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☆ Hyundai names North American exec Jose Munoz as CEO, effective Jan. 1
▼ + stars: | 2024-11-14 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

Jose Munoz, chief performance officer of Nissan Motor Co., speaks during the 2018 North American International Auto Show (NAIAS) in Detroit, Michigan, Jan. 15, 2018. DETROIT – Hyundai Motor Co. on Thursday named Jose Munoz as the next president and CEO of the South Korean automaker, effective Jan. 1. Munoz, a native of Spain and a U.S. citizen, will be the first non-Korean CEO of Hyundai. Munoz currently serves as global chief operating officer of Hyundai as well as president and CEO of the North American operations of Hyundai and its luxury Genesis brand. He joined Hyundai in 2019 from Nissan Motor after 15 years with the Japanese automaker.

Persons: Jose Munoz, Munoz, Jaehoon Chang, Jose, Chang Organizations: Nissan Motor Co, Auto, DETROIT, Hyundai, South Korean, North, Hyundai – Automotive, Nissan Motor Locations: Detroit , Michigan, Spain, U.S, Korean

☆ Hyundai Motor India's shares set to start trading after the country's largest IPO
▼ + stars: | 2024-10-22 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

MUMBAI, MAHARASHTRA, INDIA - Hyundai cars seen parked outside the Hyundai showroom in Mumbai. Hyundai Motor India was set to start trading Tuesday in the country's two major stock markets after a $3.3 billion initial public offering, the country's largest-ever by amount raised. Unlike a traditional IPO, in which a firm sells fresh shares, Hyundai Motor India's listing is an offer for sale, where its parent Hyundai Motor Company sold its shares. The lead bookrunners of Hyundai India's IPO were Kotak Mahindra Capital, Citigroup Global Markets India, HSBC Securities and Capital Markets (India), J.P. Morgan India and Morgan Stanley India. There is amazing fundamentals in equity markets with supportive policies from SEBI [Securities and Exchange Board of India], retail participation and broad-based opportunities," he added.

Persons: Morgan India, Morgan Stanley, Neil Bahal, Amala Balakrishner Organizations: Hyundai, India, South Korean, Hyundai Motor Company, Kotak Mahindra Capital, Citigroup Global Markets, HSBC Securities, Capital Markets, CNBC, Negen, Securities, Exchange Board Locations: MUMBAI, MAHARASHTRA, INDIA, Mumbai, South Korea, New Delhi, Citigroup Global Markets India, India, Morgan Stanley India, SEBI

GM declined to discuss details of the spending, including how much of that amount is specifically tied to NFL advertising, but reiterated it remains significantly lower than historic levels. “The impact of the NFL on the automotive advertising industry is really very, very substantial,” said Alberto Leyes, head of product strategy at Guideline. Guideline reports viewership of NFL broadcasts grew about 7% over the past season, whereas ad spend in NFL programming doubled that pace at 14%. Automotive ad spend increased 17% over the past two seasons and is expected to increase again this year, according to Leyes. Stellantis is expected to soon launch new ads for the NFL season, including around its Jeep brand, but a spokeswoman declined to provide additional details.

Persons: ”, Ryan Briganti, Alberto Leyes, “ We’ve, we’ve, ” Leyes, Andrew Messina, Messina, Mark Marshall, Jenny Wall, Dedra DeLilli, That’s, ” DeLilli, “, DeLilli, Stellantis, Randy Parker, NBCUniversal Organizations: National Football League, Toyota Motor Corporation, Hyundai Motor Company, Detroit, NFL, Toyota, CBS Sports, CBS, Paramount, General Motors, GM, Nielsen, Disney, ESPN, Disney Advertising, Hyundai, Mercedes, Benz, Nissan Motor, Chrysler, Brands, Sunday, NBC, Automotive, Toyota North, Olympics, Hyundai Motor America, CNBC, Comcast, NBC Sports, NBC Olympics, Games Locations: Messina, U.S, Toyota North America, Paris

GM declined to discuss details of the spending, including how much of that amount is specifically tied to NFL advertising, but reiterated it remains significantly lower than historic levels. Last NFL season, automakers were the most-seen brand industry, with more than 10% of TV ad impressions, according to ad data company iSpot. Guideline reports viewership of NFL broadcasts grew about 7% over the past season, whereas ad spend in NFL programming doubled that pace at 14%. Automotive ad spend increased 17% over the past two seasons and is expected to increase again this year, according to Leyes. New ad campaignsToyota, as the "Official Automotive Partner of the NFL," launched a new ad campaign for the NFL season this week called "Roll Deep."

