Tag: electric cars

Korea is one of the places in the world where EV’s actually make sense due to the shorter distances between cities:

Electric cars accounted for 9.3 percent of newly purchased cars in South Korea last year, data showed Monday, hovering above that of other major counterparts, including the United States and Japan.

The electric vehicles (EVs) took up 162,507 of 1.74 million cars sold in South Korea in 2023, according to the data compiled by the Ministry of Land, Infrastructure and Transport.

The ratio marked a significant rise from just 1.9 percent tallied in 2019.

Korea Herald

You can read more at the link.

The IRA may have the intended effect of forcing foreign manufacturers such as Hyundai to increase U.S. based manufacturing and getting rid of their Chinese batteries:

Hyundai Motor Group is facing an uphill battle in the U.S. market for electric vehicles (EV), because its car brands ― Hyundai Motor, Kia and Genesis ― were not included on a list of EVs eligible for up to $7,500 in subsidies granted by the U.S. Inflation Reduction Act (IRA), according to industry officials, Tuesday.

Previously, EVs could qualify for the tax credit as long as they were assembled in North America, but they had to meet stricter battery requirements.

However, detailed guidance measures released last month guarantee only a $3,750 subsidy for EVs that use at least 50 percent of battery components manufactured and assembled in North America, even if the vehicles were assembled in the region. Another $3,750 is available when at least 40 percent of key minerals used in the batteries are mined and processed in the U.S. or its free trade agreement partners.

Under the detailed guidelines of the IRA, EVs manufactured by Hyundai did not make the list. The Electrified GV70, an SUV model of the group’s luxury brand Genesis, was also excluded as it is equipped with Chinese batteries.

In addition to Hyundai Motor Group’s EVs, other brands such as Nissan, which was eligible for the subsidy because it has factories in North America, were also dropped from the list. The eligible cars are made by American brands such as Tesla, Ford, GM and Stellantis.

In response, Hyundai Motor Group said it plans to increase EV production in the U.S. over the long term, aiming to become a leader in the market for such vehicles. The group added it will actively utilize lease sales that qualify for tax credits.

Korea Times

You can read more at the link.

This is a great deal by Ford to get their battery manufacturing facility built in the US by SK:

Rain had wetted much of the clay soil on the ground — rich terracotta earth colors — creating small and large puddles everywhere around a gigantic steel structure, densely embedded with millions of steel beams. 

Yet it was another busy Sunday for many of the 800 engineers and construction workers, who had turned up for work to “get moving” on schedule for the electric vehicle battery manufacturing plants, under construction in Glendale, about 84.5 kilometers south of Louisville in the U.S. state of Kentucky. 

The 6.28 million-square-meter construction site, unveiled to South Korean media on Jan. 8, is where South Korean battery producer SK On Co. and Ford Motor Co. are building what will be the biggest EV battery plants in the United States for such a facility built on a single site. (………..) The project is part of the US$11.4 billion investment the two companies’ joint venture, BlueOval SK (BOSK), announced in September 2021, to build twin EV battery plants in Kentucky and a third one in Tennessee.

Yonhap

You can read more at the link, but I wonder how much of the rare Earth minerals being used in the battery construction is still coming from China?

This is probably a smart move with the amount of major car companies now offering electric vehicle options that is driving increased competition. If Samsung wanted to get into this market they should have done it at least a decade ago in order to already have captured market share like Tesla has done:

But at Samsung, still Apple’s top rival in the smartphone segment, its proven “go-to-market strategy” won’t be applied in the finished EV segment, as the Korean tech behemoth decided recently not to manufacture its own brand of EVs, as two senior executives, both of whom are directly involved in the issue, told The Korea Times. 

The core reasons behind this decision are that it doesn’t believe its entry into the finished EV segment will see sustainable profits, and it holds the intention to continue avoiding any possible conflicts with its top clients, amid the focus on its contract-based semiconductor foundry business, according to them.

“After thorough reviews, response and discussions with clients, top Samsung management reached a consensus that making a foray into the finished EV segment won’t be the right fit both in terms of a profit standpoint and from a client management perspective,” one of the sources said on condition of anonymity.

Korea Times

You can read more at the link.

So who thinks this is actually going to happen?

The U.S. Army plans to install a microgrid on all its installations by 2035, field fully electric tactical vehicles by 2050, and ensure all operational and strategic exercises and simulations consider climate change risks and threats by 2028.

These are just a few of the goals the service outlined in its new climate strategy, published Feb. 8.

“The climate strategy is important to address the changing climate and the threats that are coming from climate change — both how our forces operate in a climate-altered world, but what the Army can do to influence this and to mitigate our greenhouse gases and to reduce the effects of climate change,” Paul Farnan, the Army’s acting assistant secretary for installations, energy and environment, told Defense News in a Feb. 7 interview.

Army Times

You can read more at the link, but notice how these initiatives are always pushed out to some far off date like 2050.

Not a good look for Hyundai’s EV program:

Hyundai Motor Co. said Wednesday it will replace batteries in some 82,000 Kona EV and two other electric vehicles sold globally due to potential fire risks, which could cost about 1 trillion won (US$899.7 million). 

Hyundai will begin the replacement of the battery management system (BMS) in 75,680 Kona EVs, 5,716 IONIQ EV and 305 Elec City buses from March 29 in the domestic market and from April in overseas markets, the company said in a statement.

Yonhap

You can read more at the link.

There have been rumors about Apple wanting to get into the car business and are apparently close to a deal with Hyundai to do just that:

Hyundai Motor and Apple Inc plan to sign a partnership deal on autonomous electric cars by March and start production around 2024 in the United States, local newspaper Korea IT News reported on Sunday.

The report follows a statement on Friday from Hyundai Motor that it was in early talks with Apple after another local media outlet said the companies aimed to launch a self-driving electric car in 2027, sending Hyundai shares up nearly 20%.

Hyundai Motor declined to comment on the report on Sunday, and reiterated Friday’s comments that it has received requests for potential cooperation from various companies on developing autonomous EVs.

Reuters

You can read more at the link.

Huh Sung-moo (L), mayor of the southeastern city of Changwon, poses with a Hyundai Motor official during a ceremony to hand over the carmaker’s Nexo hydro-electric car at the city hall on Oct. 10, 2018, in this photo provided by the city. The city decided to use Hyundai’s hydro-electric cars as its official cars. (Yonhap)