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☆ Hyundai Motor's fourth-quarter net profit rises 31%, misses forecasts
▼ + stars: | 2024-01-25 | by ( ) www.cnbc.com time to read: +2 min

Hyundai Motor, the world's No.3 automaker by sales with its affiliate Kia Corp, reported a net profit of 2.2 trillion won ($1.65 billion) for the October-December period versus a profit of 1.7 trillion won a year earlier. That compared with a 2.9 trillion won average forecast by LSEG SmartEstimate, which is weighted towards estimates from analysts who are more consistently accurate. It expects a 4.9% jump in North American vehicle sales but a 3.7% drop and 0.6% fall in vehicle sales in China and Europe, respectively. "Hyundai Motor expects the business environment will remain difficult to predict, due to macro uncertainties centered on emerging markets and a downturn in the real economy," Hyundai Motor said in a statement. Shares in Hyundai Motor were trading up 2.0% after it reported its earnings, outperforming 0.1 rise for the benchmark Kospi.

Persons: Hyundai, LSEG SmartEstimate, Lee Jae, Lee Organizations: Hyundai, Hyundai Motor, Kia Corp, Eugene Investment, Securities Locations: San, San Leandro , California, South, Russia, China, Europe

SEOUL, Nov 8 (Reuters) - Operations at Kia Corp's (000270.KS) assembly plant in South Korea have been suspended due to disruptions in parts supplies, the carmaker said on Wednesday. Poongki Industrial Co Ltd, a Kia supplier that makes chassis parts, suffered a fatal accident that resulted in the death of one worker on Tuesday and halted its own operations, causing supply disruptions at Kia's plant, a Kia spokesperson said. Labour authorities are investigating the accident, putting a halt to forklift truck operations at the Kia supplier's factory, a labour ministry spokesperson said. Kia is checking on alternative sources for Poongki's components, according to the Kia spokesperson. The plant located in the southwestern city of Gwangju produces about 2,000 vehicles a day, according to media reports.

Persons: Kia Corp's, Poongki, Kia, Lee Jae, Heekyong Yang, Ed Davies Organizations: Kia, Poongki Industrial Co Ltd, Labour, Eugene Investment, Securities, Thomson Locations: SEOUL, South Korea, Gwangju

☆ S.Korea exports snap year-long downturn, recovery in China demand slow
▼ + stars: | 2023-11-01 | by ( Jihoon Lee | ) www.reuters.com time to read: +3 min

Overseas sales last month by Asia's fourth-largest economy rose 5.1% year-on-year to $55.09 billion, trade data showed on Wednesday. By destination, exports to the United States gained 17.3%, the most since May 2022, while China-bound shipments fell 9.5%, the least in 13 months. Exports of cars rose 19.8%, extending gains to a 16th straight month, while petroleum products also jumped 18.0%, after seven straight months of decline. Semiconductor shipments fell for the 15th consecutive month, but the 3.1% drop in October was the smallest in the streak. In October, South Korea's factory activity contracted for the 16th straight month, but the decline in new export orders softened, another survey showed on Wednesday.

Persons: Lee Jae, Asia's, Lee Jeong, Jihoon Lee, Christian Schmollinger, Muralikumar Anantharaman, Sonali Paul Organizations: Busan New, REUTERS, Rights, Overseas, United States, Eugene Investment Securities, Trade, Thomson Locations: Busan, Busan New Port, Seoul, Rights SEOUL, United States, China, United, Israel, South

☆ Kia Corp unveils three smaller-medium-sized EVs to speed its electrification ambitions
▼ + stars: | 2023-10-12 | by ( Heekyong Yang | ) www.reuters.com time to read: +2 min

SEOUL, Oct 12 (Reuters) - Kia Corp (000270.KS) on Thursday unveiled three new small-to-medium sized electric vehicles (EV) to attract a wider range of customers in an effort to expedite its electrification strategies. The production of the EV5 will take place in both China and South Korea, Kia said, adding that the EV5 in China and South Korea would have different battery types. Kia did not disclose the detailed driving range of the EV5 for South Korea, adding that it will be tailored to meet market demands. Analysts said Kia's push to launch more affordable EVs is timely as an increasing number of car buyers are looking to purchase price friendly EVs. "While those early adopters have preferred more expensive premium electric vehicles, as EVs have become more popular among more general public, consumer needs for more affordable EVs have significantly grown," said Lee Jae-il, an analyst at Eugene Investment & Securities.

