Polestar’s Rise: From Swedish Racing Roots to a Fast-Growing EV Brand What happens when Volvo’s belief that “safety can’t be an option” meets a racing mindset built on pushing performance to the limit? In an EV market dominated by established names such as Tesla, Volkswagen and Hyundai, Sweden-born Polestar has positioned itself as a performance-focused electric brand with an unusual origin story: a European automaker’s safety-first DNA combined with China-based manufacturing and ownership ties. With competition expected to intensify amid concerns about oversupply of Chinese EVs, Polestar says it aims to set a new benchmark between the legacy internal-combustion world and the shift to electric vehicles. ◆From a 1996 launch to a “star” in EVs; up 296.6% in South Korea in a year Polestar traces its roots to Flash Engineering, a Swedish racing team founded in 1996 by STCC champion Jan “Flash” Nilsson. The team developed by tuning Volvo cars for performance, blending Volvo’s “safety can’t be an option” philosophy with racing’s goal of maximizing output. It later rebranded as Polestar Racing and, in 2009, became Volvo’s official performance partner. After Volvo’s acquisition, Polestar debuted as an independent brand in 2015. In 2017, it was absorbed with Volvo into China’s Geely Holding Group and was remade as an electric performance brand. Polestar’s lineup uses simple numbering from 1 to 6. Its first model, the Polestar 1, was a plug-in hybrid rated at 600 horsepower and up to 150 kilometers (93 miles) of electric-only range, drawing attention in the late 2010s as EVs gained momentum. The first sedan, the Polestar 2, competed with Tesla’s Model 3 and helped establish the brand globally. Polestar 4 became a strong seller in the premium EV segment, and Polestar 5 and 6 are scheduled to be unveiled this year. In South Korea, Polestar Automotive Korea sold 2,957 vehicles in 2025, up 296.6% from 800 in 2024, according to the Korea Automobile Importers & Distributors Association. The Polestar 4 accounted for about 90% of sales and led the 60 million won-and-above premium EV import segment last year, beating models including the BMW i5 and Audi Q4 e-tron. The company attributed the result to product quality and brand image rather than heavy promotions or discounting. The Polestar 4’s design removes the rear window to create a more open second-row feel, and it is rated for more than 511 kilometers (318 miles) of range per charge in the long-range single-motor version. It is also rated at up to 544 horsepower and 0-100 kph (0-62 mph) in 3.8 seconds. A Polestar Korea official said the company will “provide Swedish premium value through a differentiated customer experience” and strengthen leadership in the luxury EV market by launching the Polestar 3 and Polestar 5. ◆Not a “Chinese brand wearing a European mask,” Polestar says; aiming to be an EV “dream car” Polestar’s identity reflects how global the auto industry has become. It markets itself with Swedish design and engineering, relies on China for much of its production infrastructure, and has raised capital through a Nasdaq listing. That mix has led some to label it a “Chinese brand wearing a European mask.” Polestar rejects that framing and says it is building a “dream car” identity in the EV era, similar to how Porsche used racing to become a symbol of performance. The company has also promoted a vision of a “climate-neutral car in 2030.” One example is a campaign tied to Climate Week NYC, using outdoor ads across New York and social media to highlight the impact of internal-combustion vehicles on consumers and society, focusing on what it called a hard-to-break dependence between gasoline cars and drivers. Polestar has also pointed to a moonshot project aimed at a fully climate-neutral vehicle without carbon offsets, and a GT Polestar 5 linked to a renewable-energy smelter. Fredrika Klarén, Polestar’s head of sustainability, said, “As many traditional automakers are rolling back climate pledges, we are going the other way,” adding that EVs are “the most efficient and scalable alternative” for responding to climate change. Polestar says its cross-border structure shows how manufacturing ecosystems are being reshaped beyond traditional “national brand” labels. Its push in the EV transition is ongoing as the broader auto industry moves through a period of change. <Editor’s note> As times change, choices about where people live, what they wear and what they eat have become more important than simply making a living. A similar leather bag can cost 100,000 won under one label but sell for 100 million won if made by Hermès. This series looks at the forces behind brands that can sway consumer decisions and determine corporate fortunes, and at the intense competition companies face to build them. * This article has been translated by AI. 2026-02-04 18:03:00

