On December 13th, the Ministry of Trade, Industry, and Energy (MOTIE) of South Korea held a ceremony to celebrate the establishment of the public-private Mobility Charging Industry Convergence Alliance. During the ceremony, the South Korean government announced measures aimed at promoting the elect...

China's penetration rate of new energy vehicles (NEVs) exceeded 40% for the first time in November this year, reaching 40.4% in domestic retail sales, a 4 percentage point increase from the same period last year. Optimistic growth is anticipated by 2024, with wholesale sales of new energy passenger ...

Honda, the Japanese automotive giant, is set to lay off around 900 employees from its Chinese joint venture, GAC Honda. This move comes as the company adjusts to the shifting market focus towards electric vehicles (EVs). Notably, this marks the first instance of job cuts in the 25-year collaboration...

This year, BYD, a notable figure in the global automotive market, has recently faced a downturn. The extensive price reductions initiated on November 24th have raised concerns, as it is perceived to contradict the company's earlier commitment to avoid participating in price wars. BYD is now under pr...

In May 2023, Hyundai announced a local investment of KRW 2 trillion (approximately USD 1.52 billion) to establish an EV factory in South Korea, with a groundbreaking ceremony held on November 13. The factory is expected to be completed in 2025, with electric vehicle production set to commence in the...