WASHINGTON—Hyundai is recalling 239,000 cars in the United States because the seat belt pretensioners can explode and injure vehicle occupants. Three injuries have been reported, two in the United States and one in Singapore. In a letter to the Korean automaker, government regulators said that the driver’s and front passenger’s seat belt pretensioners can explode…
Hyundai Motor Group to Invest $50 Billion in South Korea Through 2025
SEOUL—Hyundai Motor Group said on Tuesday it plans to invest 63 trillion won ($49.86 billion) in South Korea through 2025 to strengthen its competitiveness in different business fields, including electrification, robotics, and urban air mobility, as well as autonomous driving technology. The South Korean auto group on Sunday announced its plans to invest more than…
Biden Wraps Visit to South Korea, Highlights Hyundai’s Major US Investment Pledge
May 23, 2022
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Asia & PacificbidenBusiness & EconomyCompanieseconomyEDSCGExecutive BranchGeorgiaHyundaiInvestmentIPEFPolicies & ImpactsPoliticssemiconductorSouth KoreaUSWorldYoon Suk-yeol
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President Joe Biden wrapped up his South Korea visit by highlighting Hyundai Motor’s pledge to invest at least $10 billion in electric vehicles and related technologies in the United States. The three-day Biden-Yoon summit tended to various business and security interests, from supply chains to North Korea. On Sunday, May 22, the last day of…
Hyundai Motor Group to Invest $5.5 Billion to Build EV, Battery Facilities in US
WASHINGTON/SEOUL—South Korea’s Hyundai Motor Group said on Friday it plans to invest about $5.54 billion to build its first dedicated full electric vehicle (EV) and battery manufacturing facilities in the United States. Hyundai will break ground on its new facility in Georgia in early 2023 and is expected to begin commercial production in the first…
Hyundai Recalls 215,000 Sonatas, Faulty Hoses Can Leak Fuel
DETROIT—Hyundai is recalling more than 215,000 midsize cars in the United States—most for a second time—because fuel hoses can leak in the engine compartment and cause fires. The recall covers certain 2013 and 2014 Sonata sedans, many of which were recalled for the same problem in 2020. The Korean automaker says in documents posted Wednesday…
Major South Korean Industries Face Production Cuts and Shutdowns Amid China’s Lockdowns
May 3, 2022
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Asia & PacificBusiness & EconomyBusinesses in COVID-19ChinaChina Business & Economychinese importsHyundaiKiaLGlockdownsSamsungSouth Koreasupply chainWorld
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South Korea’s major industries are experiencing supply disruptions in core components as the pandemic lockdowns in China show no end in sight. With the country’s high dependence on Chinese imports, any disruption in the supply chain would threaten the South Korean economy, according to a recent study. Under the severe disruptions to the Chinese supply…
South Korean Conglomerates Diversify Production Bases and Cut Reliance on China
April 26, 2022
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Asia & PacificChinadecouple from Chinaglobal supply chainHyundaiInternational RelationsLGPoscoSamsungSK HynixSouth KoreaWorld
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New Analysis Faced with rising raw material costs and poor logistics, major South Korean firms have accelerated their expansion of production bases worldwide to reduce over-reliance on China. Korean conglomerates such as Samsung, SK Group, Hyundai Motor, Posco, and Lotte have put forward their measures to address the pressures facing the global supply chain. The…
Hyundai Motor to Begin Electric Vehicles Production in US
April 14, 2022
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SEOUL—Hyundai Motor Co. plans to add electric vehicles (EV) in its Montgomery assembly line in the United States, marking the South Korean automaker’s first EV production in the country, Hyundai Motor Manufacturing Alabama said on Tuesday. Hyundai said it plans to invest $300 million to build the Electrified Genesis GV 70 and hybrid version of…
South Korea’s Hyundai Motor Plans to Invest $16 Billion in EV Push
SEOUL—South Korea’s Hyundai Motor Co. said on Wednesday it planned to invest about 95.5 trillion won ($79.21 billion) through 2030, including about 19.4 trillion won ($16.10 billion) towards electric vehicle (EV) related businesses. Hyundai Motor, which together with affiliate Kia Corp. is among the world’s top 10 biggest automakers by sales, targets to achieve a…
Hyundai, Kia Tell Owners of Nearly 485,000 Recalled Vehicles To Park Outside Due to Fire Risk
February 9, 2022
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Hyundai and Kia are urging customers of nearly 485,000 recalled vehicles to park outside and away from other vehicles or structures due to a risk of fire, even when engines are turned off. According to a statement from National Highway Traffic Safety Administration (NHTSA), the two Korean automakers have identified an increased risk of an…
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