South Korea's EV registrations jump 50 percent in 2025, ending two-year slump SEOUL, January 20 (AJP) - New electric-vehicle registrations in South Korea topped 220,000 last year, ending two consecutive years of decline and returning to growth, according to industry data released on Tuesday. In its 2025 report, the Korea Automobile & Mobility Association (KAMA) said new EV registrations rose 50.1 percent from a year earlier to 220,177 units. EV penetration — the share of EVs in new vehicle purchases — reached 13.1 percent, entering double digits for the first time. KAMA attributed the rebound to early disbursement of government subsidies and other policy support, aggressive sales promotions by automakers and an expanded lineup of new models. The recovery was driven in large part by strong demand for Tesla’s Model Y, which sold 50,397 units and accounted for 26.6 percent of the passenger EV market, KAMA said. Domestic automakers Hyundai Motor and Kia helped broaden the market with new models including the EV4, EV5, EV9 GT, PV5 and Ioniq 9. KG Mobility also entered a new segment with South Korea’s first electric pickup, the Musso EV. By automaker, Kia led the market with 60,609 registrations, followed by Tesla with 59,893 and Hyundai Motor with 55,461. Imported EVs continued to gain ground, taking a 42.8 percent market share. The share of domestically produced EVs fell to 57.2 percent, down from 75 percent in 2022. China-made EVs surged 112.4 percent from a year earlier to 74,728 units, emerging as a major force in the market. KAMA cited increased imports of China-produced Teslas and the market entry of brands such as BYD and Polestar. Industry officials said the growing presence of China-made EVs could broaden consumer choice and put downward pressure on prices, but also risks weakening South Korea’s manufacturing base and intensifying supply-chain competition, calling for longer-term policy responses. KAMA said the market’s recovery reflected a combination of policy support and the popularity of specific models rather than broad-based mass adoption or a structural shift in demand. The association called for a more active government role to meet South Korea’s national greenhouse gas reduction target, and to strengthen industry competitiveness. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-01-20 13:42:29

Hyundai Motor brings in Tesla veteran to accelerate robotics ambitions SEOUL, January 16 (AJP) - Hyundai Motor Group has recruited Milan Kovac, a former Tesla executive who led development of projects including the humanoid robot Optimus, in a move aimed at strengthening its push for artificial intelligence and robotics. Hyundai said Kovac has been appointed as an adviser to the group and is expected to be named an outside director at Boston Dynamics, a robotics company owned by Hyundai Motor Group. Kovac brings nearly two decades of experience spanning software, hardware and AI-driven robotics systems, the company said. Most recently at Tesla, he oversaw development of the Optimus humanoid robot and a camera-based, vision-centered autonomous-driving system, playing a key role in the firm's push toward AI-centric mobility and automation. Hyundai said the appointment is intended to accelerate AI-based robotics innovation at Boston Dynamics and to advance the group’s mid- to long-term strategy and commercialization plans for its robot portfolio, which includes Spot, Stretch and Atlas. In his advisory role, Kovac will provide guidance on AI and engineering strategy and explore how advanced robotics technologies can be applied across Hyundai Motor Group’s industrial footprint, including manufacturing, logistics and service operations, the company said. “Boston Dynamics is a core company in the robotics ecosystem and an iconic organization that has inspired countless engineers,” Kovac said in a press release. “Combined with Hyundai Motor Group’s strong industrial base, it has a unique competitive advantage to lead the robotics industry, and I look forward to the journey of innovation.” 2026-01-16 10:17:03

Hyundai's luxury Genesis brand reaches 1.5 million sales milestone SEOUL, January 4 (AJP) - Automaker Hyundai's premium brand Genesis has sold over 1.5 million vehicles in cumulative global sales a decade after its launch. According to industry sources on Sunday, the automaker reached the milestone in November last year, about 10 years after it rolled out its luxury G90 sedan in 2015. Genesis was especially popular among customers in Europe and the U.S. It sold over 500,000 units globally by May 2021 and surpassed 1 million in August 2023. Annual global sales grew from about 201,000 vehicles in 2021 to roughly 230,000 in 2024. The G80 midsize sedan is Genesis' best-selling model, with 501,517 units sold through November last year, making it the brand's first vehicle to exceed 500,000 in cumulative sales. It is followed by the GV70 with 337,457 units and the GV80 with 322,214. Together, the three models accounted for 77 percent of Genesis' total sales. Genesis plans to expand its lineup with extended-range electric vehicles and hybrids, aiming for annual global sales of 350,000 by 2030. 2026-01-04 13:42:37

