April 24, 2024

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[THE INVESTOR] The upcoming annual EV exhibition to be held on Jeju Island has been hit hard by the South Korea’s decision to deploy the Terminal High Altitude Area Defense system in the region, with many Chinese firms withdrawing their participation.

“Many Chinese firms that were planning to display their products (at the event) have canceled,” said Kim Dae-hwan, chairman of the organizing committee for the 4th International Electric Vehicle Expo, at a press conference in Seoul on March 7. “There are some difficulties due to THAAD. We are expecting the number of Chinese visitors to the expo to drop this year.”

GM's full-electric Bolt

China has recently increased economic retaliatory measures against Korea following Seoul’s move to deploy the US-led missile defense system -- which Beijing believes hurts its security interest in the region.

But the plans of establishing an EV association between Korea and China will go through, with Chinese automakers Beijing Automotive Group and Geely Automobile joining, Kim said.

The Chinese business representatives, including Wang Xu, vice chairman of Beijing Automotive Group, and Xiong Fei, chief engineer of Geely Automobile, among others, will attend the event. William Li, founder and chairman of NextEV, dubbed the Chinese version of Tesla, will deliver a keynote speech at the opening ceremony of the expo.

The fourth annual EV exhibition will take place at the Yeonmiji Botanic Garden of Jungmun Resort in Jeju from March 17 to 23. A total of 155 global automakers and parts makers, including Hyundai Motor, Renault Samsung, GM Korea and Kia Motors, are joining the event.

The US EV maker Tesla has not confirmed its participation, the chairman said.

GM Korea will debut its latest full-electric vehicle Bolt at the event, while Hyundai Motor will unveil its upgraded version of Ioniq EV. Renault Samsung Korea SM3 Z.E and Twizy, compact EV, will be on display as well.

By Ahn Sung-mi (sahn@heraldcorp.com)