|Bid||199,400.00 x 0|
|Ask||199,500.00 x 0|
|Day's range||198,100.00 - 199,800.00|
|52-week range||150,500.00 - 211,500.00|
|Beta (5Y monthly)||1.00|
|PE ratio (TTM)||N/A|
|Earnings date||19 Jul 2023 - 24 Jul 2023|
|Forward dividend & yield||6,000.00 (3.01%)|
|Ex-dividend date||28 Dec 2022|
|1y target est||262,999.00|
(Bloomberg) -- South Korea’s Hyundai Motor Group and LG Energy Solution Ltd. will invest 5.7 trillion won ($4.3 billion) to produce electric-car batteries in the US to comply with President Joe Biden’s clean energy tax law, which seeks to encourage domestic production and reduce reliance on Chinese suppliers. Most Read from BloombergEmerging US Debt Deal Would Raise Limit, Cap Spending for Two YearsCathie Wood’s ARKK Dumped Nvidia Stock Before $560 Billion SurgeEurope’s Economic Engine Is Breaki
SEOUL (Reuters) -South Korea's Hyundai Motor Group and LG Energy Solution Ltd (LGES) on Friday said they will build a $4.3 billion electric vehicle (EV) battery plant in the United States amid a push to take advantage of tax credits. Vehicles from Hyundai Motor Co and sister automaker Kia Corp are currently not eligible. Hyundai and LGES said construction of the factory in the state of Georgia will begin in the second half of 2023, with battery production starting at the end of 2025 at the earliest.
Hyundai Motor and Kia Corp agreed to a consumer class-action lawsuit settlement worth $200 million over rampant car thefts of the Korean automakers' vehicles, lawyers for the owners and the automakers said on Thursday. In February, the Korean automakers said they would offer software upgrades to 8.3 million U.S. vehicles without anti-theft immobilizers to help curb increasing car thefts using a method popularized on TikTok and other social media channels. The settlement covers about 9 million U.S. owners and includes up to $145 million for out-of-pocket losses for consumers who had cars stolen, lawyers for the owners said.
Hyundai Motor Co's European chief said the carmaker was not making a direct change to its pricing in response to Tesla's price cuts, adding consumers needed reassurance that prices wouldn't go up and down. "We are not taking what I'd call a knee-jerk reaction to what the competition does... we know that Tesla's pricing will alert some consumers to consider Tesla that hadn't before, so of course you have to look at that," Hyundai Motor Co Chief Executive for Europe Michael Cole said at the Reuters Automotive Conference in Munich. "We have to be confident in our pricing strategy," he added.
Sales of electric cars in Indonesia jumped last month after the government launched tax incentives, auto executives said, in an early sign that electric vehicle (EV) adoption is gaining traction in Southeast Asia's largest economy. Effective from April, Indonesia cut the value-added tax (VAT) on electric cars from 11% to just 1%, provided they are manufactured with at least 40% local content. Hyundai Motor Co's sport-utility vehicle IONIQ 5, a model eligible for the tax cut, saw sales jump three-fold to more than 600 units in April compared with the previous month, Sanghoon Yoon, an executive with Hyundai Motor ASEAN told Reuters on the sidelines of a seminar on energy transition in Jakarta.
South Korea's Hyundai Motor Co plans to exit Russia and sell its manufacturing plants there to a Kazakh company, South Korean media reported on Wednesday. South Korean TV network MBC reported that negotiations to sell Hyundai's factories in Russia are in the final stage, adding that the automaker has been waiting for a final approval from the Russian government. "It is true that there are ongoing discussions regarding the sale, but nothing has been decided," Hyundai Motor said, according to the TV network.
South Korea's Hyundai Motor Co said on Tuesday it had finalised a $5 billion electric vehicle (EV) battery joint venture in the U.S., boosting electrification efforts in its largest market. Hyundai also reported its first-quarter net profit had more than doubled, exceeding expectations. Hyundai and partner SK On, a battery unit of SK Innovation Co Ltd, will set up a new battery manufacturing plant in the state of Georgia, the companies said, formalising an earlier provisional agreement.
The California attorney general and the attorneys general of 17 other states on Thursday asked a federal regulator to recall Hyundai and Kia vehicles, saying they are more likely to be stolen because they lack safety features that are standard in other cars. Hyundai Motor Co and Kia Corp vehicles represent a large share of stolen cars in multiple U.S. cities, according to data from police and state officials. While most cars in recent years have been installed with industry standard anti-theft devices, some entry-level models from the Korean automakers were not equipped with engine immobilizers or push-button ignitions.
SEOUL (Reuters) -Hyundai Motor Group said on Tuesday it planned to invest 24 trillion won ($18.14 billion) in South Korea's electric vehicle (EV) industry through 2030, bolstering its presence in a segment that is set to dominate long-term global automotive demand. The investment plan by the group, which includes Hyundai Motor Co, Kia Corp and Hyundai Mobis Co Ltd, came as President Yoon Suk Yeol attended a groundbreaking ceremony for Kia's first designated electric vehicle plant. The new plant, the auto group's first in the country in almost three decades, is set to begin production in 2025.
