South Korea’s capital Seoul wants to replace a total of 1,300 existing buses with new fuel-cell buses from Hyundai by 2026. This was agreed upon by Hyundai Motor, the Seoul city government, the South Korean Ministry of the Environment and the companies SK E&S and Tmap Mobility.
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It is official – LG Electronics is entering the EV charging business. After the move leaked earlier this year in March, the South Korean company presented a new product portfolio comprising four models.
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Gogoro, known for its e-scooters and battery-swapping ecosystems, has announced an expanded partnership with Bikebank in Korea. The collaboration will bring Gogoro services to Korean consumers under the Dotstation brand, building on earlier B2B advances in the market.
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Volvo Trucks received 486 orders for electric trucks in the first quarter of 2023, an increase of 141 per cent compared to the same period last year. This number is expected to increase over the course of the year as the Swedish company looks to bring its electric trucks to even more countries.
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Hyundai has announced the construction of an all-electric car plant in Ulsan, South Korea. Construction of the factory is to begin in the fourth quarter of this year and production is to start in the second half of 2025 with an annual capacity of 150,000 electric cars.
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The South Korean chemical company LG Chem is joining forces with the Chinese company Huayou Cobalt to build a factory for nickel, cobalt and manganese cathode precursor materials in South Korea.
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The Hyundai Motor Group has presented investment plans to become one of the world’s top three electric car manufacturers by 2030. To this end, the South Korean group wants to invest up to 24 trillion won (equivalent to around 16.6 billion euros) to increase production and exports.
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Kia is getting more ambitious concerning sales of electric vehicles. Or the carmaker is getting more confident. Either way, it again increased its EV sales forecast for 2030 and wants to sell 1.6 million EVs annually by then.
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The South Korean car manufacturer SsangYong is now called KG Mobility and has presented its second electric model. The background to the name change is the takeover of the Korean carmaker by the domestic conglomerate KG.
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LG Electronics is apparently preparing its entry into the EV charging infrastructure business. According to a Korean media report, LG Group’s strategy is to have major subsidiaries such as LG Electronics provide all services from charger manufacturing to charging solutions and platforms.
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SK On, cathode material company EcoPro, and Chinese battery material manufacturer GEM are building a production plant for precursors for electric car batteries. The site should be completed by the end of 2024 and have an annual capacity of 50,000 tons of precursors.
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Volvo Trucks has started sales of heavy battery-electric trucks in South Korea and says it is the first global manufacturer to do so. Three electric models are now available for South Korean transport companies to order.
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Kia will start production of its new EV9 electric model in South Korea in the first half of 2023. According to a report in The Korea Herald, the automaker reached an agreement with the country’s metalworkers’ union.
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The South Korean city of Incheon, located near the capital Seoul, plans to introduce a total of 700 fuel-cell buses by the end of 2024. A total of 200 of these H2 buses are to be put into operation this year, and the rest next year.
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Volvo Construction Equipment (Volvo CE) is investing SEK 80 mn (about €7.1 mn) into battery pack production at its excavator plant in Changwon, South Korea. This is another signal that Volvo is gearing to decarbonise the construction industry.
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SK On, the battery division of the South Korean company SK Innovation, which was spun off in autumn 2021, will receive 2.8 trillion won in additional capital to expand its business. Converted, this currently corresponds to around 2 billion euros.
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SK Innovation and the recycling specialist SungEel HiTech want to launch a battery recycling joint venture in Korea. Both sides have just signed a letter of intent. The joint venture is to be founded next year.
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LG Energy Solution has announced a total investment of 4 trillion won (€2.9 billion) by the end of 2026 in its Ochang plant in South Korea to increase production capacity for electric car round cells and build a new research and development centre.
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Hyundai is looking to transform the island of Jeju, South Korea, into a hydrogen showcase. 1,700 fuel cell vehicles will eventually operate and refuel on Jeju once the works are completed by 2030. The project is part of Korea’s bid to become a hydrogen economy.
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SK E&S will supply 1,000 hydrogen buses to Busan to support the bid by South Korea’s second-largest city to host World Expo 2030. The energy company signed a memorandum of understanding (MOU) with city authorities and Hyundai.
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Stoffel Vandoorne has won the Formula E championship. At the final race weekend in Seoul, a fifth and a second place were enough for the Mercedes EQ driver to win the title. The manufacturers’ championship also went to Mercedes for the second year in a row.
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The South Korean EV charging provider Charzin has joined Hubject’s e-roaming platform intercharge to enable subscribers to use their cards in the US and Europe. Hubject also provides Plug&Charge services to European EVs sold in Korea.
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Samsung SDI is preparing a pilot line for the production of 4680 battery cells for Tesla at its Cheonan plant in South Korea, according to Korean media. The first equipment for the production lines is said to have already been ordered.
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LG Electronics has acquired AppleMango, an EV charger manufacturer from South Korea, together with GS Energy and GS Neotek. LG says the acquisition will help it create “fully-featured charging stations” and integrate the existing charging management system developed in-house.
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German supplier Webasto has commissioned a new plant to assemble batteries for passenger electric cars in Dangjin, Korea, south of Seoul. The Group already holds an order from Hyundai-Kia to supply battery systems for several fully electric volume models.
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LG Energy Solution has announced the construction of a new production line at its Ochang plant in South Korea for 4680 round cells. The line is expected to have an annual production capacity of 9 GWh – and apparently produce cells for Tesla.
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LG Chem has formed a joint venture with B&M, a subsidiary of the Chinese company Huayou Cobalt, to produce cathode materials. A second joint venture is to be set up with Kemco to manufacture precursors for cathodes.
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Hyundai will soon cease production of the Ioniq. According to the South Korean carmaker, production of the model, which is available as a BEV, PHEV and HEV, will end at the Ulsan plant in July.
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The electric car manufacturer Polestar has launched a referral programme in Europe, South Korea and the USA. However, the Polestar offer is not intended to be as extensive as Tesla’s referral programme, which has since been discontinued.
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Hyundai and Kia plan to invest 21 trillion won (just under $17 billion) in electric car production in South Korea by 2030. The goal is to increase annual production from an estimated 350,000 units this year to 1.44 million units in 2030.
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