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Here are some news about Korea auto parts business. Let’s check it out now :
Jan. 11, 2023
Korean Solar Company Plans to Build $2.5 Billion Plant in Georgia
Hanwha Qcells expects to make solar panels and their components in the United States to take advantage of President Biden’s climate policies.
The climate and tax bill President Biden signed in August to increase the use of green energy and electric cars while expanding domestic manufacturing appears to be yielding some results.
January 13, 2023
Renault Korea Motors in Desperate Need for Logistic Support
Renault Korea Motors said on Jan. 12 that it is seeking to expand exports in response to a contraction in domestic sales, but is facing difficulties in securing vessels for car exports.
Renault Korea Motors and its partners said France’s Renault Group may transfer production of the XM3 and new models from Busan, Korea to plants in Europe, if it judges that the Busan plant is unprofitable due to logistical problems, on top of the deficits in the past two years.
Source : http://www.businesskorea.co.kr/news/articleView.html?idxno=107695
16 Jan 2023
Hyundai Motor Group Promotes Busan, South Korea’s Bid to Host World Expo 2030 at World Economic Forum
Hyundai Motor Group (the Group) is promoting the South Korean city of Busan’s bid to host World EXPO 2030 at the World Economic Forum (WEF) in Davos, Switzerland, an event that engages the world’s top political, business and cultural leaders.
During the forum held from Jan. 16 to 20, the Group is operating a fleet of 58 vehicles wrapped with Busan’s World Expo 2030 logo to promote the city to the forum-attending world political and business leaders, Swiss citizens and other visitors.
Source : https://www.hyundaimotorgroup.com/news/CONT0000000000073239
30 January 2023
South Korean agency pushes investment in auto-parts, tech
YU Jeoung-yeol, president of the Korea Trade Investment Promotion Agency (KOTRA), said he is encouraging more investors to do business in Cambodia, especially in the field of vehicle spare-parts.
At a recent meeting in Seoul with a Cambodian delegation led by Minister of Commerce Pan Sorasak, Yu expressed his firm belief that the Cambodia-Korea Free Trade Agreement (CKFTA) will boost trade between the two countries.
Source : https://www.phnompenhpost.com/business/south-korean-agency-pushes-investment-auto-parts-tech
FEBRUARY 01, 2023
Gov. Kemp: Seoyon E-HWA Joins Growing List of Hyundai Suppliers, Nearly Doubles Georgia Employment
Governor Brian P. Kemp today announced that Seoyon E-HWA, a global auto parts supplier that manufactures both interior and exterior components, will create 740 new direct and indirect jobs and invest almost $76 million in a new manufacturing facility in Chatham County.
“When I announced the largest economic development project in Georgia history last year, I promised it was just the start in bringing even more jobs and opportunity to hardworking Georgians,” said Governor Brian Kemp. “As we work to ensure our state is the e-mobility capital of the nation, projects like this will continue to choose the No. 1 state for business and benefit communities in just about every zip code of Georgia.”
Feb 3, 2023
SNT Dynamics inks automatic transmission deal with Turkey’s BMC for tanks
South Korean auto parts manufacturer SNT Dynamics said Monday it signed an export deal with Turkish commercial and military vehicle manufacturer BMC to supply automatic transmissions to produce tanks for the Turkish government.
BMC is the firm in charge of delivering 1,000 Altays, a Turkish battle tank, to the government starting from this year under a Turkish-Qatari partnership.
The Altay project, pushed forward by the Turkish government, has faced supply issues in the past. BMC has been seeking to buy automatic transmission units from suppliers to power Altay engines.
Source : https://www.koreaherald.com/view.php?ud=20230203000516
February 8, 2023
‘Where’s the Hyundai?’: Car Thefts Made Easier by Design Flaw Continue in Prince George’s County
Combine a vehicle design flaw that makes a car easy to steal and social media videos showing exactly how to do it, and you get the nightmare that many Hyundai and Kia owners are dealing with in our area and beyond.