Persons: Kia, Song Ho Sung, ”, Spencer Cho, Lee Jae, Heekyong Yang, Sharon Singleton Organizations: Kia Corp, South, Kia, Global, Analysts, Eugene Investment, Securities, Thomson Locations: SEOUL, South Korea, China

☆ Union at Kia Corp suspends strike action to resume talks with company
▼ + stars: | 2023-10-11 | by ( Heekyong Yang | ) www.reuters.com time to read: +2 min

The union and Kia's management had been holding talks for three months over wage increases and an extension of the retirement age. Earlier, the union said it would limit working hours for six working days from Oct. 12 after negotiations stalled, in what would have been the first industrial action at Kia in three years. Kia declined to comment on the industrial action. Last month, the union at South Korea's second largest automaker with more than 26,600 members said 92.3% of its members had approved strike action unless the management accepts their demands. Because the deals with Hyundai Motor and affiliate Hyundai Mobis (012330.KS) were concluded without any industrial action, Kia's unions are likely to avoid any major industrial action, analysts said.

Persons: Kim Hong, Kia Corp's, Lee Jae, Heekyong Yang, Edmund Klamann Organizations: Kia Corp, REUTERS, Rights, Kia, Reuters, South, Hyundai Motor, Hyundai Mobis, Eugene Investment, Securities, Thomson Locations: Seoul, South Korea, Rights SEOUL, KS, South Korea's

☆ Kia Corp's unionised workers to go on partial strike over wages
▼ + stars: | 2023-10-11 | by ( Heekyong Yang | ) www.reuters.com time to read: +2 min

The logo of Kia Corp is seen on its electric vehicle EV6 during a photo opportunity in Seoul, South Korea, June 1, 2021. Last month, the union at South Korea's No.2 automaker with more than 26,600 members said 92.3% of its members had approved strike action unless the management accept the demands. The union said it would work regular hours on days when they are holding talks with the management. Kia declined to comment on the strike. Shares in Kia Corp were trading up 0.7%, versus the benchmark KOSPI's (.KS11) 2.1% rise as of 0217 GMT.

Persons: Kim Hong, Kia Corp's, Kia, Lee Jae, Heekyong Yang, Edmund Klamann Organizations: Kia Corp, REUTERS, Rights, Kia, South, Hyundai Motor, Hyundai Mobis, Eugene Investment, Securities, Thomson Locations: Seoul, South Korea, Rights SEOUL, KS

☆ Hyundai Motor's South Korea union accepts 12% wage hike deal
▼ + stars: | 2023-09-18 | by ( Heekyong Yang | ) www.reuters.com time to read: +2 min

The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. Workers at Hyundai Motor, the No.3 global automaker by sales with its affiliate Kia Corp (000270.KS), last went on strike in 2018. The United Auto Workers (UAW) last week went on strike against all three Detroit automakers - General Motors Co (GM.N), Ford Motor Co (F.N) and Stellantis (STLAM.MI) - at once for the first time. Hyundai Motor Group, which houses Hyundai Motor, Kia, luxury brand Genesis, operates U.S. production sites in Alabama and Georgia. “The labour risks have been there all along, especially in the auto sector, but this UAW strike is unprecedented.

