instead of making their own fortune, a think tank report showed. According to the Peterson Institute for International Economics, 74.1 percent of the 30 Korean billionaires inherited their fortune -- more than double the global average of 30.4 percent.The report said the proportion of Korean billionaires who amassed their fortune through inheritance stayed unchanged over the past two decades. Meanwh

Japan's Toyota is set to unveil the latest version of the Prius in Korea next week, intensifying competition with homegrown auto giant Hyundai Motor in the steadily growing hybrid car market, industry sources said Tuesday.According to the sources, Toyota plans to introduce its fourth-generation model of the Prius on March 22 to the Korean market, its third global market debut after Japan and the United States.The Prius has been the dominant player in the hybrid electric vehicle (EV) market since

Hyundai Motor said Monday that it had appointed William Andy Freels, an executive in its U.S. branch, to head its local research center.It is the first time that a local official has been named as chief of the Hyundai America Technical Center Inc., the carmaker’s R&D center based in Ann Arbor, Michigan, company officials said.                   William Andy FreelsHATCI serves as the company’s headquarters for design, technology, and engineering in the North American market, supporting new model

DEBUT OF EQ900 LIMOUSINE -- Hyundai Motor unveiled the limousine version of the EQ900 on March 9 in Seoul. Its body is 290 millimeters longer than the flagship sedan of the Genesis. EQ900. The price tag of the EQ900 limousine, which boasts more premium features, starts from 150 million won ($125,000). (Hyundai Motor)(EQ900)

TIRE SERVICE CENTER GOES HIGH-END -- Hankook Tire has opened its second luxury service studio named “Luxtudio” in Busan. “Luxtudio” -- a combination of the words “luxury” and “studio” -- is designed to provide specialized premium services for clients with luxury imported cars. The space is fitted with equipment for ultra-high performance tire and wheel alignment apparatus. (Hankook Tire) (Hankook Tire)