Hyundai (HYMTF) started the 2023 New York International Auto Show on a high note with its new Ioniq 6 electric vehicle (EV). The Ioniq 6 won several awards, including the World Electric Vehicle of the Year, World Car Design of the Year, and World Car of the Year. They also unveiled the all-new Kona EV at the show. During an interview with Yahoo Finance’s Seana Smith, Hyundai Motor America CEO Randy Parker talked about the widespread adoption of EVs. He stated that people who are hesitant to purchase their first EV should consider hybrid vehicles as a good stepping stone. Additionally, Parker said the infrastructure in the United States needs to improve, as it can be challenging for some people to find charging stations. So what’s next for Hyundai in the EV space? Watch the video to learn more.
Buckle up! The 2023 New York International Auto Show is back and it's better than ever! This year's show is all about the latest and greatest in electric vehicle (EV) technology, design, and innovation. With so many new EV pickups available this year, some in the auto industry are calling 2023 "the year of the EV pickup." Electric vehicles are taking center stage as major automakers, like Ram (STLA), Ford (F), Hyundai (HYMTF) and more, showcase their newest models and highlight refreshes to existing lineups. Yahoo Finance spoke to auto experts and executives about the latest developments. Yahoo Finance’s Dave Briggs spoke to Ram Brand CEO Mike Koval Jr. about its all-new EV pickup truck, which many are calling a game-changer in the industry. The Ram EV pickup aims to take on established players in the market, such as the Ford F-150 Lightning and the Tesla (TSLA) Cybertruck. Ford was one the more popular exhibits at the show, where the Mustang Mach-E was getting a lot of attention. Ford Chief Engineer Laurie Transou, only the second female engineer at Ford, and a second-generation Ford employee, discussed the future of the Mustang and other Ford vehicles, and how the company is working to stay at the forefront of EV innovation. Edmunds.com also had a presence at the event. Dave Briggs spoke to the site's Editor-in-Chief Alistair Weaver, who shared some of the best new offerings in the EV market for consumers. They also spoke about the narrowing cost-of-ownership gap between EV and ICE (internal combustion engines). AAA Northeast Senior Manager Public Affairs Robert Sinclair Jr., Greater New York Automobile Dealers Association President Mark Schienberg and J.D. Power VP of EV Practice Elizabeth Krear all weighed in on what’s next in EV, including pricing and supply. J.D. Power shared their remarkable forecast for EV adoption. Although Tesla was absent from the show (as is typical for these kind of events), Yahoo Finance’s Senior Reporter Pras Subramanian explored how the company's new pricing strategy and Tesla's impact on the industry as a whole. Hyundai’s IONIQ 6 not only won 2023’s World Car award, but also, the company made a big announcement at the show, unveiling its all-new Kona. Yahoo Finance’s Seana Smith spoke to Hyundai Motor America CEO Randy Parker about the company's plans for EVs. Key video moments: 00:01:06 why 2023 is being called the 'year of the EV pickup' 00:04:53 Edmunds.com shares its standouts at the 2023 NY auto show 00:09:00 New Ford Mustang Mach-E 00:10:54 The latest news on Tesla 00:13:07 who's overtaking Tesla in EVs 00:18:00 how reliable are EV charging stations? 00:18:55 J.D. Power's latest forecast on EV market share 00:20:00 Yahoo Finance's exclusive ride along in the 2023 World Car of the Year
The city of St. Louis, Missouri, said on Monday it was joining a number of major U.S. cities that are suing Korean automakers Hyundai Motor and Kia Corp for failing to install anti-theft technology in millions of their vehicles. The lawsuit filed in U.S. District Court in Missouri follows similar actions taken by several U.S. cities to address increasing Hyundai and Kia thefts that use a method popularized on TikTok and other social media channels.
WASHINGTON (Reuters) -Hyundai and Kia are recalling just over 570,000 U.S. vehicles over fire risks and urged owners to park outside and away until getting repairs. The automakers said some vehicles with a tow hitch harness could catch fire due to a short circuit. The models covered are 2022-2023 model year Hyundai Santa Cruz, 2019-2023 Santa Fe, 2021-2023 Santa Fe Hybrid, 2022-2023 Santa Fe Plug-in Hybrid, and 2022-2023 Kia Carnival.
NEW DELHI (Reuters) -Hyundai Motor Co said on Monday it has agreed to a potential acquisition of General Motors' plant in India, a move that could finally allow the U.S. automaker to exit a country where it stopped making cars in 2017. A final deal is subject to meeting certain conditions including obtaining "regulatory approvals from relevant government authorities and all stakeholders related to the acquisition", Hyundai said in a statement. GM stopped selling cars in India in 2017 after years of dwindling sales but its complete exit from the market has been marred by complications, including legal tussles with workers and the failure to find a buyer for the plant which is in the western Indian state of Maharashtra.
