Hyundai Motor Group said Tuesday it has decided to sell its entire shares of its car manufacturing plant in Russia, which has been temporarily shut down because of Russia's invasion of Ukraine, to a Moscow-based company, ending a decadelong operation. The carmaker’s board of directors approved selling Hyundai Motor Manufacturing Russia in St. Petersburg, along with a General Motor plant it acquired in 2020 to the Russian automotive service firm Art-Finance. “We have reviewed var

Auto giant’s accumulated donations amount to 394 billion won since 2003

Harim Group’s consortium was named as the preferred bidder for debt-ridden container ship company HMM, leaving concerns about how it would fund the acquisition worth 6.4 trillion won ($4.9 billion), industry sources said Tuesday. Outbidding rival Dongwon Group, the company is expected to take over the 57.9 percent stake owned by controlling shareholders of HMM -- the state-run Korea Development Bank and Korea Ocean Business Corp. The creditors have sought to get the shipper back on track t

Amid hegemony war in future mobility, carmaker focuses on advancing own operating system to secure more control over massive data

Kia held the championship round of its in-house League of Legends tournament on Friday at the automaker's training institute, the Kia Vision Square, in Yongin, Gyeonggi Province, the South Korean automaker said Monday. The company began its first in-house LoL tournament with 23 teams of 115 employees from Kia offices nationwide in November. On the sidelines of the championship round, professional esports players from the automaker-sponsored Dplus Kia team held an event match and competed ag

South Korea’s car exports climbed 84.2 percent from January to September this year compared to 2019, while imports of electric vehicles and EV batteries from China gradually increased, a report showed Monday. The export volume surged to $50.5 billion in the cited period after the prolonged COVID-19 pandemic and global supply glitches, according to the Korea Automotive Technology Institute, or Katech. Compared to last year, exports of battery-powered cars and hydrogen fuel cell vehicles sky

KG Mobility, formerly SsangYong Motor, and Saudi National Automobiles Manufacturing Company, a licensed producer of international and domestic automobiles, signed a partnership agreement on Friday to assemble the carmaker's Torres EVX electric vehicle in Saudi Arabia. The agreement expands an existing deal between the companies for SNAM to manufacture KGM's internal combustion engine vehicles. Under the new pact, SNAM will augment production capabilities to assemble the all-electric To

Swedish electric-vehicle maker Polestar recently announced its plan to produce the new all-electric Polestar 4 at Renault Korea Motors’ Busan plant in 2025. The new partnership comes as Polestar, a spinoff from Volvo in 2017, is seeking to secure a bigger footing in the burgeoning EV market with a more diversified product lineup from the Polestar 2 sedan and the Polestar 3 sport utility vehicles to the latest Polestar 4 coupe-styled SUV. At a time when it is crucial to beef up its produc

Sangju plant to produce silicon battery materials enough for 100,000-200,000 EVs next year

The combined vehicle sales of Hyundai Motor Co., South Korea's top carmaker, and its affiliate Kia Corp. in the United States surpassed 1.5 million units this year, according to industry data on Sunday. Hyundai and Kia sold 788,403 and 722,176 units, respectively, over the January-November period, the data showed. Hyundai's figures include sales of its independent Genesis brand, which also hit an annual record of 62,372 units. The combined figure marks the highest yearly sales since Hy

But Kia's Niro and Soul become ineligible for France's consumer cash incentives due to carbon footprint

Korean automaker to redefine brand strategy for 'Platform Beyond Vehicle'

US battery maker to unveil new battery development project with Korean auto giant next year

Toyota Korea on Wednesday launched the fifth-generation Prius in South Korea. The Japanese carmaker's signature hybrid model comes in two different powertrains: a 2.0-liter hybrid electric vehicle boasting fuel efficiency of 20.9 kilometers per liter and a 2.0-liter plug-in HEV capable of driving up to 64 km on battery only. The starting prices of the HEV and PHEV models are set at 39.9 million won ($30,350) and 46.3 million won, respectively. (Toyota Korea)

A recent report showed that Germany, the largest European automotive market, is expected to see a drop in electric vehicle sales this year for the first time in seven years, piling pressure on Korean battery makers who have operated core businesses in the all-important region. From January to November, the number of EVs sold in Germany decreased 5 percent on-year to 627,000 units, according to a report from Eugene Investment & Securities. In November alone, the country witnessed a 39 percent