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☆ AI chip firm Tenstorrent raises $100 mln from Hyundai, Samsung
▼ + stars: | 2023-08-02 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

Courtesy of Tenstorrent /Handout via REUTERSAug 2 (Reuters) - Tenstorrent, a Canadian startup headed by chip industry veteran Jim Keller that is developing artificial intelligence chips, said on Wednesday it has raised $100 million from Hyundai Motor Group (005380.KS) and a Samsung (005930.KS) investment fund, among others. Keller, who has previously developed chips for Apple (AAPL.O), Tesla (TSLA.O) and Intel (INTC.O), took over as the startup's CEO earlier this year. Tenstorrent makes its own AI chips, but also sells its intellectual property and other technology to customers looking to make their own AI chips. Hyundai established a semiconductor development group last year and said that it plans to use Tenstorrent technology in "future Hyundai, Kia and Genesis" vehicles. “With this investment, the Group expects to develop optimized but differentiated semiconductor technology that will aid future mobilities and strengthen internal capabilities in AI technology development," Heung-soo Kim, executive vice president and head of the global strategy office at Hyundai Motor Group, said in a statement.

Persons: Jim Keller, Heung Soo Kim, Keller, Tenstorrent, Kim, Stephen Nellis, Marguerita Choy Organizations: Global, Hyundai, REUTERS, Hyundai Motor Group, Samsung, Nvidia, Apple, Intel, Kia, Catalyst Fund, Fidelity Ventures, Eclipse Ventures, Epiq, Maverick Capital, Tesla, LG, Thomson Locations: Santa Clara , California, U.S, Handout, Canadian

☆ Hyundai to expand the glove compartment in its EVs, redesigning them to resemble airline overhead bins
▼ + stars: | 2023-08-02 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +4 min

Now, Hyundai Motor Group is adding another amenity to that list: a bigger and better glove compartment. The newly designed glovebox is modeled on overhead bins in airliners, Hyundai Motor Group said Wednesday. The dashboard invention was the gold medal winner in an internal contest at Hyundai Mobis, the auto parts division of Hyundai Motor. For example, Toyota eschews a glove box entirely in its electric vehicles, the Toyota BZ4X and Lexus RZ 450e. Why it’s called a glove boxToday’s glove box is the direct descendant of storage bins in early automobiles that were usually in the floor or under the seat.

Persons: It’s, it’s, Dorothy Levitt —, —, Dorothy Levitt, De Dion, Horace W, Nicholls, Levitt, “, ” Organizations: CNN —, Hyundai Motor, Hyundai Motor Group, Hyundai, Kia, Hyundai Mobis, Hyundai Motor . Employees, Toyota, Lexus, McGill University Library, Nationwide Insurance

☆ Electric cars aren’t just for the wealthy anymore
▼ + stars: | 2023-07-27 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +7 min

CNN —Thanks to a combination of new models, more production and new tax laws, electric vehicles are no longer just for the wealthy. Currently the “days supply” of electric vehicles – a measure of the number units on dealer lots relative to how quickly they sell – is now twice that of new vehicles overall. The biggest bargain among electric vehicles currently, whether you lease or buy, happens to be one that’s going away soon. A Chevrolet Bolt EV sits parked at a charging station at Stewart Chevrolet on April 25, 2023 in Colma, California. For almost $10,000 less, in terms of sticker price, Hyundai offers the soon-to-be redesigned Kona Electric.

Persons: Kia, Erik Pendzich, it’s, Mark Luxcombe, Wolters, “ There’s, ” Luxcombe, Brian Moody, Moody, ”, Stewart, Justin Sullivan, Kia EV6, Josh Lefkowitz, Tony Quiroga, Bing Guan, Quiroga, Chevrolet Bolt Organizations: CNN, General Motors, Ford, Hyundai, Kia, Volkswagen, GT, New York, Wolters Kluwer, Cox Automotive, Chevrolet Bolt, Stewart Chevrolet, GM, Angeles, Kona, EV, Chevrolet Locations: America, Colma , California, Los Angeles , California

☆ Kia to invest $200 million in US plant, build EV9 SUV in 2024
▼ + stars: | 2023-07-12 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

