5dr Sdn Gt A 2.0l Cd Power Windows Power Door Locks Tilt Wheel Cruise Control on 2040-cars

Auto blog

South Korea island of Jeju becoming an EV-incentive heaven

When it comes to providing some island EV love, we can point to Hawaii, which has been pushing hard for greater electric-vehicle adoption through subsidies and a broader charging network. Now, South Korea has Jeju. We're not sure if the surf is as good. Like Hawaii, Jeju is focusing on a "carbon-free" existence and lowered fossil-fuel dependency as a way to help the environment while addressing the extra expenses involved in providing fuel locally, Wards Auto says. Jeju, which is about 720 square miles, provides about $7,000 worth of EV incentives on top of those provided by the South Korean government. As a result, the cost of buying an EV can be cut in half. In the case of a Chevrolet Spark EV, going electric actually has a lower out-of-pocket price tag than buying a gas-powered counterpart on the island. South Korea's Ministry of Environment has earmarked about $14,000 in subsidies for each EV purchase, while 10 South Korean cities are adding on incentives anywhere from about $2,800 to $7,400 per vehicle. South Korean automaker Hyundai and affiliate Kia are just starting to do their part to boost the country's EV sales, which didn't even break the 800-unit mark last year. Kia recently said it will start making its 2015 model-year Soul EV in April, with sales debuting in South Korea by the end of the year. Hyundai is said to start selling its own EV starting in 2016. News Source: Wards AutoImage Credit: Korean Tourism Organization Government/Legal Green Hyundai Kia Electric incentives tax incentives island

Goes Both Ways: Free-trade pact sees South Korean brands losing share at home

France has been vocal, but not alone, in noting the rise of the South Korean automakers in Europe. The signing of a free-trade pact in 2011 between South Korea and the EU, along with the especially value-conscious buyers in a crisis-stricken Europe, has seen market share increases measuring in the double digits for Hyundai and Kia - analysts expect 14-percent growth for the two in 2012.
A report in Bloomberg has found that there's pain at the other end, too: The pact more than halved import tariffs on European cars headed to South Korea to 3.2 percent, and prices are now close enough to domestic offerings for more South Koreans to pay the premium for foreign luxury nameplates and the cachet they confer. Products sold by the five domestic automakers hogged 92 percent of the market last year, and sales have dropped 5.2 percent this year whereas import sales have risen by 24 percent. This will mark the first year that imports claimed ten percent of the market; compare that to 2002, when domestic market share in the world's 11th largest auto market was 99 percent.
The Germans are at the head of the arrow, counting for 65 percent of imported car sales, but every foreign maker has seen double-digit gains. Analysts think foreign makes could ultimately grab 15 percent of the market.

Hyundai expanding US plant capacity for SUV production

With cheap gasoline still driving CUV and SUV sales, three anonymous sources are reporting to Automotive News that Hyundai is looking to expand production at its Montgomery, AL factory with an eye towards production of high-riders. The Montgomery factory is currently responsible for Elantra and Sonata production, although as both sedans have faced slagging sales, Hyundai is seemingly taking a second look at its production priorities. "It's a new assembly line right next to the current Alabama line. State of Alabama is negotiating final terms," one of the sources told AN. The other two sources, meanwhile, indicated that while the company has been mulling expanded production in America, a final decision hadn't been made yet. As for what vehicle could join the Elantra and Sonata on a new line in Alabama, Korea Investment and Securities auto analyst Suh Sung-moon told AN the Santa Fe could move from its current home at the Kia facility in Georgia, although the Montgomery factory could also accommodate production of the compact Tucson (it's unclear if Suh was referencing the next-generation Tucson that debuted in Geneva or the current model) or even a pickup truck, were Hyundai to go such a route. Meanwhile, AN reports that Korea's Yonhap News Agency expects the Montgomery facility to be able to produce 300,000 vehicles, including an SUV, by 2017. While Hyundai declined Automotive News's inquiries, we have our ear to the ground for any official information from the South Korean marque.