Hyundai Motor and Chung family diplomacy under focus ahead of Lee's Shanghai visit SEOUL, January 04 (AJP) -As Lee Jae Myung embarked on the first state visit by a South Korean president to China in nine years, attention is turning to a little-known episode of corporate diplomacy that helped preserve one of Korea’s most important overseas historical sites — the former headquarters of the Republic of Korea Provisional Government in Shanghai. At the center of that effort was the late Hyundai Motor Group chair Chung Mong-koo, whose direct engagement with Shanghai leaders two decades ago proved decisive in safeguarding the building amid a sweeping urban redevelopment drive. In 2004, Shanghai was pressing ahead with a major redevelopment of the Luwan district ahead of the 2010 World Expo, planning to transform more than 46,000 square meters of aging neighborhoods into a commercial and entertainment hub. The provisional government building — a cornerstone of Korea’s modern statehood narrative — stood within the redevelopment zone. Concerns mounted in South Korea that if the project were led by foreign developers, the historic site might not be fully protected. While Seoul requested preservation of the specific addresses housing the building, Shanghai officials maintained that excluding a small section from a large-scale redevelopment was impractical. According to Hyundai Motor Group materials and government accounts, Chung met senior Shanghai officials at City Hall in May 2004, urging the city to allow South Korean companies to participate in the redevelopment so the site’s preservation could be guaranteed. Chung described Shanghai as “an international city where a cutting-edge future and China’s former golden age coexist,” while stressing that the provisional government building was “a symbol of Korea’s spirit of independence and legitimacy,” carrying profound historical significance for South Koreans. His outreach extended beyond a single meeting. Follow-up discussions with Shanghai’s urban development leadership linked economic cooperation with historical preservation, elevating the issue to intergovernmental consultations between Seoul and Shanghai. The result was highly unusual. Despite an international open bid already having taken place, Shanghai put the redevelopment plan on hold, allowing the provisional government building to be preserved intact. Seoul officials at the time described the decision as a rare case of effective public–private coordination that conveyed the importance of the site to Chinese authorities. The episode has since been cited as an early example of how South Korean companies, operating beyond formal diplomacy, helped protect national heritage abroad through long-term trust and engagement.President Lee Jae Myung’s China itinerary spans Beijing and Shanghai, combining political diplomacy with economic and innovation-focused engagements. In Shanghai, the president is scheduled to meet city leaders, attend a Korea–China venture and startup summit, and visit the former provisional government building — a symbolic stop that links contemporary diplomacy with shared historical memory. The timing has drawn renewed attention to Chung’s role, particularly as Lee is accompanied by a 200-strong business delegation, the largest to travel with the president. Among the delegates is Chung Euisun, the son of the late Chung Mong-koo and now chairman of Hyundai Motor Group. His participation underscores the continuity of Hyundai’s engagement with China across generations — from his father’s quiet intervention to preserve a historic site to the group’s current focus on electric vehicles, hydrogen and next-generation mobility cooperation. Hyundai plans to uphold the legacy of the late Chung by stepping up preservation of overseas independence movement sites by assessing conditions and, when repairs are needed, pursuing preservation work in consultation with the veterans ministry and other agencies. A Hyundai Motor Group official said remembering the sacrifice and dedication of independence patriots and passing those values to the next generation is meaningful, adding the group will continue to work closely with the veterans ministry using its people, resources and technology. The company’s social contribution work in China has also drawn attention, including the “Hyundai Green Zone” project to combat desertification in Inner Mongolia, the “Dream Classroom” program supporting elementary schools in underserved areas, and hydrogen education through HTWO Guangzhou. Hyundai said the Inner Mongolia project has run for 17 years in line with China’s 2060 carbon neutrality policy and local anti-desertification efforts. Launched in 2008 under Chung and continued under Chairman Chung Euisun, it is one of the group’s flagship initiatives in China. Across three phases in Ulanqab, Inner Mongolia, Hyundai said it built an eco-friendly guesthouse village, created about 31,000 square meters of forest (including reed beds and waterside flower gardens), and carried out a 300-square-meter grassland restoration project. In August 2019, Chung visited Zhenglan Banner in Inner Mongolia, where the project was underway. Since 2011, Hyundai said it has supported education at 96 elementary schools across 30 provinces in China through Dream Classroom, providing a cumulative 10.5 million yuan in equipment and scholarships. Since 2023, it has offered hydrogen-related education and science museum experience programs through HTWO Guangzhou, its local hydrogen fuel cell system production unit. Hyundai said these efforts helped it rank No. 1 for 10 consecutive years among automakers in the Chinese Academy of Social Sciences’ corporate social responsibility development index. As of 2025, it ranked third among all companies in China for the fifth straight year and second among foreign companies. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-01-04 13:17:22

