Latest news with #KimPil-soo
Miami Herald
10 hours ago
- Automotive
- Miami Herald
Korea's Hankook Tire to expand production at U.S. factory
SEOUL, July 22 (UPI) -- South Korea's leading tire maker, Hankook Tire & Technology, plans to expand production lines in its U.S. factory to roll out truck and bus radial tires, or TBR, later this year. Hankook Tire said Tuesday that it strives to increase its TBR tire production to 1 million by the end of 2026 at the Tennessee factory. The firm also aims to double the annual capacity for passenger car and light truck, or PCLT, tires to 11 million. This marks the first time Hankook Tire will churn out TBR tires in the United States. Established in 2017, the Tennessee plant has focused on PCLT tires. The company decided to manufacture TBR tires there because of planned 25% tariffs that could be imposed Aug. 1 by the Trump administration on products imported from South Korea. As of last year, the biggest market for TBR tires made in Hankook Tire's East Asian factories was North America with 38%, followed by Europe with 29%, Korea with 19% and China with 6%. Observers point out that Hankook Tire's move makes sense in consideration of the fast-growing TBR tire market. "People care more about PCLT tires. But for tire makers, TBR tires are more lucrative and contribute more to sales. Hence, Hankook Tire's decision to install TBR tire lines in the U.S. draws attention," Daelim University automotive professor Kim Pil-soo told UPI. "You should win out in the U.S. automotive market to become a genuine global powerhouse. The high tariff of Washington also must have affected its policy of raising production in its Tennessee factory," he said. New York-based business tracker Zion Market Research projected that the global TBR tire market would go rise to $34.47 billion in 2034 from $17.79 billion last year. Copyright 2025 UPI News Corporation. All Rights Reserved.
UPI
10 hours ago
- Automotive
- UPI
Korea's Hankook Tire to expand production at U.S. factory
South Korea's Hankook Tire & Technology plans to produce truck and bus radial tires in its Tennessee factory later this year. Photo courtesy of Hankook Tire & Technology SEOUL, July 22 (UPI) -- South Korea's leading tire maker, Hankook Tire & Technology, plans to expand production lines in its U.S. factory to roll out truck and bus radial tires, or TBR, later this year. Hankook Tire said Tuesday that it strives to increase its TBR tire production to 1 million by the end of 2026 at the Tennessee factory. The firm also aims to double the annual capacity for passenger car and light truck, or PCLT, tires to 11 million. This marks the first time Hankook Tire will churn out TBR tires in the United States. Established in 2017, the Tennessee plant has focused on PCLT tires. The company decided to manufacture TBR tires there because of planned 25% tariffs that could be imposed Aug. 1 by the Trump administration on products imported from South Korea. As of last year, the biggest market for TBR tires made in Hankook Tire's East Asian factories was North America with 38%, followed by Europe with 29%, Korea with 19% and China with 6%. Observers point out that Hankook Tire's move makes sense in consideration of the fast-growing TBR tire market. "People care more about PCLT tires. But for tire makers, TBR tires are more lucrative and contribute more to sales. Hence, Hankook Tire's decision to install TBR tire lines in the U.S. draws attention," Daelim University automotive professor Kim Pil-soo told UPI. "You should win out in the U.S. automotive market to become a genuine global powerhouse. The high tariff of Washington also must have affected its policy of raising production in its Tennessee factory," he said. New York-based business tracker Zion Market Research projected that the global TBR tire market would go rise to $34.47 billion in 2034 from $17.79 billion last year.
