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☆ Hyundai plans to make 200,000 EVs a year at $1.5 billion plant in South Korea
▼ + stars: | 2023-11-13 | by ( Diksha Madhok | ) edition.cnn.com time to read: +1 min

New Delhi CNN —Hyundai Motor has kicked off construction on a 2 trillion won ($1.5 billion) facility in South Korea that will be dedicated to manufacturing electric vehicles. The group, which owns the Hyundai and Kia brands, held the groundbreaking ceremony on Sunday in Ulsan, where the carmaker built its first assembly plant in 1968. The new factory will be capable of producing 200,000 electric vehicles a year, the company said in a statement. The Korean carmaker’s investment in electric vehicles comes at a time when some of its rivals are taking the foot off the pedal. Meanwhile, Hyundai Motor Group, is also investing $5.5 billion in Georgia to build electric vehicles and battery facilities.

Persons: ”, Euisun Chung, General Motors Organizations: New, New Delhi CNN — Hyundai, Hyundai, Kia, Ulsan, Hyundai Motor Group, General, Ford Locations: New Delhi, South Korea, Ulsan, Korean, Georgia

☆ 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

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.

[1/4] South Korean President Yoon Suk Yeol delivers remarks to the U.S.-Korea Business Council at the U.S. Chamber of Commerce in Washington, D.C., U.S., April 25, 2023. He said the two countries' economies had been facing new challenges and the economic slowdown was unsettling the investment environment. "Competition for technological hegemony, energy issues and climate crises are casting more uncertainties on business activity day by day," Yoon said. "This cooperation should extend beyond semiconductors to future emerging technologies such as AI, Quantum, SMR (Small Modular Reactors) and more," Yoon said. Core technologies from the United States and South Korea's advanced manufacturing capabilities would "create enormous synergies that will benefit both countries," he said.

NEW YORK/SAN FRANCISCO, Oct 19 (Reuters) - A group that works with union pension funds is pressing Hyundai Motor Co (005380.KS) to respond to reports of child labor at U.S. parts suppliers, warning of potential reputational damage to the Korean automaker. In addition, the letter cited a recent federal and state investigation into children working at another Hyundai supplier in the state. Reuters first documented child labor practices at Hyundai-owned SMART Alabama LLC earlier this year. "Hyundai will continue to closely review the labor operations of its suppliers to ensure full compliance with all local, state and federal laws," Gabriel said in an email. "I think investors like us need to step out and say, 'the value of the fines is not capturing your risk even remotely.

☆ Biden Faces South Korea Backlash Over New EV Tax-Credit Rules
▼ + stars: | 2022-09-28 | by ( Timothy W. Martin | Jiyoung Sohn | ) www.wsj.com time to read: 1 min

SEOUL—During a visit to Seoul in May, President Biden stood at a courtyard podium flanked by the head of Hyundai Motor Group. The South Korean auto maker had just pledged more than $10 billion in U.S. investments, creating thousands of new American jobs. Mr. Biden thanked Hyundai’s Euisun Chung for helping the two countries work toward an electric-vehicle future. “We will not let you down,” Mr. Biden said.

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