July 12 (Reuters) - Kia (000270.KS) said on Wednesday it will invest more than $200 million in its assembly plant in the U.S. state of Georgia to begin production of its electric EV9 SUV next year. The Korean automaker said the company will add about 200 jobs to build the three-row SUV alongside four other models at the West Point, Georgia, plant. It will be the first Kia electric vehicle assembled in North America and comes as automakers are shifting away from gas-powered vehicles. A rising amount of electric vehicle (EV) and battery investments have been made in Georgia. Hyundai separately broke ground in October on a $5.54 billion EV and battery plant in Georgia's Bryan County.

Persons: Brian Kemp, David Shepardson, Jonathan Oatis, Matthew Lewis Organizations: Kia, Hyundai Motor Group, SK, Korean, U.S, Hyundai, SK Innovation, Ford, Georgia, Thomson Locations: KS, U.S ., Georgia, Korean, Point , Georgia, North America, Georgia's Bartow County, Georgia's Bryan County, Commerce , Georgia, Washington

☆ Hyundai Motor Group, LG Energy to build $4.3 bln EV battery plant in US
▼ + stars: | 2023-05-26 | by ( ) edition.cnn.com time to read: +1 min

South Korea’s Hyundai Motor Group and LG Energy Solution Ltd 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 Motor Group, the world’s third-largest automaker by vehicle sales, is building EV and battery manufacturing facilities in Bryan County in the state, where its joint factory with LGES will be based. LGES and Hyundai Motor Group, which houses Hyundai Motor, Kia and autoparts maker Hyundai Mobis Co Ltd, will each own 50% of the joint venture. In April, Hyundai Motor finalized a $5 billion EV battery joint venture in the United States with SK On, a battery unit of SK Innovation Co Ltd, boosting electrification efforts in its largest market.

Persons: LGES, ”, Youngsoo Kwon Organizations: Hyundai Motor Group, LG Energy, EV, Vehicles, Hyundai Motor Co, Kia Corp, Hyundai, Kia, Hyundai Mobis Co, Tesla, General Motors, Hyundai Motor, SK, SK Innovation Co Locations: United States, Georgia, Bryan County, America

SEOUL, May 26 (Reuters) - South Korea's Hyundai Motor Group and LG Energy Solution Ltd (LGES) (373220.KS) 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 (005380.KS) and sister automaker Kia Corp (000270.KS) are currently not eligible. [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. LGES and Hyundai Motor Group, which houses Hyundai Motor, Kia and autoparts maker Hyundai Mobis Co Ltd (012330.KS), will each own 50% of the joint venture. In April, Hyundai Motor finalised a $5 billion EV battery joint venture in the United States with SK On, a battery unit of SK Innovation Co Ltd (096770.KS), boosting electrification efforts in its largest market.

☆ Hyundai and Kia agree to $200 million legal settlement over theft issues
▼ + stars: | 2023-05-18 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +4 min

New York CNN —Korean automakers Kia and Hyundai have agreed to an estimated $200 million class action legal settlement over claims that many of the companies’ cars and SUVs are much too easy to steal. The settlement, which could cover up to nine million vehicle owners, provides a total of up to $145 million that will be distributed to owners whose vehicles have been stolen to help cover their out-of-pocket losses. Hyundai and Kia operate as separate companies in the United States, but Hyundai Motor Group owns a large stake in Kia, and various Hyundai and Kia models share much of their engineering. Hyundai dealers will also affix window stickers stating that the vehicle has anti-theft software installed. As part of the agreement, installation of the anti-theft software will now be done automatically along with any dealer service appointment without the owner having to specifically request it.

☆ Hyundai explains how it plans to become one of the world's top three EV makers by 2030
▼ + stars: | 2023-05-11 | by ( Sheila Chiang | ) www.cnbc.com time to read: +3 min

Hyundai Motor Group, whose brands include Hyundai, Kia and Genesis, nabbed sixth place in SNE Research's global EV sales ranking for 2022. It delivered 510,000 EV units last year, up 40.9% from 2021, according to SNE Research. We have another EV, Ioniq 7, the three-row largest SUV, in our pipeline for next year. Revenue climbed 24.7% year-on-year, from 30.3 trillion won to 37.78 trillion won. Domestically, Hyundai said it plans to invest 24 trillion won in South Korea's EV industry by 2030.