UPI
15-07-2025
- Automotive
- UPI
Mercedes-Benz opens world's first Maybach brand center in South Korea
The Maybach brand center has opened in southern Seoul. Photo courtesy of HS Hyosung The Class SEOUL, July 15 (UPI) -- Mercedes-Benz Korea has opened the world's first brand center for Maybach, the ultra-luxury line of the German automaker, in southern Seoul to capture more market share here. Mercedes-Benz Korea said that access to the five-story building would be limited to customers with reservations, and they would be able to enjoy personalized services from product experts and sales consultants. Mercedes-Maybach vehicles typically start about $200,000 and can increase to beyond $300,000, depending on the model and features. On top of the showroom, the Maybach Brand Center will house a studio in which visitors can select details, including the vehicle's exterior and interior, as well as decorative features. Mercedes-Benz's local partner, HS Hyosung The Class, will run the facility, which opened Monday. "From the moment a guest arrives until they depart, a dedicated sales representative and personal service escort are assigned to deliver a meticulously tailored, one-on-one experience," HS Hyosung The Class CEO Roh Jae-bong said in a statement. For Mercedes-Benz, South Korea is one of its top five markets worldwide. During the first six months of this year, the carmaker sold 32,562 units in Korea, up 8.5% from a year before, according to local business tracker Carisyou. The country is also a major market for Maybach. Mercedes-Benz Korea noted that more than 10,000 Korean customers have purchased Maybach models over the past two decades since the brand's debut here in 2004. Last year, Korea was Maybach's third-largest market with sales of 1,363 units, following the United States and China. In 2023, the figure was a record-high of 2,596. "The opening of the new brand center is a clear indication of Maybach's commitment to the Korean market," Daelim University automotive professor Kim Pil-soo told UPI in a phone interview. "Korea is also a significant place for other premium brands, including Lamborghini and Porsche. That's why top executives of premium carmakers visit the country so frequently," he added.
Time of India
28-05-2025
- Automotive
- Time of India
Sales of hydrogen vehicle slump in January-April in South Korea
South Korea's hydrogen fuel cell electric vehicle (FCEV) sector is facing a sharp downturn this year, with both domestic sales and exports falling significantly amid a lack of demand, industry data showed on Wednesday. According to the Korea Automobile and Mobility Association (KAMA), only 18 hydrogen vehicles, including both passenger and commercial models, were exported from January to April, down 70 percent from 60 units a year ago. Domestic sales came to 965 units over the cited period, raising concerns that the annual tally may dip to the lowest in years, reports Yonhap news agency. Hyundai Motor Co., which had led the global hydrogen vehicle market with models like the Nexo and the Xcient commercial truck, is losing momentum due to limited model availability and a lack of hydrogen infrastructure. Exports peaked at 1,121 units in 2021 following the launch of the Nexo in 2018 but have since declined. Domestic sales also fell from a high of 10,328 units in 2022 to 4,707 in 2023 and 3,787 last year. Despite weakened sales, experts say hydrogen vehicles remain a key future mobility technology and call for stronger government support. "The global hydrogen car market is still small but holds great potential," said Kim Pil-soo, professor of automotive engineering at Daelim University. "It should be viewed as a next-generation investment and supported through a broader hydrogen value chain strategy." Meanwhile, major car manufacturers operating in South Korea, including Hyundai Motor, Kia and Volkswagen, are offering or plan to offer a free safety inspection for all electric vehicle (EV) models as part of enhanced safety measures following concerns about EV fires, the transportation ministry said. The industry-wide service, involving all 14 carmakers operating in the country, came in response to a major fire that broke out from a Mercedes-Benz EV last year, according to the Ministry of Land, Infrastructure and Transport. Hyundai, Kia, Volkswagen-Audi and Jaguar Land Rover are providing free inspections throughout the year. Stellantis began inspections in April, while KG Mobility Corp. and Renault Korea Motors will start this month and continue through the year-end. Porsche and Polestar are scheduled to begin the service in June. GM Korea, Tesla and BMW will join in July, followed by Mercedes-Benz and Volvo in August. The ministry said the inspection covers key safety components, including the condition of the high-voltage battery and its cooling system. Technicians will also check for external damage, such as impact to the battery's underside, and make repairs if abnormalities are found. Vehicles with older versions of the battery management system will receive a software update to improve battery monitoring. The service will also include a recall check to ensure all necessary safety actions are taken.
