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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).

☆ Why GM is killing the Chevy Bolt — America's cheapest EV — amid record sales
▼ + stars: | 2023-04-29 | by ( Michael Wayland | ) www.cnbc.com time to read: +8 min

In this article GM Follow your favorite stocks CREATE FREE ACCOUNTA Chevrolet Bolt EUV on display at the New York Auto Show, April 13, 2022. Scott Mlyn | CNBCDETROIT — After years of lackluster performance and a fire-provoked recall, the all-electric Chevrolet Bolt EV was finally gaining traction for General Motors . The Bolt EV would start at $26,595, followed by the Bolt EUV at $28,195. A 2019 Chevrolet Bolt EV caught fire at a home in Cherokee County, Georgia on Sept. 13, 2021, according to the local fire department. Cherokee County Fire DepartmentStill, GM touted the Bolt EV as proof of the concept for its electric-powered future.

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.

☆ Hyundai Motor to exit Russia, selling its plants -media report
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

SEOUL, April 26 (Reuters) - South Korea's Hyundai Motor Co (005380.KS) plans to exit Russia and sell its manufacturing plants there to a Kazakh company, South Korean media reported on Wednesday. "It is true that there are ongoing discussions regarding the sale, but nothing has been decided," Hyundai Motor said, according to the TV network. Hyundai Motor was not immediately available for comment when contacted by Reuters outside regular business hours. In March, Hyundai Motor said it was reviewing "various options" for its Russian operation. Hyundai Motor suspended operations at its Russian operation last year.

[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.

☆ Toyota Pitches a New Prius as Plug-In Hybrids Battle EVs for Share
▼ + stars: | 2023-04-24 | by ( River Davis | ) www.wsj.com time to read: 1 min

Toyota’s 2023 Prius Prime plug-in is capable of driving up to 44 miles on a battery alone. Photo: Matt McClain/The Washington Post via Getty ImagesToyota Motor Corp. is getting ready to bring its latest plug-in hybrid model to American showrooms next month, a part of the company’s bet that plug-ins can be the bridge between traditional cars and electric vehicles. Toyota, Ford Motor Co. and Hyundai Motor Co. are among global brands rolling out new plug-in hybrid gas-electric cars. While most hybrids on the road today combine gas engines with electric motors to save fuel, plug-in hybrids can drive primarily on batteries—with the engine as a backup—making them the closest thing to a full EV on the road.

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.

☆ California, other states seek recall of Hyundai, Kia vehicles over theft
▼ + stars: | 2023-04-20 | by ( Doyinsola Oladipo | ) www.reuters.com time to read: +2 min

Hyundai Motor Co (005380.KS) and Kia Corp (000270.KS) vehicles represent a large share of stolen cars in multiple U.S. cities, according to data from police and state officials. While most cars in recent years have been installed with industry standard anti-theft devices, the Korean automakers have no push-button ignitions and immobilizing anti-theft devices. Hyundai said its vehicles have engine immobilizers that prevent a vehicle from starting unless the correct key or fob is used, making it compliant with federal anti-theft requirements. "These specific models comply fully with all applicable federal standards, a recall is neither appropriate nor necessary under federal law," said Kia in a statement. U.S. theft claims were nearly twice as common for Hyundai and Kia vehicles compared with all other manufacturers among 2015-2019 model-year vehicles, the Insurance Institute for Highway Safety’s Highway Loss Data Institute said last year.

☆ Breen died after fence post penetrated car window, Hyundai say
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

[1/2] FIA World Rally Championship - Rally Sweden - Stage 3 of Second Round - Torsby, Sweden - February 14, 2020 Craig Breen of Ireland reacts. TT News Agency/Micke Fransson via REUTERS/File PhotoApril 19 (Reuters) - Irish rally driver Craig Breen was killed instantly in a crash in Croatia last week after a fence post penetrated the car's side window, his Hyundai team revealed on Wednesday. Hyundai are competing in Croatia this weekend with a reduced two car entry and a special livery as a tribute to Breen. The 33-year-old would have been competing in his second rally of the season after finishing runner-up in Sweden in February. The world rally championship has retired Breen's competition number 42 for the remainder of the season.

☆ VW, Rivian, Nissan, BMW lose access to US EV tax credits
▼ + stars: | 2023-04-17 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

REUTERS/Aly Song/File PhotoApril 17 (Reuters) - The U.S. Treasury said on Monday that Volkswagen, BMW, Nissan, Rivian, Hyundai and Volvo electric vehicles will lose access to a $7,500 tax credit under new rules for battery sourcing. VW said it was "fairly optimistic" the ID.4 SUV will qualify for the tax credit. Treasury also disclosed General Motors Co (GM.N) electric Chevrolet Bolt and Bolt EUV will qualify for the full $7,500 tax credit. GM said earlier it expected at least some of its EVs would qualify for the $7,500 tax credit under the new rules, including the 2023 Cadillac Lyriq and forthcoming Chevrolet Equinox EV SUV and Blazer EV SUV. Treasury in December said EVs ineligible for the $7,500 consumer tax credit could qualify for a commercial leasing $7,500 credit.

☆ 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.

☆ GM overtakes Ford as second best-seller of EVs in U.S. but still trails Tesla by a wide margin
▼ + stars: | 2023-04-04 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – General Motors pulled ahead of Ford Motor to become the country's second best-seller of all-electric vehicles during the first quarter, trailing only industry leader Tesla . 2 last year, reported EV sales Tuesday of 10,866 over the same time frame. GM still significantly trails Tesla in EV sales. Motor Intelligence estimates Tesla, which does not report sales by region, sold 161,630 EVs in the U.S. during the first quarter. Both GM and Ford have said they plan to overtake Tesla in EV sales in the years ahead, however Elon Musk's company is targeting significant expansion of its own EV production.

