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☆ SK On confirms termination of non-biding agreement to build battery cell venture in Turkey
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Feb 8 (Reuters) - South Korean electric vehicle maker SK On said on Wednesday the non-binding memorandum of understanding between SK On, Ford Motor Co (F.N) and Koc Holding AS (KCHOL.IS) to build a battery cell venture in Turkey has been terminated by mutual agreement. SK On - whose parent SK Innovation Co Ltd (096770.KS) counts Hyundai Motor Co (005380.KS), Volkswagen AG (VOWG_p.DE) and Ford among its customers - announced the joint venture to make electric vehicle (EV) battery cells in Turkey last year. Reporting by Heekyong Yang; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

"I said to him that if you invest in Indonesia, I will give the concession of nickel," Jokowi said, referring to Indonesia's offer of a mining concession. The president said he was "confident" Indonesia had the edge over other countries Tesla might be considering for investment because it has the largest nickel reserves and a big domestic market. "If they want to start from EV battery, it's OK," he added. In addition to Indonesia, South Korea, Canada and Mexico have been vying for Tesla to invest in manufacturing. POSSIBLE FIRST FOR ASIAIf Tesla were to invest in battery production in Indonesia, it would be its first facility of that kind in Asia.

☆ Why Auto Marketing Looks Poised for Growth in 2023
▼ + stars: | 2023-01-27 | by ( Megan Graham | ) www.wsj.com time to read: +5 min

A year like that might typically drive auto marketing off a cliff. “We haven’t taken our foot off the accelerator, because we do see the transformation of EVs occurring,” Mr. Wager said. “You don’t put a vehicle in the Super Bowl to sell 20,000 vehicles—that doesn’t make any sense,” Mr. Wager said. “You wouldn’t put it on television normally, unless you’re creating the halo of the electrification of the brand,” Mr. Wager said. Kia will be at the Super Bowl again this year, this time advertising its Telluride SUV.

☆ 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.

☆ For automakers, the EV surge is everything everywhere all at once
▼ + stars: | 2023-01-26 | by ( Joseph White | ) www.reuters.com time to read: +4 min

He must accelerate the Japanese automaker's efforts to develop more competitive electric vehicles. But he will get little breathing room from Tesla or the Chinese EV manufacturers who are using their leads in EV technology and production costs to slash prices. THE SHIFTING GROUNDGlobal automakers are experienced with periods of feast and famine that come on roughly seven-to-ten year cycles. South Korea's Hyundai Motor Co (005380.KS) on Thursday reported better-than-expected results powered in part by strong sales of its new EV lineup. Hyundai forecast its EV sales would grow by 54% this year - a faster growth pace than Tesla has forecast.

According to the document, Aramco's investment would be used to support development of decarbonization technologies for gasoline engines. SUBJECT TO BOARD APPROVALSThe oil company's deal with Geely and Renault still needs approval by the boards of the automakers, one of the people said. For Geely, the deal with Renault extends its pattern of building partnerships to expand beyond China. In that kind of arrangement, gasoline engines could be designed to operate in an "exceptionally efficient mode," one of the sources said. Geely has a previously announced a hybrid gasoline engine development deal with Mercedes-Benz (MBGn.DE) and holds a stake in the German automaker.

☆ Indonesia says investment talks with Tesla still ongoing
▼ + stars: | 2023-01-12 | by ( Bernadette Christina | ) www.reuters.com time to read: +3 min

Luhut Pandjaitan, who has been leading the talks with Tesla, declined to disclose further details, citing a non-disclosure agreement. Bloomberg News also reported that the Indonesia talks include plans for production facilities and to facilitate the company's supply chain, citing people familiar with the matter. "I can't comment, we're still talking," Luhut told Reuters, adding that he had just recently held another round of talks with Tesla. Tesla currently makes its electric cars in China's Shanghai, Germany's Berlin, and Austin and Fremont in the United States. Indonesian authorities have said Japanese firms Toyota Motor Corp (7203.T) and Mitsubishi Motors Corp (7211.T) have pledged investments in EV production.

☆ SK On says it is undecided whether to proceed with battery venture with Ford, Koc
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of SK Innovation is seen in front of its headquarters in Seoul, South Korea, February 3, 2017. "After signing the MoU in March 2022, we have been discussing the joint venture case in Turkey, but discussions have not been completed. The final decision whether or not to halt negotiations regarding the joint venture has not been made yet," SK On said in a statement. SK On is the wholly owned battery unit of SK Innovation Co Ltd (096770.KS), and counts Hyundai Motor Co (005380.KS), Volkswagen AG (VOWG_p.DE) and Ford Motor among its customers. In announcing the joint venture plans in March, SK On said the partners aimed for annual production capacity of 30-45 gigawatt hours (GWh) with production starting in 2025.

Automakers from Sony Honda to Hyundai are introducing ways at the CES 2023 technology trade show this week to reshape the in-car entertainment experience, including offering video games during the rides. "This is a field which can be deployed very quickly," Dirk Hilgenberg, head of Volkswagen AG's (VOWG_p.DE) CARIAD software unit, told Reuters at CES. In December, Tesla issued a "holiday update" to its software to add access to 1,000 PC games through the Steam platform. Still, these are features that consumers are demanding, so VW is at CES seeking partnerships. "We will see the content ... which is provided by software enabled functionality will be a decisive factor for buying."

