[Exclusive] Hyundai Mobis eyes closer ties with BYD

Hyundai Mobis, an auto parts manufacturer under Hyundai Motor Group, is looking to expand relations with Chinese electric vehicle giant BYD in an apparent move to diversify its profit sources outside of Hyundai and Kia. According to industry sources Monday, a group of Hyundai Mobis officials visited BYD’s headquarters in Shenzhen last month. Currently, Hyundai Mobis supplies steering parts to BYD, the No. 1 EV maker in China. During the visit, sources say, the two companies discussed ways

Nov. 25, 2024

[Herald Interview] ‘BYD will set no sales target in Korean debut year’

CHONGQING, China -- Chinese electric vehicle maker BYD will not focus on sales volume when it debuts in the Korean passenger car market early next year, the EV giant’s Asia Pacific head says. “We will not set a sales target for our first year (in Korea), “said Liu Xueliang, general manager of BYD Asia Pacific auto sales division, in a group interview with Korean reporters at BYD’s headquarters in Shenzhen, China, Wednesday. “Our hope is to give Korean customers hand

Nov. 25, 2024

[From the Scene] BYD zeroes in on continuing exponential growth

SHENZHEN/CHONGQING, China -- The license plate on the Denza Z9, a high-performance electric vehicle produced by Chinese EV maker BYD, read “10,000,000th” as a group of Korean journalists entered the BYD’s final assembly factory in Shenzhen on Tuesday. BYD celebrated its 30th anniversary with the completion of its 10-millionth car at the manufacturing plant the previous day. The 10 assembly lines at the site were packed with BYD vehicles. A BYD official noted that the day’

Nov. 25, 2024

[KH Explains] Dissecting Hyundai Motor's lobbying in US

Hyundai Motor Group is on track to report record-high spending for lobbying in the United States this year as the Korean auto conglomerate continues to ramp up its presence and influence in Washington, DC According to OpenSecrets, a Washington, DC-based nonprofit, nonpartisan organization that tracks and publishes data on campaign finance and lobbying, Hyundai Motor Company and Kia -- the two automakers under Hyundai Motor Group -- have spent $2.51 million on lobbying in the US as of the third q

Nov. 20, 2024

Hyundai Motor appoints 1st foreign CEO

Hyundai Motor Group appointed Jose Munoz, global chief operating officer at Hyundai Motor Co., as the next CEO of the auto brand on Friday, marking the conglomerate’s first-ever appointment of a foreign leader. The appointment is to take effect on Jan. 1. Munoz, a native of Spain and a US citizen, joined the Korean automaker in 2019 and has served as president and global COO of Hyundai Motor Co. as well as president of Hyundai and Genesis Motor North America. “Through strengthening d

Nov. 15, 2024

Hanwha chief appointed to lead defense affiliate

Hanwha Group Chairman Kim Seung-youn has taken a top position at the conglomerate’s main defense affiliate, Hanwha Aerospace, to ramp up the firm’s global expansion. According to Hanwha Aerospace’s quarterly report released on Thursday, Kim has been appointed as the defense firm's chairman. With the newly given title, the Hanwha Group head now has five chair positions, at Hanwha Corporation, Hanwha Solutions, Hanwha Systems, Hanwha Vision and Hanwha Aerospace. “Chair

Nov. 15, 2024

HD Hyundai vice chairman promoted in CEO reshuffle

HD Hyundai announced new nominees to head its affiliates on Thursday as the Korean shipbuilding conglomerate aims to cope with changes in the global business environment in the wake of the US presidential election. HD Hyundai Vice Chairman Chung Ki-sun has been promoted to the group’s executive vice chairman. With the promotion, Chung is expected to play a bigger role in leading HD Hyundai’s key projects and eco-friendly and technological innovation, discovering future growth engines

Nov. 14, 2024

LG Energy Solution to supply ESS for US Terra-Gen

LG Energy Solution has secured a contract to supply up to 8 gigawatt-hour energy storage systems to US renewable energy firm Terra-Gen, the Korean battery-maker announced Thursday. Under the deal, LG Energy Solution Vertech will deliver the ESS to Terra-Gen from 2026 to 2029. The Korean battery maker acquired NEC Energy Solutions, a grid battery integrator based in the US, in 2022 and renamed it LG Energy Solution Vertech. The deal marked the biggest supply contract since the launch of LG Energy

Nov. 14, 2024

BYD to enter Korean passenger car market early next year

BYD will officially enter the Korean passenger vehicle market early next year, the Chinese electric vehicle maker's Korean office announced Wednesday. The announcement came after months of speculation over when BYD would launch its passenger EVs in the Korean market. BYD Korea already entered the commercial vehicle market in 2016 and has released electric buses and trucks here since then. BYD Korea said it has reviewed the feasibility of a passenger vehicle business in Korea over the past f

Nov. 13, 2024

Hyundai to launch AI-powered EV in China next year

Hyundai Motor, in collaboration with Chinese partner Haomo, will launch its first Chinese-market-dedicated electric vehicle equipped with generative artificial intelligence technology next year. “We are working to load the software of Haomo, a local autonomous driving software firm, onto the EV, which will be released in the Chinese market next year,” said a Hyundai Motor official. “The level of autonomous driving is somewhere between 2 and 2.5.” With a scale of autonomou

Nov. 12, 2024