Hanwha Systems wins $30 mln deal to supply combat systems to Philippine Navy SEOUL, December 31 (AJP) - Hanwha Systems said on Wednesday it has signed a contract worth about 40 billion won ($30 million) to supply additional combat management systems (CMS) and tactical data links (TDL) for two next-generation frigates of the Philippine Navy. The deal covers CMS and TDL equipment for two 3,200-ton-class frigates, the company said. A CMS, often described as a warship’s “brain,” integrates data from onboard sensors to detect and assess threats in real time and to command weapons systems during combat operations. A TDL enables naval units to share tactical information in real time, enhancing interoperability and operational effectiveness. A Hanwha Systems official said interoperability with existing naval platforms is critical in modern naval warfare, expressing confidence in continued exports of the company’s combat systems to the Philippines. The company is seeking to expand exports to regions including the Middle East, Southeast Asia, the United States and South America, with the goal of becoming a leading “K-defense” provider of maritime solutions. Hanwha Systems has previously exported its CMS to the Philippine Navy in several phases: for two 2,600-ton frigates in 2017; a performance upgrade for three 3,000-ton frigates in 2019; two 3,100-ton patrol vessels in 2022; and six 2,400-ton offshore patrol vessels in 2023. The CMS and TDL systems will be customized to the Philippines’ complex maritime operating environment, which spans more than 7,600 islands, the company said. 2025-12-31 14:38:19

Korean Inc. business sentiment for Jan deteriorates SEOUL, December 29 (AJP) -South Korean companies expect business conditions to remain weak in January, with sentiment slipping across both manufacturing and services amid prolonged weakness in construction and steel and early signs of softer demand in semiconductors, the Federation of Korean Industries (FKI) said Monday. The group said its Business Survey Index (BSI) for January is projected at 95.4, down from 98.7 in December. A reading below 100 means more firms expect conditions to worsen than improve. The sentiment for December business conditions was lower at 93.7. FKI noted that the outlook index has now remained below the 100 threshold since February 2022, underscoring the prolonged downturn in domestic demand and volatile external front. By sector, the manufacturing outlook came in at 91.8, while nonmanufacturing was higher at 98.9. Within manufacturing, pharmaceuticals (125.0) and textiles, apparel, leather and footwear (107.7) were among the few industries expected to improve. General and precision machinery, wood furniture and paper, and food, beverages and tobacco were clustered at the neutral 100 level. Most major industries, however, remained below the baseline. Automobiles and other transport equipment stood at 94.1, electronics and communications equipment at 88.9, metals and metal processing at 85.2, petroleum refining and chemicals at 86.2, and nonmetal mineral products at 64.3. FKI said weakness in construction and steel has persisted, while a temporary slowdown in demand for electronics and communications equipment due to spike in chip prices, has weighed on overall manufacturing activites. In nonmanufacturing, electricity, gas and water scored 115.8, information and communications 113.3, leisure, lodging and dining 107.1, and wholesale and retail trade 103.6, indicating improving conditions. By contrast, transportation and warehousing (95.7), construction (85.7), and professional, scientific and business support services (78.6) were expected to weaken. For January, domestic demand was forecast at 95.4, exports at 96.7 and investment at 92.6. Employment (92.6), financing conditions (94.5) and profitability (94.5) were also expected to remain in contractionary territory.Lee Sang-ho, head of FKI’s economic and industrial policy division, said that although economic growth is expected to improve compared with the previous year, corporate sentiment has yet to recover. “Structural weaknesses in sectors such as construction and steel persist, while rising costs and uncertainty continue to weigh on companies,” Lee said, calling for measures to support industrial restructuring, ease energy and cost burdens, and avoid uniform regulations that increase management uncertainty. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-29 07:26:07