Persons: Ryan Briganti, Alberto Leyes, we've, Leyes, Andrew Messina, Messina, Mark Marshall, Jenny Wall Organizations: NFL, National Football League, Toyota Motor Corporation, Hyundai Motor Company, Detroit, Toyota, CBS Sports, CBS, Paramount, General Motors, GM, Nielsen, Disney, ESPN, Disney Advertising, Hyundai, Mercedes, Benz, Nissan Motor, Chrysler, Brands, NBC, Automotive, Baltimore Ravens, Kansas City Chiefs Locations: Messina, U.S

☆ Hyundai finalizes Russia exit as local firm buys its two car plants
▼ + stars: | 2024-01-26 | by ( ) www.cnbc.com time to read: +2 min

Hyundai on Friday said it had signed a deal to sell its two Russian plants, making the South Korean firm the latest global carmaker to exit Russia since the Ukraine conflict began. Hyundai Motor said in December it planned to sell its Russian assets for 10,000 roubles ($111.69), taking a 287 billion won ($214.7 million) loss. Art-Finance is owned by Andrei Pavlovich, who acquired Volkswagen's Russian assets in May 2023. Volkswagen's factory was renamed to AGR Automotive. Hyundai in December said it planned to continue operating post-sales services for existing vehicles in consideration of local conditions in Russia.

Persons: Andrei Pavlovich, Volkswagen's Organizations: Hyundai, Art, Finance, Motors, AGR Automotive Locations: Korean, Russia, Ukraine, Hyundai's St, Petersburg, Russian, Moscow, St Petersburg

☆ 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

☆ U.S. probes Hyundai, Kia recall into 6.4 million vehicles over fire risks
▼ + stars: | 2023-11-20 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsWASHINGTON, Nov 20 (Reuters) - U.S. auto safety regulators said Monday they had opened a probe into 16 separate recalls issued by Hyundai (005380.KS) and Kia (000270.KS) covering 6.4 million vehicles relating to brake fluid leaks that could result in fires. The automakers said internal brake fluid leaks can cause an electrical short that could lead to a fire. Kia said the Hydraulic Electronic Control Unit (HECU) in the vehicles may experience an electrical short as a result of brake fluid leaks. Hyundai said the Anti-Lock Brake System (ABS) module may leak brake fluid internally and cause an electrical short. The September recall covered 1.73 million Kia Borrego, Cadenza, Forte, Sportage, K900, Optima, Soul Rio, Sorento and Rondo vehicles from various model years for each vehicle from 2010 through 2017.

Persons: Andrew Kelly, Kia, Kia Borrego, Forte, Sportage, David Shepardson, Bernadette Baum, Louise Heavens Organizations: Hyundai Motor, New York, REUTERS, Rights, Hyundai, Kia, Korean, Control, Traffic Safety Administration, Tucson Fuel Cell, Santa Fe Sport, Thomson Locations: Manhattan , New York City, U.S, KS, United States, Santa Fe, Veracruz, Tucson

☆ Hyundai unveils its first high-performance electric car
▼ + stars: | 2023-11-16 | by ( ) 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. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNov 15 (Reuters) - Hyundai Motor (005380.KS) unveiled its first high-performance electric vehicle(EV), an N sport variant of its IONIQ 5 crossover SUV. The N brand is the company's high-performance brand, akin to AMG for the Mercedes and the M lineup for the BMW. The IONIQ's N variant will be powered by dual motors producing 641 horsepower, nearly double the output of the most powerful variant of the standard outgoing model. Hyundai unveiled the performance EV in Los Angeles on Wednesday, ahead of the Los Angeles Auto Show opening on Friday.

Persons: Andrew Kelly, Nathan Gomes, Tasim Zahid Organizations: Hyundai Motor, New York, REUTERS, Hyundai, South, AMG, Mercedes, BMW, Los Angeles Auto, Audi, Porsche, Dodge, EV, Thomson Locations: Manhattan , New York City, U.S, Los Angeles, Bengaluru

☆ 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 to hike US hourly wages 25% by 2028 after UAW deal
▼ + stars: | 2023-11-13 | by ( David Shepardson | ) 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. Hyundai Motor Group also plans higher wages at its electric-vehicle factory in the U.S. state of Georgia that will open in 2025. Hyundai said that wages are being raised so that the company can "remain competitive and ... recruit and retain top talent." Honda's pay hike was announced after Toyota said it was raising the wages of its nonunion U.S. factory workers. UAW workers are now in the process of voting on whether to ratify those contracts.