The company did not specify how much it expects its second-quarter refining margin, a key profit metric for refiners, to be. The company posted operating profit of 375 billion won ($281.6 million) for the first quarter ended March, versus 1.6 trillion won a year earlier. In March, Ford Motor, which uses batteries from SK On, recalled 18 electric trucks due to a battery cell manufacturing defect. SK On currently has battery joint ventures with Ford and Hyundai Motor Group in the United States. Shares of SK Innovation were trading up 0.5% in morning trade, versus a 0.3% fall in the broader KOSPI index (.KS11).

None of the agencies disputed the allegation, and each paid penalties of $5,050, the maximum state levy for a child labor violation. The U.S. and Alabama investigations began after a Reuters report last July first exposed the use of child labor at Hyundai parts makers in the state. The U.S. Department of Labor said in February the number of child labor violations in 2022 had soared by nearly 70% compared with the tally recorded in 2018. They said false documentation, even shoddy credentials like those filed by the boy's employers, makes child labor laws difficult to enforce. An Alabama labor department spokesperson told Reuters the agency is still working to determine who exactly hired the child to work at Hyundai Glovis.

[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.

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.

CNN —A coalition of attorneys general for 17 states and the District of Columbia on Thursday called for a federal recall of Hyundai and Kia vehicles that they say are unsafe and too easy to steal. “Hyundai and Kia announced that they will initiate voluntary service campaigns to offer software updates for certain vehicles with this starting-system vulnerability. Hyundai and Kia operate as separate companies in the United States, but Hyundai Motor Group owns a large stake in Kia, and various Hyundai and Kia models share much of their engineering. “The bottom line is, Kia’s and Hyundai’s failure to install standard safety features on many of their vehicles have put vehicle owners and the public at risk,” Attorney General Bonta said. The attorneys general’s letter asserts that the ease of theft of these Hyundai and Kia vehicles constitutes a safety hazard and the vehicles fail to meet federal standards for theft prevention.

☆ Hyundai Ioniq 6: Aerodynamic Enough to Rival Tesla
▼ + stars: | 2023-04-14 | by ( Dan Neil | ) www.wsj.com time to read: 1 min

BODIES ELECTRIC The 2023 Hyundai Ioniq 6 is the sedan sibling of the Ioniq 5 hatchback and shares the Hyundai Motor Group’s well-regard EV platform, with a 53- or 77-kWh battery pack available (Standard and Long Range), single-motor RWD or dual-motor AWD and three trim levels. The single-motor SE LR earns an estimated range of 361 miles. IF YOU ARE a native-born Earthling, you’re already inclined to like the look of our test car, the 2023 Hyundai Ioniq 6 Limited. Your visual cortex has evolved to appreciate the beauty of streamlining—the low-drag, energy-saving gorgeousness of falcons, dolphins, otters and whales, killers all. This latest, tartly styled mounting of the Hyundai Motor Group ’s EV skateboard shares its floor-mounted battery pack, 800V charging system and many creature comforts with its group stablemates, notably its sister car, the Ioniq 5 hatchback.

☆ Hyundai Motor Group to invest $18 bln in South Korean EV industry by 2030
▼ + stars: | 2023-04-11 | by ( Heekyong Yang | ) www.reuters.com time to read: +2 min

SEOUL, April 11 (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 (005380.KS), Kia Corp (000270.KS) and Hyundai Mobis Co Ltd (012330.KS), came as President Yoon Suk Yeol attended a groundbreaking ceremony for Kia's first designated electric vehicle plant. It added that the government would expand tax benefits for domestic EV facility investment for a five-fold boost in production capacity by 2030. The South Korean auto group said last year it would invest more than $10 billion in the United States by 2025 to enhance collaboration with U.S. firms in advanced technology. Shares of Kia and Hyundai Motor closed up 4.9% and 3.3%, respectively, on Tuesday versus a rise of 1.4% in the benchmark KOSPI (.KS11) index.