February 7, 2023
Novelis named ‘supplier of the year’ by Hyundai Motor Group
Novelis, the leading sustainable aluminum solutions provider and world leader in aluminum rolling and recycling, said Tuesday that it received the “2022 Supplier of the Year” award from Hyundai Motor Group at the automaker’s annual partnership day held Feb. 3.
Korea’s largest automaker honored Novelis in the material supplier category based on the comprehensive evaluation of all of its aluminum and steel material suppliers in the areas of supply chain reliability, quality and technical support. Novelis is the first-ever aluminum sheet provider to win the title of supplier of the year from the carmaker.
Source : https://www.koreatimes.co.kr/www/tech/2023/02/419_344990.html
February 7, 2023
Korean Auto Parts Makers’ Profits Expected to Increase
South Korean auto parts manufacturers’ operating profits are expected to increase as automakers are increasing their production volumes.
According to FnGuide, the operating profits of Hyundai Mobis, HL Mando and Hyundai WIA are expected to increase 26.6 percent, 26.5 percent and 22.3 percent this year, respectively. That of Hanon Systems is estimated to increase from 259.2 billion won to 426.3 billion won this year.
Source : http://www.businesskorea.co.kr/news/articleView.html?idxno=108903
FEBRUARY 9, 2023
Hyundai to offer mid-sized electric trucks in Australia this year
Australia’s roads are about to get a teensy bit more electrified, with the Hyundai Mighty electric truck set to join the manufacturers growing fleet of EVs by mid-2023.
The zero-emission Mighty is a mid-size truck with a steel bed and an approximate cargo capacity of between one and 3.5 tonnes. It comes with a 114.5 kWh battery that feeds its 120kW drive motor, and has a recharge capability of 10% to 100% in under 70 minutes.
Source : https://thedriven.io/2023/02/09/hyundai-to-offer-mid-sized-electric-trucks-in-australia-this-year/
February 9, 2023
HD Hyundai to Send 10 Excavators to Turkey
HD Hyundai announced on Feb. 8 that it will donate 10 medium-sized excavators for earthquake damage recovery work in Turkey.
Source : http://www.businesskorea.co.kr/news/articleView.html?idxno=109107
Feb 9, 2023
German carmakers fined over emissions collusion
South Korea’s antitrust watchdog imposed a combined 42.3 billion won ($33.5 million) in fines Thursday on three German carmakers — Mercedes-Benz, BMW and Audi — for collusion in the emissions of their diesel-powered vehicles.
Source : https://www.koreaherald.com/view.php?ud=20230209000662
Feb 9, 2023
Chungbuk eco-friendly multi-purpose automobile parts industry challenges the ASEAN market
Chungcheongbuk-do announced on the 9th that it will promote the ‘2023 Multipurpose Vehicle Business Conversion Innovation Support Project’ to respond to the future automobile paradigm shift and strengthen competitiveness in the multipurpose automobile industry.
This project is co-participated by the Korea Automobile Research Institute under the supervision of Chungbuk Technopark (President Noh Geun-ho), and aims to develop and upgrade core technologies so that related companies can actively approach changes in the transportation machinery market, which is rapidly changing to electric vehicles.
Korean article source : https://www.etnews.com/20230209000072
Feb 10, 2023
Hyundai Wia, selected as the highest grade in the Carbon Disclosure Project (CDP)
Hyundai Wia obtained the highest grade in the climate change response evaluation conducted by a global sustainability evaluation agency.
Hyundai Wia announced on the 9th that it received the highest grade, ‘Leadership Grade A’, in the ‘2022 CDP Climate Change Response Evaluation’ hosted by CDP (Carbon Disclosure Project), a global sustainability evaluation agency. At the same time, Hyundai Wia was also selected for the ‘Carbon Management Honors Club’, where only the top 5 domestic companies were incorporated. Hyundai Wia is the only domestic auto parts maker that belongs to both Leadership Grade A and Carbon Management Honors Club.
Korean article source : https://www.hyundai.co.kr/news/CONT0000000000076119
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