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Eximbank offers $1.5b support for SK On, Hyundai Motor joint venture in US
Export-Import Bank of Korea announced Friday that it will provide $1.5 billion in financial assistance to a US-based battery manufacturing joint venture between SK On and Hyundai Motor Group. During a Thursday visit to the venture’s plant under construction in Bartow County, Georgia, the state-run bank’s CEO, Yoon Hee-sung, pledged an $800 million loan and a $700 million guarantee for the company. Scheduled to begin operations late this year, the facility will produce up to 35 gigawatt-hours of
March 28, 2025 -
Automotive industry calls for measures to soften blow from US tariffs
The South Korean automotive industry on Friday called for measures to soften the anticipated fallout from the US administration's plan to impose auto tariffs and reciprocal tariffs next week, according to officials. Local industry representatives made the call during a meeting with First Vice Industry Minister Park Sung-taek, who visited Kia Corp.'s car manufacturing facility in Gwangmyeong, just south of Seoul, and a major export port in Pyeongtaek, about 65 kilometers south of Seoul, according
March 28, 2025 -
Germany’s Meyle launches official push into Korea’s aftermarket auto parts market
German premium aftermarket auto parts brand Meyle said Thursday it is starting its official marketing and communications efforts in Korea, targeting the growing demand for imported car repairs. The company plans to establish service centers under its brand name and strengthen direct engagement with Korean customers, building on its previous indirect presence through a local partner since 2016. Founded in 1958, Meyle supplies aftermarket parts for premium brands, including BMW, Volkswagen and Mer
March 27, 2025 -
Kia Tasman pickup blends SUV comfort, off-road power
The Kia Tasman, the Korean carmaker’s first pickup truck, combines advanced off-road capabilities with SUV-like convenience features, the company said Thursday. “Targeting global markets, Kia’s first authentic pickup truck embodies the brand’s renowned expertise,” said Choi Dong-ho, a researcher on the MLV Project 1 team at Hyundai Motor Group, during a press conference in Gangnam, Seoul. “It blends the rugged essence of a body-on-frame pickup with the comfort of a family SUV. Addressing the lim
March 27, 2025 -
With Hyundai’s arrival, Georgia becomes hub for next-gen manufacturing
Hyundai plant adds record jobs, investment in Georgia, Gov. Kemp says ELLABELL, Georgia — Georgia Gov. Brian Kemp touted that the establishment of Hyundai Motor Group Metaplant America in Bryan County opens up new jobs and breathes life into the local economy. “Our partnership approach isn’t just about Georgia working with companies,” said Kemp during the opening ceremony of HMGMA in Ellabell, Georgia, Wednesday. “It’s about leaders at every level of the public and private sectors coming togethe
March 27, 2025 -
Trump’s 25% auto tariff to hit Korean car exports hard
South Korean automakers — particularly, Hyundai Motor Group and GM Korea — are expected to face a decline in their US exports after Donald Trump announced 25 percent auto tariffs on all imports starting next week. “What we’re going to be doing is a 25 percent tariff on all cars that are not made in the US,” Trump said at the White House on Wednesday local time. He further noted that the tariffs are scheduled to take effect on Apr. 2 and the US government plans to collect them the following day,
March 27, 2025 -
Hyundai opens Metaplant America, ushering in new US growth era
$8 billion state-of-the-art factory redefines Korean auto giant's US strategy amid EV, tariff shifts ELLABELL, Georgia -- Hyundai Motor Group on Wednesday held the grand opening ceremony of Hyundai Motor Group Metaplant America, an $8 billion cutting-edge automotive manufacturing plant in Bryan County, Georgia, signifying the Korean auto giant’s local expansion bid to counter the second Trump administration’s strict tariff polices. “Our unwavering belief in this community and in strengthening th
March 27, 2025 -
Hankook eyes US production boost to offset tariff risk