☆ Hyundai and Kia thefts trend reached New York City
▼ + stars: | 2023-03-30 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +4 min

CNN —Spikes in car thefts of certain Hyundai and Kia models, a trend that began in the American midwest and was spread by how-to videos on social media, has reached America’s biggest city. About 100 of these particularly vulnerable Hyundai and Kia vehicles were stolen in the month of December alone in New York City, according to New York City Police Commissioner Keechant Sewell. Joy rides on Tik TokThese models became the subject of a viral social media trend in which thieves filmed themselves and others stealing Hyundai and Kia vehicles and taking them for a drive. The New York thefts first began to be noticed in The Bronx, the commissioner said, but soon were also happening in other parts of the city. Hyundai and Kia operate as separate companies in the United States, but Hyundai Motor Group owns a large stake in Kia, and various Hyundai and Kia models share much of their engineering.

☆ Hyundai and Kia roll out free software patch to keep some cars from getting stolen
▼ + stars: | 2023-02-14 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

The vehicles in question, 2015-2019 Hyundai and Kia models with turn-key ignitions — as opposed to push-button start — are roughly twice as likely to be stolen as other vehicles of a similar age. The two South Korean automakers have come up with a software patch to fix the problem, the automakers and NHTSA said Tuesday. Hyundai and Kia operate as separate companies in the United States, but Hyundai Motor Group owns a large stake in Kia, and various Hyundai and Kia models share much of their engineering. The patch will be installed free of charge on vulnerable models, with software that requires an actual key in the ignition to turn the vehicle on. Hyundai will begin providing the software immediately for the most popular — and most frequently stolen — vulnerable models.

☆ Investments in Indonesia's nickel industry
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +4 min

Here are some of the major investment deals involving nickel in Indonesia:Jan. 2020: Indonesia bans exports of unprocessed nickel to attract investment in downstream processing. Dec. 2020: Indonesia's investment ministry signs an MOU with LG Energy Solution (373220.KS) on integrated EV battery investment with total investment of $9.8 billion. 2021: Indonesia establishes the Indonesia Battery Corporation (IBC), a joint venture of state owned enterprises to cooperate with foreign investors in developing an EV battery supply chain. Jan. 2022: Indonesia's Investment Ministry signs an MoU with Foxconn (2317.TW), Gogoro Inc, IBC and Indika Energy (INDY.JK) for investment in electric vehicle and battery development. Sept 2022: Vale Indonesia signs an agreement with Zhejiang Huayou to build a second plant to produce nickel MHP with 60,000 tonnes capacity.

☆ Some auto insurers are refusing to cover some Hyundai and Kia models
▼ + stars: | 2023-01-27 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

CNN —Progressive and State Farm, two of America’s largest auto insurers, are refusing to write policies in certain cities for some older Hyundai and Kia models that have been deemed too easy to steal, according to one of the insurance companies and media reports. The insurance companies did not tell CNN which cities or states were involved. Hyundai and Kia operate as separate companies in the United States, but Hyundai Motor Group owns a large stake in Kia and various Hyundai and Kia models share much of their engineering. Engine immobilizers are now standard on all Kia vehicles, according to a statement by the automaker and the company says it has been developing and testing security software for vehicles not originally equipped with an immobilize. Hyundai said it is providing free steering wheel locks to some police departments around the country to give local residents who have easily stolen Hyundai models.

☆ Stellantis to build U.S. firm Archer's air taxi
▼ + stars: | 2023-01-04 | by ( Gilles Guillaume | ) www.reuters.com time to read: +2 min

PARIS, Jan 4 (Reuters) - Car maker Stellantis (STLA.MI) will help build Archer Aviation's (ACHR.N) electric aircraft Midnight eVTOL and increase its stake in the U.S. company, the two firms said on Wednesday. Industrial firms and new startups are flocking to invest in air taxis, which can take off and land vertically to ferry travellers to airports or on short trips between cities, allowing them to beat traffic. It is designed for back-to-back short distance trips of around 20 miles, with a charging time of approximately 10 minutes in-between. "The goal is for Stellantis to mass produce Archer’s eVTOL aircraft as its exclusive contract manufacturer," the companies said in a joint statement. Stellantis will also increase its existing stake in Archer through stock purchases in the open market.

