How are you doing? I brought some news related with Korean automotive business field. Check this out.
2022.Aug.11
S.Korea logs about 7.7 bln USD of trade deficit in 1st 10 days of August
SEOUL, Aug. 11 (Xinhua) — South Korea logged a trade deficit in the first 10 days of August due to a faster increase in import than export, customs office data showed Thursday.
The trade deficit amounted to 7.68 billion U.S. dollars in the Aug. 1-10 period, according to Korea Customs Service.
Source : https://english.news.cn/20220811/540eb293faad45268ec467446f17cab5/c.html
2022.Aug.18
S.Korea’s Hyundai Mobis aims to separate key businesses into new units
SEOUL, Aug 18 (Reuters) – South Korean auto parts maker Hyundai Mobis Co Ltd said on Thursday it was considering separating its modules and key parts production businesses into new wholly owned units in an effort to enhance each segment’s expertise and maximise efficiency.
Hyundai Mobis, an affiliate of automaker Hyundai Motor Co, said in a regulatory filing it aims to hold a board meeting in September to approve plans to separate the businesses, expected to be launched in November.
2022.Aug.21
S.Korean agency holds series of meetings to boost trade with China
South Korea’s trade promotion agency has been holding and plans to hold more meetings and exhibitions in a bid to boost South Korean exports to China, including auto parts and shipbuilding equipment, according to media reports on Sunday, underscoring the country’s focus on the Chinese market despite rising pressure from the US’ decoupling push.
Source : https://www.globaltimes.cn/page/202208/1273509.shtml
2022.Aug.22
Unfair treatment of Korean electric vehicles
The exemption of South Korean electric vehicle (EV) models from $7,500 tax credit for American car buyers under the Inflation Reduction Act (IRA) has startled the Korean auto conglomerate, industry and government. The IRA has restricted federal tax credit to new EVs entirely assembled in the U.S. and batteries sourced from the U.S., immediately exempting five Hyundai Motor EV models available in America from the eligibility for the federal subsidy. Hyundai Motor has become No. 2 in EV sales in the U.S. with its market share of 9 percent after Tesla as of June. But the new rule will put the brake on the drive.
2022.Aug.26
‘Inflation law may disrupt Korean exports of 100,000 plus EVs’
South Korean carmakers on Thursday said at least 100,000 electric vehicles built here would face disruption in export sales annually under the new US law, which excludes battery-powered vehicles made outside of the US from tax credits. They also urged the South Korean government to revise the current subsidy law and map out temporary measures for local carmakers, such as tax credits.
Source : https://m.theinvestor.co.kr/view.php?ud=20220826000144
2022.Aug.29
Risk of blowing billions – GM Korea’s emergency
If domestic automakers fail to import and sell thousands of electric vehicles within the year, they will have to pay billions of won in fines next year.
This is because GM Korea and Renault Korea, which do not have electric vehicle production facilities in Korea, have implemented the ‘emission-free vehicle supply target system’ this year, which requires contributions to be paid if electric vehicles do not meet a certain percentage of domestic sales. Unlike the United States, which induces domestic production through the Inflation Reduction Act (IRA), which provides subsidies of up to $7,500 per vehicle only for locally-produced electric vehicles, it is pointed out that the Korean government is actually using ‘import promotion measures’.
According to the industry on the 29th, it was found that the domestic sales of zero-emission vehicles (electric hydrogen vehicles) by domestic automakers until the first half of this year were far short of the government’s supply target.
Source : https://www.hankyung.com/car/article/2022082960731
2022.Sep.05
Vietnam must prepare for new wave of investments
In August, the Vinh Phuc Industrial Parks Management Board stated that the total new registered investment capital in industrial zones in Vinh Phuc province had reached VND 1,750 bln, much higher than the expectation of VND 1,000 bln, although there is as yet no general data for the whole country.
Source : https://www.sggpnews.org.vn/business/vietnam-must-prepare-for-new-wave-of-investments-101669.html
2022.Sep.05
Hyundai Mobis participates in the North American Auto Show for the first time. New electric vehicle platform entry
Hyundai Mobis will participate in the North American Auto Show for the first time and introduce next-generation new technologies such as an electrification platform.
Hyundai Mobis announced on the 5th that it will participate in the ‘2022 North American Auto Show’ to be held at Huntington Place, Detroit, Michigan, USA from the 14th to the 25th.
Hyundai Mobis plans to unveil about 30 new technologies in the field of future automobiles that can be mass-produced during the exhibition. A key new technology is the new electric vehicle platform (eCCPM).
Source : https://zdnet.co.kr/view/?no=20220905124350
Related news in English : https://en.yna.co.kr/view/AEN20220905003000320
2022.Sep.05
GM Korea, why is it not keeping the promise of ‘reinstatement of laid-off workers’ in 2020?
The layoffs of irregular workers at GM Korea’s Changwon plant shouted at the press center of Gyeongnam Provincial Office on the afternoon of the 5th. On this day, the Gyeongnam branch of the Metal Workers’ Union urged the implementation of the agreement to hire GM Korea’s laid-off workers first.
The agreement in which non-regular workers demanded fulfillment of their promises was the ‘tripartite agreement’ in 2020.
In 2019, some in-house subcontractors at GM Korea’s Changwon Plant went out of business, and 568 non-regular workers were laid off.
At that time, the Gyeongnam branch of the Gyeongnam branch of the Metal Workers’ Union, which had been joined by non-regular workers, had a struggle, and the Gyeongnam branch of the Metal Workers’ Union, the Changwon branch of the GM Korea branch (regular workers), and the GM Changwon non-regular branch of the GM Korea branch participated in Gyeongnam Province, Changwon City, and the Ministry of Employment and Labor. In the middle, I finally reached an (oral) agreement with the vice president of GM Korea.
The contents of the agreement include preferential hiring of laid-off workers when there is a demand for manpower and reinstatement of laid-off workers after the introduction of new car production facilities between 2022 and 2023.
The layoffs of irregular workers have been waiting for this agreement to be implemented, but they are still not discussing the issue of reinstatement of irregular workers ahead of the production of a new car at GM Korea’s Changwon plant.
Source : http://www.ohmynews.com/NWS_Web/View/at_pg.aspx?CNTN_CD=A0002862746
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