DIRS.INFO The most relevant business & tech news

☆ 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

☆ Hyundai Motor breaks ground on $1.5 bln EV plant in South Korea
▼ + stars: | 2023-11-13 | by ( Heekyong Yang | ) www.reuters.com time to read: +2 min

ULSAN, South Korea, Nov 13 (Reuters) - Hyundai Motor Co (005380.KS) on Monday broke ground on a 2 trillion won ($1.52 billion) dedicated electric vehicle (EV) plant in South Korea, as the automaker accelerate a shift to electrification. Hyundai Motor Group, which encompasses Hyundai Motor, Kia and Genesis brands, said in April it plans to launch 31 EVs by 2030. Hyundai Motor Group's Executive Chair Euisun Chung, Hyundai Motor's Chief Executive Officer and other officials, including the Ulsan Metropolitan City Mayor, attended the event to witness the ground breaking of the EV factory, the automaker's first new plant in South Korea in 29 years. The groundbreaking comes after Hyundai Motor said it would stick to its EV rollout plans - a contrast to some rivals that have pulled back on EV production due to cooling demand. Last year, Hyundai Motor Group broke ground on a $5.54 billion EV and battery plants in the U.S. state of Georgia.

Persons: Euisun Chung, Jaehoon Chang, Chang, 1,316.5100, Heekyong Yang, Ed Davies Organizations: Hyundai, Hyundai Motor, Kia Corp, Hyundai Motor Group, Kia, Genesis, Hyundai Motor's, Ulsan Metropolitan City Mayor, EV, General Motors Co, Chevrolet Silverado, GMC, Ford Motor, Tesla Inc, GM, Honda, Thomson Locations: ULSAN, South Korea, Ulsan, U.S ., Georgia, United States, Michigan, Mexico

A Hyundai Elantra N is displayed at the Auto Shanghai show, in Shanghai, China April 18, 2023. Hyundai reported a net profit of 3.2 trillion won ($2.36 billion) for the July-September period, up from 1.3 trillion in profit a year earlier. That exceeded an estimate of 2.9 trillion won from 19 analysts compiled by LSEG SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate. Revenue rose 8.7% year-on-year to 41 trillion won. Shares of Hyundai Motor were trading down 0.2% as of 0451 GMT, versus benchmark KOSPI's (.KS11) 2.4% fall.

Persons: Aly, LSEG SmartEstimate, 1,358.3200, Heekyong Yang, Joyce Lee, Clarence Fernandez, Jamie Freed Organizations: Hyundai, Auto, REUTERS, Rights, General Motors, EV, Hyundai Motor, Thomson Locations: Auto Shanghai, Shanghai, China, Rights SEOUL, KS

A general view of the Samsung SDI battery factory in God, Hungary, December 12, 2022. REUTERS/Marton Monus Acquire Licensing RightsSEOUL, Oct 23 (Reuters) - South Korea's Samsung SDI (006400.KS) said on Monday it will supply Hyundai Motor (005380.KS) with electric vehicle (EV) batteries for seven years starting 2026, marking the first battery supply deal between the two companies. "The latest supply deal marks the first ever partnership between Samsung and Hyundai Motor Group in the field of electric vehicle batteries," Samsung SDI said in a statement. The battery maker, which supplies to General Motors Co (GM.N), Stellantis (STLAM.MI), BMW (BMWG.DE) among others, added that it will supply prismatic batteries manufactured at its factory in Hungary for Hyundai Motor's EVs targeting the European market from 2026 through 2032. Samsung SDI did not disclose the size of the deal.