REUTERS/Kim Hong-JiSEOUL, Jan 3 (Reuters) - South Korea's Hyundai Motor Co (005380.KS) and affiliate Kia Corp (000270.KS) 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. Shares of Hyundai Motor and Kia closed up 1.3% and 1.5% respectively, versus a 0.3% fall in the benchmark market KOSPI (.KS11). In October, Hyundai Motor cut its 2022 global sales target by about 7% to 4.01 million vehicles from 4.32 million vehicles.

☆ Indonesia considers $320 mln in incentives to boost EV sales in 2023
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +2 min

President Joko Widodo told the same news conference: "We hope with these incentives, the electric motorcycle and electric car industry will grow". Indonesia targets 20% of overall car sales in 2025 to be EVs, Airlangga said. Companies that have invested or have announced planned investments in EV manufacturing in Indonesia include Toyota Motor Corp (7203.T), Mitsubishi Motors Corp (7211.T) and Hyundai Motor Co (005380.KS). SGMW Motor Indonesia, part of a joint venture of SAIC Motor Corp Ltd (600104.SS), General Motors Co (GM.N) and Wuling Motors Holdings (0305.HK), has an EV assembly facility in the Southeast Asian country. Indonesia has also tried to court U.S. firm Tesla (TSLA.O) to invest to produce not just EV batteries but also cars in the country.

☆ Uber, Motional launch robotaxi service in Las Vegas
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +2 min

Dec 7 (Reuters) - U.S. ride-hailing firm Uber Technologies Inc (UBER.N) and driverless tech-maker Motional have launched their public robotaxi service in Las Vegas on Wednesday. Tough regulatory scrutiny and delayed commercial adoption of autonomous vehicle technology have delayed deployment of robotaxi services, leaving investors worried. The launch is part of a non-exclusive 10-year agreement between both the companies for driverless vehicles, with a rollout in Los Angeles expected to follow. In the multi-market deal, Motional's autonomous vehicles would also ferry both passengers and delivery items for Uber and its Uber Eats division. Last month, rival Lyft (LYFT.O) said it would launch the robotaxi service in Los Angeles after it had rolled out in Las Vegas earlier this year.

TOKYO, Dec 6 (Reuters) - Japanese electronics and entertainment conglomerate Sony Group Corp (6758.T) said on Tuesday it has the technology to make humanoid robots quickly once it has identified how they could be effectively used. "In terms of technology, several companies in the world including this one have enough technology accumulated to make them swiftly once it becomes clear which usage is promising," Sony Chief Technology Officer Hiroaki Kitano told Reuters in an interview. Sony launched a robot dog called Aibo more than two decades ago. Humanoid robots have been in development for decades by Honda Motor Co (7267.T) and Hyundai Motor Co (005380.KS) and in September, Tesla (TSLA.O) Chief Executive Elon Musk showed off a prototype of its humanoid robot Optimus. Musk's company is floating plans to deploy thousands of the robots in its factories, expanding eventually to millions around the world.

☆ Ford claims No. 2 spot in EVs behind Tesla – but gap remains wide
▼ + stars: | 2022-12-02 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

Tesla remains the industry leader by a wide margin, but has been losing market share as more EVs enter the market. The company reported sales of 53,752 all-electric vehicles in the U.S. through November. Tesla has long-dominated U.S. EV sales. Ford reported its EV sales as part of its November results, which overall were down 7.8% from a year earlier. Its EV sales were up from a year ago, when sales volume was very limited.

☆ Elon Musk’s Twitter Politics Add to Pressure on Tesla’s Brand Image
▼ + stars: | 2022-11-29 | by ( Patrick Coffee | Rebecca Elliott | ) www.wsj.com time to read: +6 min

Self-identifying Democrats in particular have soured on the car maker since Mr. Musk bought Twitter for $44 billion in late October, according to data from research firm Morning Consult. Mr. Musk, who plays a large role in the public image of Tesla and now Twitter, on Nov. 7 urged voters to back Republicans in the midterm elections. Net favorability is the percentage of respondents with positive perceptions of a brand minus the percentage with negative perceptions. Tesla also has millions of active supporters online, as does Mr. Musk. More than 94% of U.S. adults are now familiar with Mr. Musk, up from about 75% one year ago, according to Mr. Marlatt of Morning Consult.

[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.

☆ Take Five: Everything to play for
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +5 min

Markets are hopeful the Federal Reserve will soon slow the pace of its aggressive rate hikes. The U.S. economy likely created 200,000 new jobs, a Reuters poll of economists forecasts found, in what would be the smallest gain since December 2020. Manufacturing indicators, mainly PMIs, due next week might attest to the weakness already seen across the economy. Inflation in the euro zone was 10.6% in October, more than five times the European Central Bank's 2% target. Indeed, the Fed may be getting ready to slow the pace of its rate hikes, but the ECB is not there yet.

