SUV-maker vows to diversify lineup of buses, trucks through acquisition

Korean automotive duo on pace to garner over W20tr in operating profits this year

David Turk, deputy secretary at the US Department of Energy, visited the construction site of BlueOval SK in Stanton, Tennessee, a joint venture of SK On and Ford Motor Co., the South Korean battery maker said Monday. “BlueOval SK is a project that shows fantastic partnership among the US government, SK On, Ford and BlueOval SK,” Turk said during a meeting with SK On, Ford Motor and SK BlueOval executives and US government officials on Thursday. “I think this is a phenomenal

Mini has opened the world's first showrooms specifically designed to promote its high-performance brand -- John Cooper Works, or JCW -- in South Korea, the company under BMW said Monday. Located in Suwon, Gyeonggi Province, Incheon, Daegu and Busan, the four JCW performance showrooms present the entire lineup of JCW vehicles, offering premium services and test drives for customers. The Korean sales of JCW models jumped by 45 percent on-year in 2022, logging the biggest annual sales figure o

South Korea and Slovenia discussed ways Friday to enhance bilateral cooperation on electric vehicles, logistics and advanced industries, Seoul's industry ministry said. During the meeting with Slovenia's economic minister, Matjaz Han, in Seoul, Seoul's Trade Minister Ahn Duk-geun pointed to the recent growth in the EV market in the European nation and voiced expectations for stronger ties in the related sectors, according to the Ministry of Trade, Industry and Energy. Ahn also ask

South Korea's forklift exports jumped nearly 57 percent on-year in the first five months of 2023, data showed Friday, following a rebound in the global construction industry. Exports of forklifts reached $525 million from January to May this year, reaching a record-high amount for the period, according to the data compiled by the Korea Customs Service. The agency attributed the growth to increasing demand from construction sites worldwide, as some companies in major countries shifted their

BRUSSELS (Reuters) -- EU antitrust regulators have temporarily suspended their investigation into Korean Air Lines' proposed acquisition of Asiana after the former asked for more time to prepare remedies to address competition concerns, the South Korean carrier said on Wednesday. The temporary halt took effect on June 23, the European Commission's site shows. "Korean Air has requested a deadline extension to render comprehensive remedies that can address the EC’s concerns, a

LONDON (Reuters) -- Lucid will pursue more deals to sell its luxury electric vehicle equipment as it looks to grow its technology supply business, its top executive said on Wednesday, adding its recent deal with Aston Martin is just the start. The US EV firm will provide Aston with technology including a rear drive unit with twin motors, battery modules and software for integrating systems under the agreement with the British luxury carmaker announced on Monday. The parts will come from Lucid�

KC Motors’ luxury limousine brand Noble Klasse is a leading player in the nation’s premium limousine market that is equipped with both design and production capabilities. Since its debut in 2015, its limousine lineup consists of L4, L9, L9 Standard and L13 models based on the number of passenger seats. The smallest second generation L4 is the nation’s first limousine with a full partition that offers a comfortable ride for a limited number of VIP passengers. The car comes with

Yamaha Motor Company has been a pioneer in making motorcycles safer and more convenient by developing and incorporating cutting-edge electronic safety equipment. In particular, the all-new XMAX 300 sports scooter, recently released in South Korea under the distributor Hankook Motor Company, touts such innovative technology, making it a viable option for riders who want to be safer on the road. The vehicle comes with an anti-lock brake system and a traction control system, Yamaha said, which inst

Hyundai Motor Group said Wednesday it has made follow-on investments worth 2 billion won ($1.5 million) in Korea-based auto chip startup Bos Semiconductors in a move to boost its autonomous car business. Under the deal, the carmaker plans to strengthen its strategic partnership with the startup and develop auto chips for self-driving cars and electric vehicles. Further details on the investment including in which car lineups the startup’s chips will be installed were not made available. Th

Touting Korea as Italian carmaker’s No. 1 market in Asia Pacific, regional chief says peak is yet to come

Auto parts maker aims to post $5.35b in overseas sales this year

Unlike other global carmakers going all-out to launch fully electric vehicles, Toyota and its premium brand Lexus have insisted on developing hybrid cars. However, with burgeoning demand for battery-powered EVs (BEVs) in Korean and other major countries’ clean car markets, Lexus aims to expand its footing with the first BEV lineup, The All New Electric RZ. RZ 450e, the first EV in the RZ lineup, is a crossover utility vehicle -- a mix of sedan and sport utility vehicle -- that runs on To

S. Korean auto giant, Vietnam National University, Hanoi, to strengthen industry-academic ties