South Korea's Hyundai Motor Co is in talks with a Kazakhstan company over the sale of its manufacturing plant in Russia, South Korean media reported on Thursday. Many factories in Russia have suspended production and furloughed workers due to shortages of high-tech equipment because of sanctions and an exodus of Western manufacturers since Moscow invaded Ukraine last year. The local government in St. Petersburg has been negotiating with Kazakhstan to sell Hyundai's Russia plant, Yonhap news agency reported, citing a TASS report.
South Korean automaker Hyundai Motor Co on Friday told shareholders that it would divest its controlling stake in a major Alabama auto parts plant where Reuters last year documented children as young as 12 were working. In a Feb. 24 letter to shareholders from Hyundai Chief Executive Jaehoon Chang, the company said recent audits at 29 of its direct suppliers across Alabama made it confident they are "now in full compliance with underage labor laws." Hyundai provided a copy of the letter to Reuters.
A team of Reuters reporters on Monday won a George Polk Award for reports that revealed the widespread use of child labor among suppliers to Hyundai Motor Co in the U.S. state of Alabama. The series of stories, "Undocumented and Underage," has prompted at least 10 probes by U.S. and Alabama authorities into suppliers of Hyundai and sister brand Kia. The reporting was carried out over more than a year by journalists Joshua Schneyer, Mica Rosenberg, Kristina Cooke and colleagues.
Hyundai Motor and Kia Corp will offer software upgrades to 8.3 million U.S. vehicles to help curb increasing car thefts using a method popularized on TikTok and other social media channels, the Korean automakers said on Tuesday. TikTok videos showing how to steal cars made from 2015 to 2019 without push-button ignitions and immobilizing anti-theft devices has spread nationwide. The free upgrade will be offered for 3.8 million Hyundai and 4.5 million Kia vehicles in the United States, the automakers and NHTSA said.
NEW YORK (Reuters) -Thirty-three members of Congress are urging the U.S. Labor Secretary to seek strong and swift penalties against those responsible for child labor in automotive plants after a Reuters investigation found kids as young as 12 working in Alabama factories that make parts for Hyundai Motor Co and Kia Corp. In a letter addressed to Secretary of Labor Marty Walsh, the group of Democratic lawmakers, led by Michigan Congressman Dan Kildee, pressed the department "to take immediate action to rid Hyundai's supply chain of child labor."
NEW YORK (Reuters) -Hyundai Motor Co said it is in talks with the U.S. Department of Labor to resolve concerns about child workers in its U.S. supply chain, and the company is taking corrective actions after a Reuters investigation found children as young as 12 working in hazard-laden Alabama factories linked to the automotive giant. In a statement late Tuesday, Hyundai told Reuters it has held a series of discussions with the Labor Department, which has been investigating a Hyundai subsidiary in Alabama and other parts suppliers to the automaker, and its sister brand Kia Corp, for potential child labor violations.
Hyundai Motor Co said on Thursday it expects to have solid backorder demand in major car markets and forecast robust growth in electric vehicle sales, including in the United States where regulatory concerns have clouded its outlook. The South Korean maker of the Ioniq 5 model is targeting an ambitious 54% jump in EV sales in 2023 to 330,000 globally and said it wants its U.S. electric car sales to climb 150% to 73,000 to account for 9% of its U.S. vehicle sales. The plans were outlined at its fourth-quarter earnings briefing where the automaker reported a tripling of net profit, albeit one that fell short of expectations.
(Bloomberg) -- Tesla Inc. as well as Chinese automaker BYD and South Korea’s Hyundai Motor Co. are finalizing deals to invest in Indonesia’s electric-vehicle industry, said a senior minister.Most Read from BloombergMore Young Americans Are Dying, But Not From VaccinesNew Zealand Prime Minister Ardern Announces Shock ResignationTreasury Taps Retirement Funds to Avoid Breaching US Debt LimitHolmes Should Be in Prison, Not $13,000-a-Month Estate, US SaysBiden Revives Housing Rule That Trump Derided
SEOUL (Reuters) -South Korea's Hyundai Motor Co and affiliate Kia Corp forecast on Tuesday that their combined global sales will jump nearly 10% in 2023, even as last year's sales fell short of target due to supply chain disruptions. The companies sold 6.85 million vehicles in 2022, about 4% less than their combined target of 7.16 million vehicles, largely due to problems including chip and component shortages. They said they would target global sales of 7.52 million vehicles this year.
South Korea's Hyundai Motor Co, formerly one of Russia's biggest car makers, has begun laying off workers at its St Petersburg factory, which has stood idle since March, largely due to the effects of Russia's military intervention in Ukraine. "Owing to the continued suspension of production, Hyundai Motor is taking steps to optimise its staff numbers in Russia," Hyundai's Russian unit said in a statement. Around 2,600 people built Hyundai and Kia cars at the plant, which has a capacity of some 200,000 vehicles per year.
WASHINGTON (Reuters) -Hyundai Motor Group and SK On said Thursday they will build a new battery manufacturing plant in the U.S. state of Georgia to supply the Korean automaker's U.S. assembly plants. Hyundai Motor Group and SK On, the lithium-ion battery subsidiary branch of SK Innovation, recently signed a memorandum of understanding (MOU) for a new EV battery manufacturing facility with details of the partnership still in development, the companies said.