Hyundai Motor Group to expand plug-and-charge EV network in South Korea SEOUL, December 18 (AJP) - Hyundai Motor Group said on Thursday it will begin a large-scale expansion of its plug-and-charge (PnC) electric vehicle charging network next year, aiming to make EV charging more convenient and secure for drivers. Plug-and-charge is an international standard that automatically manages user authentication, charging and payment when a vehicle is connected to a charger, the automaker said. Unlike conventional EV charging systems that require drivers to use membership cards or credit cards, PnC relies on encrypted communication between the vehicle and the charging station, enabling a simpler and more secure user experience, Hyundai Motor Group said. The group said it is working with 12 major charging operators in South Korea to extend PnC services beyond the 64 E-pit fast-charging stations. Hyundai Motor Group plans to apply PnC technology to charging stations operated by Chaevi and Hyundai Engineering, expanding the number of PnC-enabled charging sites to more than 1,500. The company said it will then accelerate the rollout with the remaining 10 charging partners. The group intends to align the expansion with the South Korean government’s policy to increase the number of smart, controlled chargers, validating communication standards and payment systems so PnC can also be used at slower charging stations. “Expanding plug-and-charge services is a first step toward providing a more convenient charging experience in a wider range of locations,” Hyundai Motor Group said in a press release. 2025-12-18 10:31:21

Tesla tops BMW as No. 1 imported car brand in South Korea SEOUL, December 03 (AJP) - Tesla has overtaken BMW to become the best-selling imported car brand in South Korea, industry data showed on Wednesday. The Korea Automobile Importers & Distributors Association (KAIDA) said new registrations of imported passenger vehicles rose 23.4 percent in November from a year earlier to 29,357 units. Cumulative registrations from January to November climbed 16.3 percent to 278,769 units. Tesla led the monthly tally with 7,632 units, outpacing BMW with 6,526 units and Mercedes-Benz with 6,139. Volvo followed with 1,459 units, China’s BYD with 1,164, and Lexus with 1,039. European marques continued to dominate the market with 17,996 units, equivalent to 61.3 percent, while American brands accounted for 8,139 units (27.7 percent). Hybrid models remained the most popular fuel type with 15,064 units, or 51.3 percent, followed by electric vehicles. Tesla’s Model Y was the top-selling imported vehicle in November with 4,604 units, ahead of the Mercedes-Benz E 200 and the Tesla Model Y Long Range. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-03 15:06:17

Korean auto parts firms follow global automakers to pull back from China SEOUL, December 02 (AJP) - South Korean auto parts suppliers are taking steps to restructure their supply chains as global automakers scale back operations in China. The rapid shift toward electric vehicles (EVs) in the Chinese market and rising export costs triggered by tariffs are pushing companies to seek new manufacturing bases. According to industry officials, wheel-bearing producer A Corp. earlier this year relocated part of its Jiangsu, China, plant to Gyeongju in southeastern South Korea. Wheel bearings — critical components for EVs and increasingly for humanoid robots — are viewed as essential to next-generation mobility technologies. A Corp., which entered China in 2003, has supplied major global brands including Hyundai, Kia, GM, Ford, Mercedes-Benz, BMW and BYD. But orders plunged after the 2017 THAAD dispute and the rapid electrification of China’s auto market, prompting the company to sell half of its factories. “Orders from Hyundai, Kia and other global automakers have dropped sharply, and we’re now operating only two production lines,” an A Corp. official said. “Local Chinese suppliers have also become far more competitive.” Facing similar pressures, Korean components makers weighing downsizing or exiting China are increasingly targeting emerging markets such as Vietnam, Indonesia, India and Mexico. Key Hyundai suppliers — including Seoyon E-Hwa, Sungwoo Hitech and Daewon Industrial — are already shifting operations abroad. “As Hyundai struggles to keep pace with China’s electrification, its suppliers have lost competitiveness,” a parts industry insider said. “The move toward EVs, autonomous driving and smart vehicles is eroding the advantage Korean firms built around internal combustion engine technologies.” The withdrawal of global automakers from China is adding to the urgency. General Motors has instructed suppliers to reduce dependence on Chinese parts and materials, with some told to eliminate them entirely by 2027. Tesla is also aiming to remove Chinese components from U.S. production by the same year, urging suppliers to relocate to Vietnam or Mexico. Lim Yoon-ho, a researcher at the Korea International Trade Association, said the transition may open opportunities for Korean firms. “Despite China’s booming EV market, Korean suppliers have had limited participation,” he said. “Relocating production bases amid intensifying trade disputes could create new openings. Suppliers should explore new supply chains, move into future vehicle components and consider joint ventures or contract manufacturing.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-02 14:14:46