Korea Herald
20-04-2025
- Automotive
- Korea Herald
From EVs to missiles: Rare earths emerge as new trade battlefield
Seoul boosts reserves, but experts warn six-month buffer may not be enough Earlier this month, China imposed new restrictions on exports of rare earth minerals, its latest salvo in the intensifying trade standoff with the US. The move, an apparent retaliation against Washington's aggressive tariffs, has raised alarm in the US, which relies on China for around 70 percent of these vital minerals used in everything from semiconductors and electric vehicles to military equipment. The April 4 restrictions apply to seven rare earth elements -- samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium –- as well as products associated with them, including permanent magnets. While not an outright ban, the new rule requires companies to secure special government licenses, a step that could significantly delay shipments. Though it remains unclear how China will carry out the policy, a recent report by the Center for Strategic and International Studies suggests that it will likely result in a pause in exports as Beijing sets up the licensing system. The curb is also putting South Korea on edge, as around 50 percent of its rare earth imports come from China. There are growing concerns that the licensing regime could disrupt access to supplies essential to the country's export-driven industries, especially in automobiles and semiconductors. 'The impact is real. Rare earths are critical materials to virtually all advanced industries, from EVs and batteries to semiconductors,' said Kim Pil-soo, a professor of automotive engineering at Daelim University. 'Korea will also be affected as it relies on Chinese supplies of materials for batteries and EVs.' There are 17 types of rare earth metals, broadly divided into two kinds: heavy and light. Heavy rare earths, with higher atomic weights, are typically scarcer and harder to process, making them more valuable than their lighter counterparts with smaller atomic weights. China's latest crackdown zeroes in on heavy rare earths, tightening the squeeze on an already strained supply. A large portion of rare earths is used to produce special magnets, which are key parts in motors for vehicles, drones, robots, electric devices and missiles. These elements also power smartphones, semiconductors and televisions. Despite their widespread application, the rare earth market is heavily dominated by China, both in mining and refining. According to the International Energy Agency, China accounts for about 61 percent of global rare earth mine production and a whopping 92 percent of processing. And when it comes to processing heavy rare earths, China accounted for 99 percent globally, according to the CSIS report. By controlling the global supply chain, China can ultimately decide which countries and companies can and cannot receive the prized materials. This is not the first time China has leveraged its near-monopoly status. Beijing is widely believed to have weaponized rare earths in 2010 when it halted exports to Japan, prompted by a territorial dispute. The incident caused rare earth prices to surge fourfold before crashing later when the crunch was resolved. But it taught an important lesson on the need to diversify supply chains and avoid overreliance on a single country for strategic materials. The 2010 incident was a wakeup call for many countries, including South Korea. Seoul has since taken some steps to secure stockpiles and diversify its offerings and markets, but not enough to fully close the gap. Last year, 47.5 percent of its rare earth imports were from China, down from 71.6 percent in 2019, according to the Korea International Trade Association. But for some materials like dysprosium and terbium, critical components for EV motors, import dependence on China still hovers around 80 percent. Following China's announcement this month, the industry ministry said Korea maintains over six months' worth of public reserves for metals like dysprosium, essential in EV motors, and yttrium, commonly used as phosphors for displays and lasers and alloy additives. For lutetium, used as a chemical catalyst in petroleum processing, the impact is expected to be minimal since Korea's industry mainly relies on palladium-based catalysts, the ministry explained. Elements like samarium, used in magnets for EVs, precision-guided weapons and in the aerospace industry, are imported from China as well as other countries. Still, the measures fall short, according to experts. 'Korea's current six-month reserve is definitely an improvement, but it's not enough. For strategic materials, we need at least a one-year buffer,' said Kim. 'Since China has used similar export controls on critical minerals in the past, we have stockpiled enough rare earths to last at least several months," said a source from the auto industry. "But if the restriction is prolonged, it could be problematic in the future." Kim also stressed that Korea needs to not only diversify imports away from China, but also move quickly to develop alternatives to rare earths, as global supply chain disruptions are likely to happen again in the future.
