A setback is inevitable for Hyundai Motor's plan to make a bigger presence in China's fast-growing EV market.
According to industry sources on February 7, Beijing Hyundai recently decided to replace the batteries of the Sonata EV from LG Chem batteries to the batteries of Chinese firm Contemporary Amperex Technology Ltd.
Beijing Hyundai also decided to delay the date of launching the Sonata EV in China by about ten months to February 2018. The replacement of batteries requires a design change, which could take about one year to finish.
China's EV sales have been growing at an explosive pace, rising from 80,000 units in 2014 to 330,000 units in 2015 and 470,000 units in 2016. This year's EV sales are expected to reach 670,000.
The Public Officials Benefit Association (POBA) has been recently named as a preferred buyer of an office complex in Brussels, Belgium, in a 130 billion won ($117 million) deal which is expected to offer an annual return of around 5%.&hellip
The Public Officials Benefit Association (POBA) is screening investment proposals from overseas private equity fund managers to entrust a combined $300 million to about six of them this year, an increase from last year’s commitment of $200 million to five foreign&hellip
The life insurance arm of South Korea’s Shinhan Financial Group will allocate more than 90% of its assets under management to loans and bonds to earn stable interest incomes, and invest the remainder in stocks and alternative assets for higher&hellip