Persons: Andrew Kelly, Santa Cruz, Honda, Joe Biden, unionize Tesla, David Shepardson, Matthew Lewis Organizations: Hyundai Motor, New York, REUTERS, Hyundai, United Auto Workers, Detroit Three automakers, Toyota, Honda, U.S, UAW, General Motors, Ford Motor, Chrysler, Detroit, Hyundai Motor Group, Illinois, Thomson Locations: Manhattan , New York City, U.S, KS, Alabama, Korean, U.S ., Georgia, Santa Fe , Tucson, Santa, Montgomery , Alabama, Washington, Bengaluru

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

☆ Hyundai to build Saudi car plant jointly with Saudi wealth fund
▼ + stars: | 2023-10-22 | by ( ) www.reuters.com time to read: +1 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. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsRIYADH, Oct 22 (Reuters) - South Korea's Hyundai Motor Group (005380.KS) will build a car plant in Saudi Arabia jointly with the Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, South Korea's President Yoon Suk Yeol said on Sunday. Hyundai Motor Group, the world's No. Yoon visited Saudi Arabia where he met with Saudi Crown Prince Mohammed bin Salman, the kingdom's de facto ruler. Yoon traveled with a delegation of business leaders including Hyundai Motor Group Executive Chair E.S.

Persons: Andrew Kelly, Yoon Suk Yeol, Yoon, Saudi Crown Prince Mohammed bin Salman, Chung, Prince Mohammed, Pesha Magid, Heekyong Yang, Aziz El Yaakoubi, John Stonestreet, David Holmes Organizations: Hyundai Motor, New York, REUTERS, Rights, Hyundai Motor Group, Public Investment Fund, South, Hyundai, South Korean, Saudi Crown, Thomson Locations: Manhattan , New York City, U.S, Rights RIYADH, KS, Saudi Arabia, Saudi, Riyadh, Gulf

☆ Union at Kia Corp suspends strike action to resume talks with company
▼ + stars: | 2023-10-11 | by ( Heekyong Yang | ) www.reuters.com time to read: +2 min

The union and Kia's management had been holding talks for three months over wage increases and an extension of the retirement age. Earlier, the union said it would limit working hours for six working days from Oct. 12 after negotiations stalled, in what would have been the first industrial action at Kia in three years. Kia declined to comment on the industrial action. Last month, the union at South Korea's second largest automaker with more than 26,600 members said 92.3% of its members had approved strike action unless the management accepts their demands. Because the deals with Hyundai Motor and affiliate Hyundai Mobis (012330.KS) were concluded without any industrial action, Kia's unions are likely to avoid any major industrial action, analysts said.

Persons: Kim Hong, Kia Corp's, Lee Jae, Heekyong Yang, Edmund Klamann Organizations: Kia Corp, REUTERS, Rights, Kia, Reuters, South, Hyundai Motor, Hyundai Mobis, Eugene Investment, Securities, Thomson Locations: Seoul, South Korea, Rights SEOUL, KS, South Korea's

☆ Kia Corp's unionised workers to go on partial strike over wages
▼ + stars: | 2023-10-11 | by ( Heekyong Yang | ) www.reuters.com time to read: +2 min

The logo of Kia Corp is seen on its electric vehicle EV6 during a photo opportunity in Seoul, South Korea, June 1, 2021. Last month, the union at South Korea's No.2 automaker with more than 26,600 members said 92.3% of its members had approved strike action unless the management accept the demands. The union said it would work regular hours on days when they are holding talks with the management. Kia declined to comment on the strike. Shares in Kia Corp were trading up 0.7%, versus the benchmark KOSPI's (.KS11) 2.1% rise as of 0217 GMT.

Persons: Kim Hong, Kia Corp's, Kia, Lee Jae, Heekyong Yang, Edmund Klamann Organizations: Kia Corp, REUTERS, Rights, Kia, South, Hyundai Motor, Hyundai Mobis, Eugene Investment, Securities, Thomson Locations: Seoul, South Korea, 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

☆ Samsung to manufacture chips from AI chip startup Tenstorrent
▼ + stars: | 2023-10-02 | by ( Max A. Cherney | ) www.reuters.com time to read: +2 min

REUTERS/Yves Herman/File Photo Acquire Licensing RightsOct 2 (Reuters) - Samsung's contract chip manufacturing arm picked up a new artificial intelligence chip customer, a Canadian startup called Tenstorrent, the company said on Monday. Tenstorrent is among a number of startups looking to challenge Nvidia (NVDA.O), which dominates the market for AI chips. As part of the deal, Tenstorrent plans to use one of Samsung's advanced manufacturing processes, known as 4nm, to produce the chips. The chip Samsung will manufacture is named Quasar, and is not based on RISC-V technology. The chip deal follows a Samsung investment in Tenstorrent in August as part of a $100 million capital raise that included Hyundai Motor Co (005380.KS) and others.