Persons: Andrew Kelly, ”, Lee Jae, Heekyong Yang, Andrew Heavens, Jan Harvey, Nick Zieminski Organizations: Hyundai Motor, New York, REUTERS, Rights, Hyundai, Workers, Kia Corp, United Auto Workers, UAW, Detroit, General Motors Co, Ford Motor, Hyundai Motor Group, Kia, Eugene Investment, Securities, Thomson Locations: Manhattan , New York City, U.S, Rights SEOUL, South Korea, Alabama, Georgia, United States

☆ What industry experts, leaders say about the autoworkers' strike
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +7 min

SAM FIORANI, PRODUCTION FORECASTER AT AUTO FORECAST SOLUTIONS:"This is more of a symbolic strike than an actual damaging one ... DEMOCRATIC U.S. REPRESENTATIVE ELISSA SLOTKIN OF MICHIGAN:"I'm looking forward to joining our auto workers on the picket line this weekend. DONALD TRUMP, FORMER U.S. PRESIDENT:"The all Electric (car) is a disaster for both the United Auto Workers and the American Consumer. The targeted strike is intended to give UAW flexibility strike fund duration." SUZANNE CLARK, CEO OF US CHAMBER OF COMMERCE"The UAW strike and indeed the 'summer of strikes' is the natural result of the Biden administration's 'whole of government' approach to promoting unionization at all costs."

Persons: MARY BARRA, who's, we've, Shawn, Fain, DAN IVES, KOJI ENDO, LEE JAE, ARTHUR WHEATON, It's, ELISSA SLOTKIN, JAY TIMMONS, MONICA BOSIO, Stellantis, MARTINO, AMBROGGI, DONALD TRUMP, CHRIS MCNALLY, COLIN LANGAN, AT WELLS, PATRICK ANDERSON, JOHN MURPHY, Ford, ROBERT STREDA, DBRS, SUZANNE CLARK, Biden, Joseph White, David Shepardson, Trevor Hunnicutt, Peter Henderson, Heekyong Yang, Daniel Leussink, Giulio Piovaccari, Mehr Bedi, Medha Singh, Anne Marie Roantree, Jamie Freed, Savio D'Souza, Arun Koyyur Organizations: United Auto Workers, UAW, General Motors, Ford, Chrysler, Ford Bronco, Chevrolet, CNBC, GM, SBI, EUGENE, South, CORNELL SCHOOL, Company, DEMOCRATIC U.S, ELISSA SLOTKIN OF, NATIONAL ASSOCIATION, American Consumer, ISI, AT, Detroit, Thomson Locations: Chevrolet Colorado, Detroit, United States, ELISSA SLOTKIN OF MICHIGAN, China, Washington, San Francisco, Seoul, Tokyo, Milan, Bengaluru

Hyundai and partner SK On, a battery unit of SK Innovation Co Ltd (096770.KS), will set up a new battery manufacturing plant in the state of Georgia, the companies said, formalising an earlier provisional agreement. Accompanying Yoon on the trip are top executives of some of South Korea's biggest companies, including Hyundai Motor Group Executive Chair Euisun Chung. Rivals General Motors Co (GM.N) and Samsung SDI (006400.KS) said they would invest over $3 billion to build a joint venture EV battery manufacturing plant in the United States. That compared with a Refinitiv SmartEstimate for first-quarter profit of 2.3 trillion won from 16 analysts. Hyundai and Kia cars are competitive in the U.S., based on their prices and a favourable exchange rate, he added.

"The impact of the Inflation Reduction Act on Hyundai's EV sales in the U.S. market seems inevitable as EV incentives are the key factor to U.S. EV shoppers," Lee Jae-il, an analyst at Eugene Investment & Securities. In a mixed outlook, Hyundai raised on Monday its full-year revenue growth forecast range by six percentage points to 19-20% from its previous estimate in January. Reuters GraphicsThe provision, announced last week, amounted to more than half of estimated third-quarter net profit of 2.4 trillion won drawn from 17 analysts. Revenue for the quarter jumped 31% to 37.7 trillion won, above the 36 trillion won analysts had expected. But overall vehicle supply remains tight globally due to the chip shortage and COVID-related restrictions.

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