☆ As Dealerships Get More Stock, Auto Makers’ Sales Rebound
▼ + stars: | 2023-04-03 | by ( Ryan Felton | ) www.wsj.com time to read: 1 min

U.S. auto-industry sales, beaten down through much of the pandemic, are starting to rebound as buyers see something they haven’t in a long time: more cars and trucks on dealership lots. In a reversal from last year, many car companies reported higher U.S. sales in the first quarter, with some manufacturers, such as General Motors Co. and Hyundai Motor Co., posting double-digit gains.

☆ Hyundai Motor North America CEO on EV lineup and tax credits
▼ + stars: | 2023-04-03 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHyundai Motor North America CEO on EV lineup and tax creditsJosé Muñoz, Hyundai Motor North America CEO joins 'Squawk on the Street' to discuss his thoughts on the company's earnings, the EV space and more.

☆ 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.

☆ Kakao's stake in K-pop agency SM climbs to 40%, HYBE retains 8.8%
▼ + stars: | 2023-03-28 | by ( Hyunsu Yim | ) www.reuters.com time to read: +2 min

SEOUL, March 28 (Reuters) - South Korean social media giant Kakao's stake in K-pop agency SM Entertainment (041510.KQ) has reached 40%, the target said on Tuesday, in a deal that has left former bidder HYBE (352820.KS) stuck with more than half of its stake in SM. But Kakao's tender offer for a 35% stake at 150,000 won per share attracted acceptances for more than double the targeted stake, forcing it to scale back allotments in proportion. HYBE said it was left with an 8.81% stake in SM. Kim Hyun-yong, an analyst at Hyundai Motor Securities, said maintaining the remaining stake in SM could help HYBE contain Kakao in the long run. HYBE plans a substantial number of acquisitions and investments this year as the K-pop giant looks to boost its U.S. presence, its chairman Bang Si-hyuk said this month.

[1/3] The Gateway Arch is seen across from snow covered banks of the Mississippi River during cold weather in St Louis, Missouri, U.S. February 11, 2021. "Big corporations like Kia and Hyundai must be held accountable for endangering our residents and putting profit over people,” said St. Louis Mayor Tishaura Jones. Many Hyundai and Kia vehicles have no electronic immobilizers, which prevent break-ins and bypassing the ignition. Since May 2022, St. Louis police received more than 4,500 reports of thefts of Kia or Hyundai vehicles. Sixty-one percent of vehicles stolen in St. Louis have been Kias and Hyundais, St. Louis said.

☆ 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.

☆ U.S. states urge Hyundai, Kia to do more to tackle theft risk
▼ + stars: | 2023-03-20 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

In Chicago there were over 7,000 thefts of Hyundai and Kia vehicles in 2022 accounting for 10% of Kia and 7% of Hyundai vehicles registered in the city, the letter said. Ellison said in Minneapolis in 2022 Kia and Hyundai vehicle thefts were tied to five homicides and 265 motor vehicle accidents. The free upgrade will be offered for 3.8 million Hyundai and 4.5 million Kia vehicles, the automakers and NHTSA said. Many Hyundai and Kia vehicles have no electronic immobilizers, which prevent break-ins and bypassing the ignition. All Hyundai vehicles produced since November 2021 are equipped with an engine immobilizer as standard equipment.

☆ More than 20 U.S. states urge Korean automakers to do more to address theft-prone vehicles
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] A Hyundai booth displays the company logo at the North American International Auto Show in Detroit, Michigan, U.S. January 16, 2018. REUTERS/Jonathan ErnstWASHINGTON, March 20 (Reuters) - More than 20 U.S. state attorneys general on Monday urged Hyundai Motor (005380.KS) and Kia Corp (000270.KS) to do more to address millions of U.S. vehicles that are prone to theft. Last month, the Korean automakers said they would offer software upgrades to 8.3 million U.S. vehicles to help curb increasing car thefts using a method popularized on TikTok and other social media channels. The states said the automakers had failed to take adequate steps to address the alarming rate of theft and urged them to accelerate the implementation of the software upgrade and provide free alternative protective measures for owners whose cars cannot support the software upgrade. Reporting by David Shepardson Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

Most carmakers said their battery packs are repairable, though few seem willing to share access to battery data. Lauterwasser said access to EV battery data is part of that fight. EV battery problems also expose a hole in the green "circular economy" touted by carmakers. Hill estimated at least 95% of the cells in the hundreds of EV battery packs - and thousands of hybrid battery packs - Synetiq has stored at Doncaster are undamaged and should be reused. 'PAIN POINTS'The British government is funding research into EV insurance "pain points" led by Thatcham, Synetiq and insurer LV=.

☆ Matte car colors in muted earth tones are suddenly taking over — but the trendy paints come at a cost
▼ + stars: | 2023-03-18 | by ( Bethany Biron | ) www.businessinsider.com time to read: +4 min

Earthy, muted shades are becoming increasingly popular among car buyers, according to the LA Times. The muted cars are suddenly popping up everywhere, lining freeways and parking lots in unassuming shades of gray, black, brown, tan, and green. "The term 'stealth' comes to mind when we see a car in matte gray or matte black. Derek Joyce, a spokesman for Hyundai Motor North America, told the Los Angeles Times that the muted shades of its Hyundai Santa Cruz model are outselling more traditional hues. The styles are also picking up steam on TikTok, where users are sharing videos of their matte cars, or of transforming old models using the new trendy paints.

☆ 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.

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