Hyundai Motor Company and Kia have just secured their place among the world’s most financially sound automakers. According to industry sources Monday, both companies received A ratings from the world’s three major credit rating agencies -- Moody's, S&P and Fitch. This positions Hyundai and Kia alongside just three other automakers -- Mercedes-Benz, Toyota and Honda -- that have earned A ratings from all three major credit rating agencies. Credit ratings from these agencies i

Mobility Aug. 26, 2024

Renault Korea’s Grand Koleos stands out as a mid-size hybrid sport utility vehicle with extensive safety features, including numerous advanced driving assistance systems and high-strength materials. This vehicle has gained attention in the Korean market since its June debut, particularly for its robust safety features, which have become increasingly important to consumers amidst rising concerns over road safety. The Grand Koleos comes in three trims: Techno, Iconic and Esprit Alpine. Even

Mobility Aug. 25, 2024

Amid one of South Korea’s hottest summers on record, Hyundai Motor Group hosted the Heat Tech Day event on Thursday in Seoul to preview three advanced climate control technologies to improve passenger comfort in both scorching summers and harsh winters. The three technologies introduced at the event include a nano-cooling film that significantly lowers cabin temperatures during the summer, a radiant heating system that quickly warms passengers in winter and a metal-coated heated glass that

Mobility Aug. 22, 2024

LG Energy Solution said Wednesday it is expanding its battery safety diagnostic software business in response to the rising demand from electric vehicle manufacturers for more advanced safety measures. "With the recent EV fires, automakers are under pressure to enhance battery safety, but developing reliable diagnostic software is both complex and resource-intensive. LG Energy Solution is in a strong position here -- we have the diagnostic capabilities, the patents, and the real-world data.

Mobility Aug. 21, 2024

The family of Nexon's late founder, Kim Jung-ju, has sold a significant portion of their shares in the company's holding firm, NXC, to help cover the hefty inheritance taxes following his death. On Monday, NXC announced it had bought back shares from Kim’s widow, Yoo Jeong-hyun, who chairs NXC’s board, and their two children. The family sold a total of 125,288 shares -- 649.9 billion won worth (approximately $488 million). Additionally, NXC purchased 3,122 shares in Wisekid

Companies Aug. 20, 2024

LG Energy Solution said Tuesday that it is on track to complete a pilot line for its advanced dry electrode process at its Ochang Energy Plant by the end of this year, with the goal of scaling to full production by 2028. The dry electrode process is a cutting-edge method of making batteries that could transform the way they’re produced. Traditionally, most batteries are made using a wet process. This involves mixing active materials with organic solvents to create a slurry, which is then c

Industry Aug. 20, 2024

Construction of a cathode material plant in Becancour, Quebec -- a joint venture between Korea’s EcoPro BM, SK On, and US automaker Ford -- has been halted for the second time this year, amid growing uncertainty surrounding Ford’s electric vehicle strategy. The plant's construction began in August last year and was initially paused in April this year due to issues with selecting a contractor and finalizing the facility’s design. At the time, Francois Legault, the Premier o

Mobility Aug. 19, 2024

A mass sell-off of EVs has begun in South Korea, following a fire involving a Mercedes-Benz EV in Incheon that destroyed more than 140 cars and sparked proposals to restrict EVs' access to underground parking lots. Since the fire on Aug. 1, the market has been flooded with used EVs. K Car, Korea’s second-largest used car trading platform, reported an 184 percent increase in used EV listings in the first week of August compared to the final week of July. The Mercedes-Benz EQE series, w

Mobility Aug. 16, 2024

“Our Mercedes-Benz customers are upset, and some are canceling their EV reservations. They’re saying, ‘How can you use cheap Chinese batteries in a luxury car?’ They’re angry because they feel betrayed,” said a manager at a Mercedes-Benz dealership in Korea. This backlash stems from the revelation that the battery in a Mercedes electric vehicle that led to a major fire in an Incheon apartment underground parking lot on Aug. 1 was made by Farasis Energy, a rela

Mobility Aug. 14, 2024

The Korean government will issue an advisory urging every electric vehicle automaker in Korea to disclose battery manufacturers and offer free inspections to owners, in response to rising concerns about EV safety following a ravaging fire in an underground apartment parking lot in Incheon. The government held a high-level meeting Tuesday, chaired by Bang Ki-sun, minister of government policy coordination, with vice ministers from key ministries, including Interior and Safety, Industry, Environme

Mobility Aug. 13, 2024

Hyundai Motor Company and Kia have announced a free inspection service for all owners of their electric vehicles, responding to heightened safety concerns following a recent apartment fire in Cheongna International City, Incheon earlier this month. The inspection service, already underway since Aug. 8 for Hyundai and Aug. 9 for Kia, aims to reassure customers by thoroughly checking the safety of their vehicles. Hyundai and Genesis owners can access inspections at 22 premium High Tech and 1,234 a

Mobility Aug. 13, 2024

Mercedes-Benz Korea on Tuesday revealed the battery suppliers for all its electric cars sold here on its official Korean website and announced free inspections for all EV owners to address mounting safety concerns in the wake of a devastating fire in Incheon involving one of its electric vehicles. This announcement comes 12 days after the fire and follows similar actions taken by domestic automakers Hyundai Motor Company and Kia, both of which recently disclosed their EV battery suppliers. BMW K

Mobility Aug. 13, 2024

Electric vehicle battery manufacturers are bracing for increased scrutiny as South Korea considers new regulations requiring automakers to disclose their battery suppliers for each vehicle model, following a series of EV-related fires including a blaze in Incheon that damaged 100 vehicles. The car in the Incheon fire was a Mercedes-Benz equipped with a battery from Farasis, a Chinese manufacturer ranked 10th in the world by revenue. The exact cause of the fire -- whether it stemmed from the batt

Mobility Aug. 12, 2024

Hyundai Motor Group is addressing public safety concerns over electric fires in Korea by disclosing the battery manufacturers for its electric vehicle lineup and implementing enhanced safety features. It has listed the battery manufacturers for all 13 Hyundai and Genesis EVs on its official Korean website. According to the carmaker, most of the Hyundai EVs, including the flagship Ioniq brand cars, used batteries from Korea’s LG Energy Solution and SK On. Hyundai’s Kona Electric was t

Mobility Aug. 11, 2024

Nexon has set a new record for second-quarter revenue and operating profits, driven by the exceptional performance of Dungeon & Fighter Mobile in China, which launched in May earlier this year. In its latest filing to the Tokyo Stock Exchange on Thursday, Nexon reported a 64 percent year-over-year increase in operating profit, reaching 45.2 billion yen ($310.2 million) for the second quarter of this year. Revenue for the quarter surged 30 percent to 122.5 billion yen, and net income rose 63

Companies Aug. 8, 2024