Persons: Marton Monus, Heekyong Yang, hyang Choi, Diane Craft, Jacqueline Wong Organizations: Samsung SDI, REUTERS, Rights, Korea's Samsung SDI, Hyundai, Samsung, Hyundai Motor Group, General Motors Co, BMW, Hyundai Motor's, Thomson Locations: God, Hungary, Rights SEOUL, KS

☆ Hyundai Motor to adopt Tesla EV-charging standard from 2024 in US
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSEOUL, Oct 5 (Reuters) - Hyundai Motor Co (005380.KS) said on Thursday it has decided to adopt Tesla Inc's (TSLA.O) electric vehicle (EV) charging technology in the United States and Canada. That will give Hyundai EVs with NACS ports access to more than 12,000 Tesla Superchargers across the United States, Canada, and Mexico, the company said. Owners of existing and future Hyundai EVs with the current CCS will have access to the Tesla Supercharging Network starting in the first quarter of 2025. In June, Hyundai Motor said it would consider making its vehicles more readily compatible with the NACS charging system. Tesla's NACS is widely available, with the U.S. Department of Energy saying they make up about 60% of the fast chargers in the United States.

Persons: Andrew Kelly, Tesla, Hyundai's, Elon, company's superchargers, Jose Munoz, NACS, Heekyong Yang, Christian Schmollinger Organizations: Hyundai Kona, New York, REUTERS, Rights, Hyundai, Ford, General Motors, Nissan, Hyundai Motor, Hyundai Motor's, Global, CCS, Tesla Supercharging Network, U.S . Department of Energy, Volkswagen, Kia Corp, BMW, Thomson Locations: Manhattan , New York City, U.S, Rights SEOUL, KS, United States, Canada, Mexico

☆ 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

☆ Rifle, fur hat, drones: North Korea's Kim returns with gifts from Russia
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +4 min

North Korean leader Kim Jong Un waves as he boards his train at a railway station in the town of Artyom outside Vladivostok in the Primorsky region, Russia, September 17, 2023. Following are some of the items he is bringing back to the "friendship" museum, where gifts received by the North's three generations of leaders are kept. GIFTS FROM RUSSIAAfter his summit with Russian President Putin, Kim received a Russian-made rifle "of the highest quality," according to Kremlin spokesman Dmitry Peskov. Kim received a fur hat from Defence Minister Sergei Shoigu in Vladivostok, where he inspected Russian nuclear bombers, fighter jets equipped with hypersonic missiles and a warship. And Comrade Kim Jong Un liked it,” Matsegora said.

Persons: Kim Jong, Putin, Kim, Dmitry Peskov, Oleg Kozhemyako, Sergei Shoigu, Alexander Matsegora, It’s, Kim Jong Un, ” Matsegora, Yuri Gagarin, Kim Il Sung, Jimmy Carter, Francois Mitterrand, Michael Jordan, Madeleine Albright, Fidel Castro, Propaganda, Kim Dae, Kim Jong Il, Chung, yung, Jack Kim, Lidia Kelly, Gerry Doyle Organizations: REUTERS, Rights, Russian, North, TASS, Moscow, WHO, U.S, Hyundai, Hyundai Group, Thomson Locations: Artyom, Vladivostok, Primorsky, Russia, Russia's Primorsky Krai, Rights SEOUL, Russian, Ukraine, Pyongyang, Russia's, Khasan, North Korea, Paris, North, Cuban, South, North Korean, Seoul, Melbourne

☆ Hyundai Motor's union in South Korea votes on strike
▼ + stars: | 2023-08-24 | by ( Heekyong Yang | ) www.reuters.com time to read: +3 min

SEOUL, Aug 25 (Reuters) - Hyundai Motor's (005380.KS) unionised workers in South Korea on Friday vote on whether to hold a strike after two months of talks with the company over wage increase and extension of the retirement age stalled last week. If the union stages a strike, it would mark the first such action in five years related to wage negotiations at the South Korean carmaker, and could disrupt delivery of some popular vehicles which Hyundai has been struggling to ramp up due to prolonged component shortages. The voting result is expected at around 6 p.m. (0900 GMT), a union official at Hyundai Motor told Reuters, adding that the union will continue working-level negotiations with the management regardless of the vote. "South Korea has relatively low pension replacement rates, compared to other advanced countries in Europe. Unionised workers at Hyundai in South Korea held a four-hour strike for one day in July in support of its umbrella union's general strike, but it was not related to the union's wage negotiations with the management.