☆ Hyundai, SK to build new battery plant in Georgia
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

Dec 8 (Reuters) - Hyundai Motor Group and SK On said Thursday they will build a new battery manufacturing plant in the 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. The companies aim to begin operations in 2025 and said "stakeholders estimate it will create more than 3,500 new jobs through approximately $4-5 billion of investment" in Georgia's Bartow County. Hyundai separately broke ground in October on a $5.54 billion electric vehicle (EV) and battery plant in Georgia's Bryan County. Reporting by David Shepardson; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

☆ Hyundai Motor, SK On in EV battery supply pact in N. America
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Nov 29 (Reuters) - South Korea's Hyundai Motor Group and battery maker SK On have signed a pact on the supply of electric vehicle (EV) batteries in North America, the companies said on Tuesday. In a statement, SK On said the memorandum of understanding (MOU) lets the two companies cooperate in providing its batteries to the auto group’s plants in the United States after 2025 for production of electric vehicles. It added that the partnership allows the two firms to shape a response to the U.S. tax credit qualifications required under August's Inflation Reduction Act. From next year, at least 40% of the value of critical minerals for batteries will have to come from the United States or a U.S. free-trade partner in order to receive tax credits, a threshold set to rise to 80% in 2027. Reporting by Heekyong Yang and Joyce Lee; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

[1/2] Hyundai displays the new Ioniq 6 vehicle at the 2022 Los Angeles Auto Show in Los Angeles, California, U.S., November 17, 2022. REUTERS/Mike Blake/File PhotoSEOUL, Nov 29 (Reuters) - South Korea's Hyundai Motor Group has signed an agreement to source electric vehicle (EV) batteries in North America from battery maker SK On, the companies said on Tuesday. "We expect the stable supply of EV batteries from SK On will also enable us to contribute to emissions reduction and meet climate goals in the market," Hyundai said in a statement. South Korea's trade ministry said on Tuesday that Hyundai Motor was considering building EVs at its existing factories in the United States to qualify for U.S. federal EV tax credits. Reporting by Heekyong Yang and Joyce Lee; Editing by Clarence Fernandez and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ Hyundai Motor, LGES consider building two JV battery plants in U.S. -report
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

[1/2] A security guard is seen at the main entrance of a plant of Hyundai Motor Co on the outskirts of Beijing, China January 25, 2019. REUTERS/Jason Lee/File PhotoSEOUL, Nov 28 (Reuters) - South Korea's Hyundai Motor Co (005380.KS) and LG Energy Solution Ltd (LGES) (373220.KS) are considering building two joint venture battery plants in the United States, a local online news outlet reported on Monday. Hyundai Motor was not immediately available for comment when contacted by Reuters. The report added that the new factories were likely to be located near Hyundai Motor Group's new EV plant in Georgia and would help the company meet U.S. EV subsidy rules. Last year, Hyundai Motor Group and LG Energy Solution said they would set up a $1.1 billion EV battery joint venture in Indonesia.

☆ Indonesia's Adaro signs MoU with Hyundai for aluminium supply
▼ + stars: | 2022-11-13 | by ( ) www.reuters.com time to read: +1 min

NUSA DUA, Indonesia, Nov 13 (Reuters) - Indonesian metals company PT Adaro Minerals Indonesia, Tbk has signed a memorandum of understanding (MoU) with South Korea's Hyundai Motor Company on aluminium supply for automobile manufacturing, Adaro said in a statement on Sunday. The MoU was signed on the sidelines of the G20 summit in Bali, Indonesia. Under the MoU, Hyundai would secure the right to purchase aluminium produced by Adaro's subsidiary PT Kalimantan Aluminum Industry at an early stage of production, the statement said. Adaro Minerals is a unit of Indonesia's second-largest coal miner Adaro Energy. Reporting by Fransiska Nangoy and Ananda Teresia; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

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