Persons: Yves Herman, Tenstorrent, Jim Keller, Max A, Leslie Adler Organizations: Samsung, REUTERS, Nvidia, Intel, Micron Devices, Hyundai Motor Locations: Brussels, Diegem, Belgium, Canadian, Tenstorrent, San Francisco

[1/2] A South Korea won note is seen in this illustration photo May 31, 2017. South Korean companies repatriated a record $33.13 billion of overseas earnings during the January-July period, 6.3 times the amount a year earlier, central bank data on current account balances showed. "The coming home of earnings retained abroad has been a big help for the won," a government official in charge of foreign exchange market said, asking not to be named due to internal policy. The automaker said on June 12 it plans to invest 7.8 trillion won ($5.82 billion) of retained earnings from overseas operations this year in electric car factories at home. The surge in repatriation also comes ahead of trading reforms planned for next year, when South Korea will extend onshore trading hours until 2 a.m. to improve access for foreign investors.

Persons: Thomas White, Yoon Suk, Hong Sung, kook, Min Gyeong, 1,340.7400, Jihoon Lee, Cynthia Kim, Joyce Lee, Heekyong Yang, Vidya Ranganathan Organizations: South, REUTERS, Rights, Samsung Electronics, Hyundai Motor, Kia Corp, Reuters Graphics Bank of Korea, Woori Bank, Hyundai, Hyundai Motor Group, Shinhan Bank, Yena, Thomson Locations: South Korea, Rights SEOUL, Korea

☆ 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

☆ 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

☆ South Korea's Hyundai to launch more EVs in India
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 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. REUTERS/Andrew Kelly/File PhotoBENGALURU, Aug 8 (Reuters) - South Korea's Hyundai Motor Group said on Tuesday it plans to launch more electric vehicles (EVs) under the Hyundai (005380.KS) and Kia (000270.KS) brands in India, in a sign that it is betting big on the world's third-largest auto market. Hyundai has already laid out plans to invest $2.45 billion to beef up EV production in the country, and is bullish on the local appetite for EVS. "The country is becoming an increasingly important center for electric vehicle production and sales," Hyundai said. That could include Teslas, with the Elon Musk-run company (TSLA.O) planning to sell locally made EVs, starting at $24,000.

Persons: Andrew Kelly, Kia, Hritam Mukherjee, Nandan, Savio D'Souza Organizations: Hyundai Motor, New York, REUTERS, Hyundai, Kia, EV, Hyundai Motor Group, Elon, Thomson Locations: Manhattan , New York City, U.S, BENGALURU, India, Bengaluru

SEOUL, July 28 (Reuters) - SK Innovation Co Ltd (096770.KS), owner of South Korea's top refiner SK Energy, said on Friday it expects refining margins to gradually improve in the second half thanks to favourable market conditions backed by solid travel season demand. Analysts said SK Innovation's refining business had been hit by declines in refining margins and oil prices, while its battery business had continued generating losses due to costs related to its newly set up U.S. battery plants. SK Innovation's battery unit SK On, which was split off last year, accounted for about 20% of the company's revenue in the second quarter. SK Innovation said it expects its battery unit's profitability to improve in the second half thanks to the U.S. tax subsidies from the Inflation Reduction Act. Shares of SK Innovation were trading down 0.9%, versus benchmark KOSPI's (.KS11) 0.5% fall at 0210 GMT.