☆ Hyundai's best years in the U.S. are set to be tested by the Inflation Reduction Act
▼ + stars: | 2022-11-23 | by ( Michael Wayland | ) www.cnbc.com time to read: +7 min

"I think what Hyundai, Kia and Genesis have done is they've really compressed that time frame. Sales of Hyundai and Kia vehicles have risen roughly 61% since 2010 to more than 1.4 million vehicles in the U.S. last year. LMC forecasts Hyundai's sales of all-electric vehicles are expected to represent 9.2% of the U.S. EV market this year. While sales are expected to grow that percentage is seen as the company's peak until at least 2024 or 2025, when the new Georgia plant is set to come online. Munoz said the new Georgia plant is expected to produce 300,000 vehicles annually, with the potential to reach 500,000 in the future.

☆ LG Chem to invest over $3 billion to build U.S. battery cathode plant
▼ + stars: | 2022-11-22 | by ( Heekyong Yang | ) www.reuters.com time to read: +3 min

SEOUL, Nov 22 (Reuters) - South Korea's LG Chem Ltd (051910.KS) said on Tuesday it will invest more than $3 billion to build a battery cathode factory in Tennessee, as it ramps up plans to meet rising demand for U.S. electric vehicle components. Mass production is set to start in the second half of 2025 and the plant will create more than 850 jobs, LG Chem said in a statement. LG Chem is expected to supply cathode materials to Ultium Cells, a battery joint venture between General Motors (GM.N) and LG Chem's subsidiary LG Energy Solution Ltd (LGES) (373220.KS). GM has said it will use NCMA battery cathodes from LG Chem for a range of EVs using Ultium-branded batteries. At this month's G20 summit, South Korean President Yoon Suk-yeol asked U.S. President Joe Biden to prevent discriminatory measures against South Korean companies, his office said.

☆ Lyft, Motional to launch robotaxi service in Los Angeles
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

Tough regulatory scrutiny and delayed commercial adoption of autonomous vehicle technology have delayed deployment of robotaxi services, worrying investors. Los Angeles will become the second city where the companies will offer the driverless taxi service after Las Vegas. Motional which uses Hyundai Motor Co's (005380.KS) IONIQ5 electric car for the robotaxi service is a joint venture between the South Korean manufacturer and automotive technology company Aptiv (APTV.N). The autonomous vehicle technology company also has a 10-year agreement with Uber Technologies Inc (UBER.N) for supplying driverless vehicles. Competitor Waymo started its autonomous ride-hailing service in Phoenix, Arizona last week.

☆ 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.

☆ Australia's Arafura inks rare-earth supply deal with Hyundai and Kia
▼ + stars: | 2022-11-06 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

Slideshow ( 2 images )(Reuters) -Australia’s Arafura Rare Earths Ltd said on Monday it had signed a binding supply deal with South Korea’s Hyundai Motor Co and its unit Kia Corp to supply up to 1,500 tonnes of a rare-earth oxide per year. Neodymium-Praseodymium (NdPr) oxide, an element used in the making of electric motors for electric vehicles, is prized by automobile companies making the green energy transition. Supply of the element is currently anticipated to commence in 2025 subject to project financing, construction and commissioning of the project. The Perth-based miner also signed an agreement to begin talks for strategic investment with Hyundai and its affiliates, it said. In July, Arafura signed a non-binding agreement to help GE Renewable Energy build a supply chain that it will need to manufacture offshore wind turbines.

SEOUL, Nov 3 (Reuters) - SK Innovation Co Ltd (096770.KS), the owner of South Korea's top oil refiner SK Energy, said on Thursday it expects a gradual recovery in refining margins this quarter as stronger Western sanctions on Russia and the winter season push up fuel demand. However, the company said margins will likely remain not far from third-quarter levels due to global recession worries. SK Innovation's operating profit rose to 704 billion won ($493 million) in the July-September period from 669 billion won a year earlier, it said. Revenue rose 82% to 22.8 trillion won, beating an average analyst estimate of 19.8 trillion won according to Refinitiv SmartEstimate. SK Innovation shares were trading up 0.8% in morning trade, versus a 0.6% fall in the broader KOSPI (.KS11).

☆ Hyundai says new U.S. EV plant could begin production in 2024, produce 500,000 vehicles annually
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: 1 min

SAVANNAH, Georgia Oct 25 (Reuters) - Hyundai Motor Co (005380.KS) global chief operating officer Jose Munoz on Tuesday said the automaker's new $5.54 billion Georgia electric vehicle and battery plant could begin production in 2024 and eventually produce 500,000 vehicles annually. Korea's largest automaker broke ground on the new plant west of Savannah that is scheduled to begin producing vehicles in January 2025 and build 300,000 vehicles annually. Munoz told reporters the plant will produce five or six models and could begin building vehicles as early as the third quarter of 2024. "This plant is ready to get up to 500,000 (vehicles annually) if the demand is there," Munoz said. Reporting by David Shepardson; Editing by Mark PorterOur Standards: The Thomson Reuters Trust Principles.

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