Electric vehicles (EVs) made in China now account for one in every three new registrations in South Korea, as Tesla’s Shanghai-built models power the surge and Chinese carmakers start to gain traction. The country’s auto manufacturers have further room to expand, analysts said, supported by higher fuel prices linked to the US-Israeli war in Iran and looser restrictions than traditional target markets. Still, tightening subsidy regimes could slow the pace of expansion, they cautioned. Sales of...
National Assembly Speaker Woo Won-shik condemned US Republicans’ claim that South Korea was discriminating against e-commerce giant Coupang, calling it “interference in domestic affairs”. His remarks followed a letter sent by 54 US lawmakers in the Republican Study Committee to South Korean Ambassador to the United States Kang Kyung-wha, in which they claimed Seoul was taking discriminatory and unfair actions against the US-based company that is under police investigation and government scrutiny...
South Korea will send five Korean-flagged ships to the Saudi Arabian Red Sea port of Yanbu to help establish alternative oil supply routes to avoid the disruption in the Strait of Hormuz, a ruling MP said on Monday. Oil prices have surged amid the US-Israeli war on Iran, raising growth and inflation risks for South Korea, which relies on Middle Eastern crude for around 70 per cent of its imports. Iran has effectively closed the Strait of Hormuz – a critical route for global crude oil and gas –...