Persons: Refinitiv SmartEstimate, Kim Kyunghoon, 1,282.8300, Heekyong Yang, Joyce Lee, Jamie Freed, Kim Coghill Organizations: SK Innovation Co, refiner SK Energy, Analysts, SK Innovation's, SK, SK Innovation, Ford Motor, Hyundai Motor, Chief, SK On's, LG Energy, Thomson Locations: SEOUL, North America, Europe

[1/2] A Hyundai Kona vehicle is unveiled at the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. PERFORMANCEHyundai said vehicle sales rose 8.5% to 1.06 million units in the second quarter, with EV sales soaring 47% to nearly 78,000 units. In the United States, Hyundai's biggest market, sales of green energy cars that include EVs and plug-in hybrids more than doubled to 46,000 units. Overall vehicle sales in the U.S. grew 14% to 225,000 units, led by sedans, while in South Korea, its second-biggest market, sales rose 13% to 206,000 units. Hyundai said last month it planned to boost EV production in the United States to three-quarters of its total production there by 2030 from just 0.7% now.

Persons: Andrew Kelly, Elon Musk, Kim Jinwoo, Zayong Koo, Refinitiv SmartEstimate, 1,279.1700, Heekyong Yang, Miyoung Kim, Jacqueline Wong Organizations: Hyundai, New York, REUTERS, Kia Corp, Korea Investment & Securities, EV, Thomson Locations: Manhattan , New York City, U.S, SEOUL, KS, United States, North America, South Korea

☆ GM positions new Chevy Trax, Buick Envista crossovers to fill an affordability gap
▼ + stars: | 2023-07-11 | by ( Michael Wayland | ) www.cnbc.com time to read: +4 min

In this article GM Follow your favorite stocks CREATE FREE ACCOUNT2024 Buick Envista GMDETROIT – General Motors is positioning two new crossovers from Chevrolet and Buick as its answer to affordability issues left by discontinued, cheaper sedans. GM's new 2024 Buick Envista and redesigned 2024 Chevrolet Trax crossovers start at $22,400 and $20,400, respectively. 2024 Chevrolet Trax (left) and 2024 Buick Envista Michael Wayland / CNBCExecutives from Buick and Chevrolet say they expect the vehicles to be among their bestsellers as production ramps up and the crossovers are imported from factories in South Korea. 2024 Buick Envista GMThe new Trax and Envista are sibling vehicles as they share the same platform and have similar interiors and silhouettes. 2024 Chevrolet Trax (right) and 2024 Buick Envista Michael Wayland / CNBC

Persons: Cox, Michelle Krebs, Envista Michael Wayland, Sam Russell, Russell, Chevrolet hasn't, Steve Majoros, Paul Waatti Organizations: DETROIT –, Motors, Chevrolet, Buick, Cox Automotive, GM, Toyota Motor, Hyundai, Trax, CNBC, Silverado, Chevy, Trailblazer Locations: South Korea

The car maker said it plans to spend about 35.8 trillion won on EVs in the period to 2032, targeting the sale of 2 million EV units annually by 2030. To enhance its competitiveness in batteries and develop next-generation batteries, Hyundai Motor plans to invest 9.5 trillion won over the next 10 years, it said in the statement. Hyundai Motor said it plans to introduce competitive lithium-iron-phosphate (LFP) batteries with increased energy density and improved low-temperature efficiency for the first time around 2025. In China, Hyundai Motor said it will halt production at another plant this year following the shutdown of its fifth plant. It also plans to reduce the available model numbers from 13 to eight to focus on SUVs and Genesis luxury brand models.

Persons: 1,280.8200, Hyunsu Yim, Heekyong Yang, Ed Davies, Jacqueline Wong Organizations: Hyundai, Kia Corp, EVs, Hyundai Motor, Thomson Locations: SEOUL, KS, United States, Seoul, China

☆ Hyundai Motor to invest $85.41 bln by 2032 to accelerate EV plans
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: 1 min

SEOUL, June 20 (Reuters) - South Korea's Hyundai Motor Co (005380.KS) plans to invest about 109.4 trillion won ($85.41 billion) in the period through to 2032, the company said on Tuesday, including around 35.8 trillion won allocated for electric vehicles (EVs). Hyundai Motor, which together with affiliate Kia Corp (000270.KS) is among the world's 10 biggest automakers by sales, also said in a statement for the company's investor day that it plans to lift localisation of EV production in the United States, its biggest market, by increasing the share of output from 0.7% to 75% by 2030. The carmaker is targetting the sale of 2 million EV units annually by 2030 and aims to achieve a more than 10% profitability rate for EVs in the same year. ($1 = 1,280.8200 won)Reporting by Hyunsu Yim Editing by Ed DaviesOur Standards: The Thomson Reuters Trust Principles.

Persons: 1,280.8200, Hyunsu Yim, Ed Davies Organizations: Hyundai, Kia Corp, Thomson Locations: SEOUL, KS, United States

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