Hankook & Company Chairman Cho Hyun-bum on Wednesday highlighted the need to bolster US production of automotive batteries and tires as a strategic response to the 25 percent tariff imposition on automobiles and parts by US President Donald Trump. “We are closely monitoring the Trump administration’s economic and trade policies and formulating various proactive measures,” stated Cho. “As a company with key national technologies, we are prioritizing the swift execution of strategies to contribute
March 26, 2025 -
Hyundai Steel anchors US auto supply chain with $5.8b plant
Steelmaker to counter import tariffs with first plant in Lousiana Hyundai Steel, Hyundai Motor Group’s steel manufacturing subsidiary, vowed Tuesday to invest $5.8 billion in building its first US plant in Louisiana as part of the Korean auto giant’s strategy to complete a local vehicle supply chain. The electric arc furnace steel plant, the first of its kind in the US, is set to begin commercial production of automotive steel sheets by 2029, boasting an annual production capacity of 2.7 million
March 25, 2025 -
Trump touts Hyundai Motor's $21b investment
Korean auto giant pledges largest-ever expansion plan in US Hyundai Motor Group has pledged $21 billion in new investments in the United States over the next three years — its largest-ever commitment there — as the carmaker seeks to navigate the Trump administration’s intensified tariff policies. “A key part of this commitment is our $6 billion investment to strengthen the US supply chain, from steel and parts to automobiles,” Hyundai Motor Group Executive Chair Chung Euisun said after being int
March 25, 2025 -
Hyundai, Kia on pace to hit 30m sales milestone in US this year
Korean auto conglomerate set to open newest megaplant in Georgia this week Hyundai Motor and Kia are expected to hit the milestone of selling 30 million cumulative units in the United States this year as they look to accelerate their decadeslong growth there, according to the Korean auto conglomerate on Monday. Since Hyundai and Kia began selling cars in the US market in 1986, the two have sold approximately 29.3 million units as of February, with the former having sold 17.12 million vehicles an
March 24, 2025 -
Posco Future M CEO pledges over W7.4tr in revenue by 2027
Posco Future M CEO Eom Gi-chen on Monday vowed to capture over 7.4 trillion won ($5 billion) in sales revenue by 2027, leveraging the electric vehicle supply chain’s decreasing reliance on China. “Capitalizing on the opportunities arising by the slowdown in the demand for electric vehicles, we aim to enhance productivity by 30 percent through expanding facilities and developing production process technologies to secure unmatched manufacturing competitiveness,” said Eom, during a shareholders mee
March 24, 2025 -
Kia’s EV3 tops EV sales in Korea
Kia’s compact electric SUV, the EV3, has emerged as the best-selling electric vehicle in South Korea this year, according to industry data released Sunday. Between January and February, Kia sold a total of 2,686 EV3s, outperforming competitors such as the Tesla Model Y, Hyundai Ioniq 5 and Hyundai Casper EV. A key factor behind its popularity is its competitive pricing. After applying tax incentives and government subsidies, the EV3 is available in the 30 million won ($20,500) range, making it a
March 23, 2025 -
Zeekr sets up Korean entity, eyes 2026 market entry
China’s premium electric vehicle brand Zeekr has established a Korean entity, paving the way for its market entry next year. Zeekr, a subsidiary of China’s Zhejiang Geely Holding Group, founded Zeekr Intelligent Technology Korea on Feb. 28. According to its registration with the Korean Supreme Court, the Korean office will handle imports, distribution, sales and after-sales services for vehicles and related products to be sold here. Its business scope includes the development, manufacturing and
March 23, 2025 -
Hyundai, GM negotiate sharing electric vans, pickups in North America: report
Hyundai Motor Company and General Motors are in the final stages of a strategic agreement for Hyundai to share two electric van models with GM while rebranding and selling GM’s pickup trucks in the North American market, Reuters reported on Friday. Hyundai plans to produce vans for both its own brand and GM, initially importing them from South Korea and is exploring options to manufacture the vehicles in North America either by using its local plant, outsourcing production or constructing a new
March 21, 2025