Persons: Ji, Kim Jinwoo, 1,328.0600, Heekyong Yang, Shri Navaratnam snd Michael Perry Organizations: Hyundai, Hyundai Motor, Reuters, Korea University's School of Law, Analysts, Korea Investment, Securities, Thomson Locations: SEOUL, KS, South Korea, Korean, Korea, Europe

☆ Hyundai Motor's unit to buy General Motors' India plant
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsBENGALURU, Aug 16 (Reuters) - Hyundai Motor Co's (005380.KS) Indian unit will buy automaker General Motors' (GM.N) Talegaon plant in the western state of Maharashtra, a move that will allow the U.S. automaker to exit the country as well increase Hyundai's annual production. Through its Sriperumbudur facility outside Chennai city and now the Talegaon plant, Hyundai aims to increase its cumulative production capacity to one million units per year, it said on Wednesday. The company had a production capacity of 820,000 units in the first half of this year. The South Korean firm said it intends to upgrade the existing infrastructure at the Talegaon unit and start manufacturing in 2025. The plant currently has an annual production capacity of 130,000 units.

Persons: Wolfgang Rattay, Ashish Chandra, Sonia Cheema Organizations: Hyundai, REUTERS, Rights, General Motors, U.S, GM, Kia, Thomson Locations: Munich, Germany, KS, Maharashtra, Chennai, India, Bengaluru

☆ One-third of Americans would consider EV purchase -Reuters/Ipsos poll
▼ + stars: | 2023-03-21 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, March 21 (Reuters) - Just over one-third of Americans would consider buying an electric vehicle for their next model, a new Reuters/Ipsos poll found. The seven-day poll completed on Monday found 34% of all respondents would consider an EV, while 31% said no. Among Democrats 50% said they would consider an EV, while 26% of Republicans and 27% of independents said they would consider. There are now more than 80 EV models for sale in the United States. President Joe Biden wants 50% of all new vehicles sold in 2030 to be EV or plug-in hybrid models.

☆ Hyundai Motor's India unit to buy plant from General Motors
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: 1 min

[1/2] 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. REUTERS/Andrew KellyBENGALURU, March 13 (Reuters) - The Indian arm of Hyundai Motor Co (005380.KS) said on Monday it had signed a term sheet to buy General Motors Co's (GM.N) plant in the western state of Maharashtra. The term sheet covers proposed acquisition of land and buildings, certain machinery and equipment for manufacturing at the plant, Hyundai added in a statement. Reporting by Meenakshi Maidas in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Hyundai Motor's Q4 net profit triples but misses expectations
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Jan 26 (Reuters) - South Korea's Hyundai Motor Co (005380.KS) on Thursday reported a tripling in fourth-quarter profit on strong demand for its high-margin sport-utility vehicles and a weak won. Hyundai Motor reported a net profit of 1.7 trillion won ($1.4 billion) for the October-December period versus a profit of 547 billion won a year earlier, when the automaker booked some one-off costs. That compared with a Refinitiv SmartEstimate for fourth-quarter profit at 2.5 trillion won drawn from 18 analysts. Like many other automakers, Hyundai benefited from the tight supply of new vehicles last year which have kept retail prices high. Shares in Hyundai Motor rose on Thursday to be up 4.4% in afternoon trade.

☆ South Korean truckers go on strike, posing risk to supply chain
▼ + stars: | 2022-11-23 | by ( Ju-Min Park | ) www.reuters.com time to read: +2 min

SEOUL, Nov 24 (Reuters) - Unionised truckers in South Korea kicked off their second major strike in less than six months on Thursday, threatening to disrupt manufacturing and fuel supplies in the world's 10th-largest economy. With fuel costs soaring, the truckers are calling on the government to make permanent a minimum-pay system that is due to expire by the end of the year, and to expand benefits for truckers in other industries, including oil tankers. Lead organiser the Cargo Truckers Solidarity Union (CTSU) has warned the strike could stop oil supplies at major refineries and transport at major ports and industrial plants. In June, an eight-day strike by truckers delayed cargo shipments for industries from autos to semiconductors in Asia's fourth-largest economy, costing more than $1.2 billion in lost output and unmet deliveries. The Korea Oil Station Association is asking gas station owners to secure enough inventory ahead of the strike, an association official said earlier.

Search resuls for: "Hyundai Motor's"

13 mentions found