Hey, how are you doing ? I got some Korea auto parts business related new articles for you. Let’s check out.
2022.05.23
“Sonata discontinuation is only the beginning” Electrification changes Hyundai and Kia’s lineup ‘suddenly’
Not only the national car Sonata, but also the Mohave, which was like the romance of middle-aged and elderly people, is expected to follow the process of discontinuation. It is also said that Hyundai Motor Palisade will not come out with a model after this partial change.
It is unfortunate, but the disappearance of familiar cars is only the beginning. The disappearance of internal combustion engine vehicles in the era of electrification is a natural process. There are models that seem far from discontinued due to their high sales right now, but their fate is more than that.
‘Last internal combustion engine regulation’ is coming
The biggest reason they are disappearing is the regulation of internal combustion engines. Major developed markets, including Europe, plan to ban the sale of all internal combustion engines, including hybrids, after 2030. As a result, the sustainability of vehicles equipped with engines is declining.
For this reason, each manufacturer is in a hurry to introduce electrified models. A problem arises here. Taking Hyundai as an example, it is a question of whether to continue the heritage by naming a midsize sedan-sized electric vehicle as ‘Sonata EV’ or whether to incorporate it into the ‘IONIQ’ brand, an electrification brand.
The latter is the choice between Hyundai and Kia. In the long run, the successor to the Sonata will be the Ioniq 6, and the Palisade will be followed by the Ioniq 7. Kia also plans to replace the Mojave successor with the EV9.
Sonata and Mojave, which are certain to be discontinued, satisfy all conditions. Electric vehicles of similar physique, the Ioniq 6 and EV9, are about to launch this year and next year. Another reason is that the sales of the two vehicles are not as good as they used to be.
The Palisade, which has recently undergone a partial change, is highly likely to be replaced by the Ioniq 7. The mass production of the Ioniq 7 will be in 2024. Considering that a full change is usually made within three to four years after a partial change, the Palisade is also expected to disappear at the same time.
Source: Motorgraph (https://www.motorgraph.com)
Here is an English article :
MAY 23, 2022
Hyundai Sonata Mid-Size Sedan Reportedly on the Chopping Block
A Korean newspaper says that the company is not developing a next generation of the four-door and that the current model could disappear after 2025 or so.
Source: https://www.caranddriver.com/news/a40078104/hyundai-sonata-future-uncertain/
2022.05.24
Hyundai Motor Group invests 63 trillion won in Korea.
Following the announcement of a US$10.5 billion (about 13 trillion won) investment plan for the electric vehicle (EV) business in the United States, Hyundai Motor Group promised a massive investment of 63 trillion won on the 24th to make Korea a future business hub.
The three companies, Hyundai Motor, Kia, and Hyundai Mobis, will invest 63 trillion won in Korea for four years until 2025 for electrification, eco-friendliness, new technologies, new businesses, and strengthening competitiveness of existing businesses. This is to strengthen Korea’s role and leadership in the global future car business by concentrating large-scale investments in Korea.
In preparation for the era of popularization of pure electric vehicles, it is also speeding up securing a dedicated next-generation platform. In 2025, it will introduce ‘eM’, a platform exclusively for passenger electric vehicles developed based on ‘Integrated Modular Architecture (IMA)’ and ‘eS’, a platform exclusively for PBVs.
In the infrastructure sector, such as charging solutions and customer service, which are the core foundations for electric vehicle dissemination, by 2025, the company plans to build 5,000 ultra-fast chargers in Korea through collaboration with the outside world. Various new businesses are also being promoted in areas such as UBESS (Used Battery Energy Storage System), which utilizes batteries, charging, and exhausted batteries as energy storage devices.
Source: https://www.mk.co.kr/news/business/view/2022/05/457299/
Here is the related news in English :
May 24, 2022
Hyundai companies promise $50 billion of investment through 2025
Hyundai Motor, Kia and Hyundai Mobis will jointly invest 63 trillion won ($50 billion) through 2025 in Korea in an effort to make the country the hub for future mobility.
The commitment will be focused on three main categories: Electric and eco-friendly vehicles, new mobility technologies and internal combustion engine vehicles.
May 23, 2022
At Biden meeting, Hyundai Motor Group unveils extra $5b investment
South Korean carmaker Hyundai Motor Group announced the second round of its investment plan Sunday, adding another $5 billion to collaborate with US firms, only a day after the company unveiled a $5.54 billion plan to build an electric vehicle-only factory in Georgia.
“Hyundai Motor Group plans to invest an additional $5 billion through 2025 which will strengthen our collaboration with American enterprises in diverse technologies such as robotics, urban air mobility, autonomous driving and artificial intelligence,” said Hyundai Chairman Chung Euisun after a private meeting with US President Joe Biden in Seoul on Sunday morning.
Source: http://m.theinvestor.co.kr/view.php?ud=20220523000095
May 25, 2022
Hyundai Motor Group to spend W63tr by 2025 in Korea
Hyundai Motor Group unveiled Tuesday another set of mega investment plans, this time focusing on the local market. Introducing a 63 trillion won ($52.6 billion) plan, the automaker said it would work with its subsidiaries Kia and Hyundai Mobis to turn Korea into a hub of its future mobility business. The investment will be implemented over the next three years.
Source: http://m.theinvestor.co.kr/view.php?ud=20220525000123
2022.05.24
Ministry of Trade, Industry and Energy “Comprehensive package support for future car conversion for auto parts companies”
Minister of Trade, Industry and Energy Lee Chang-yang announced on the 24th that he would systematically support auto parts companies to transform their businesses into future car parts companies.
Minister Lee made this promise after visiting Daegu auto parts company Guyoung Tech (http://www.guyoungtech.com/eng/product/overseas.html) on the same day and listening to the difficulties of parts makers for the transition to future cars.
He said, “In order to turn the huge challenge of future car transformation into an opportunity for the growth of the auto parts industry, the government and companies must consider and actively deal with it.” “We plan to systematically support the business transformation of parts companies.”
He said, “We will support customized comprehensive packages for each parts company by utilizing the government support system such as business reorganization, R&D, human resource training, and funds in accordance with the Corporate Revitalization Act.” ·We will promote governance with pan-government support organizations such as the Korea Technology Guarantee Fund and the Korea Automobile Research Institute.”
Minister Lee continued, “We have removed barriers to transition such as regulations that hinder parts companies’ transition to future cars, and are currently operating in four regions: Southeast (Gyeongnam), Jeolla (Gwangju), Daegyeong (Daegu), and Chungcheong (Chungnam). We will expand the car conversion support center nationwide,” he added.
Source: https://www.mk.co.kr/news/economy/view/2022/05/457173/
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