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☆ US opens safety probe into Hyundai Ioniq 5 EVs over power loss reports
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: +1 min

Companies Hyundai Motor Co FollowWASHINGTON, June 19 (Reuters) - U.S. auto safety regulators are investigating nearly 40,000 Hyundai (005380.KS) Ioniq 5 electric vehicles over reports of power loss that may be tied to a battery charging issue. The National Highway Traffic Safety Administration's preliminary investigation covers 2022 model year vehicles after it received 30 consumer complaints alleging a loss of acceleration. The agency said many consumers reported a loud popping noise followed by a warning displayed in their dashboard and immediately experienced a loss of power that ranged from a reduction in acceleration to a complete loss. NHTSA said it learned from Hyundai that the failure is related to the Integrated Charging Control Unit responsible for powering both vehicle batteries. Hyundai did not immediately comment.

Persons: David Shepardson, Jonathan Oatis Organizations: Hyundai, NHTSA, Control, Thomson Locations: WASHINGTON, KS

REUTERS/Kim Hong-JiNEW YORK, June 6 (Reuters) - New York City on Tuesday sued Hyundai Motor Co (005380.KS) and Kia Corp (000270.KS), accusing the South Korean automakers of negligence and creating a public nuisance by selling vehicles that are too easy to steal. The most populous U.S. city joined several other major cities that have sued Hyundai and Kia over the thefts, including Baltimore, Cleveland, Milwaukee, San Diego and Seattle. In contrast, the city said thefts of BMW, Ford, Honda, Mercedes, Nissan and Toyota vehicles have fallen this year. Last month, Hyundai and Kia reached a $200 million settlement of a consumer class action over the thefts. The case is City of New York v Hyundai Motor America et al, U.S. District Court, Southern District of New York, No.

Persons: Kim Hong, Hyundais, Kias, Kia, Jonathan Stempel, Chris Reese, Jamie Freed Organizations: Hyundai Motors, REUTERS, Tuesday, Hyundai Motor, Kia Corp, South Korean, Hyundai, Kia, BMW, Ford, Honda, Nissan, Toyota, Court, Southern District of, Thomson Locations: Seoul, South Korea, New York City, U.S, Baltimore, Cleveland, Milwaukee, San Diego, Seattle, Manhattan, New York, of New York, Southern District, Southern District of New York

☆ 'Public nuisance': New York sues Hyundai and Kia, alleging their cars are easy to steal
▼ + stars: | 2023-06-07 | by ( Jihye Lee | ) www.cnbc.com time to read: +2 min

Hyundai Motor Co. vehicles are displayed at the company's Motorstudio showroom in Goyang, South Korea, on Thursday, Oct. 22, 2020. South Korean automakers Hyundai and Kia are being sued for causing a "public nuisance," according to a complaint filed in Manhattan federal court. A viral TikTok challenge started in 2021 and spurred a rise in thefts of Hyundai and Kia cars. New York accused the two companies of enabling "this spiraling epidemic" of car thefts. "Making sure cars are not easy to steal protects both property and the public by keeping dangerous drivers in stolen vehicles off the roads," it said.

Organizations: Hyundai, Co, South Korean, Kia, Chicago, CNBC, of, National, Traffic, Administration Locations: Goyang, South Korea, Manhattan, New York City, Angeles, U.S, Southern, of New York . New York

☆ 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 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.

JAKARTA, May 10 (Reuters) - Sales of electric cars in Indonesia jumped last month after the government launched tax incentives, auto executives said, in an early sign that electric vehicle (EV) adoption is gaining traction in Southeast Asia's largest economy. Effective from April, Indonesia cut the value-added tax (VAT) on electric cars from 11% to just 1%, provided they are manufactured with at least 40% local content. Hyundai aims to sell 10,000 units of IONIQ 5 in Indonesia this year, helped by the tax cut and as a shortage in semiconductor chips eases, he said. The two models are the most popular electric cars in Indonesia. Hyundai's Yoon said the South Korean company plans to introduce more battery-EV models in Indonesia to capture the growing market.

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).

☆ 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.

☆ 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.

☆ 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 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.

☆ 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.

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=.

☆ 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.

☆ Biden's clean energy factory jobs may elude U.S. union workers
▼ + stars: | 2023-03-06 | by ( Nichola Groom | ) www.reuters.com time to read: +9 min

Right to work laws allow employees to work in union-represented workplaces and be covered by collective bargaining agreements without joining a union or paying dues. American products, he vowed, would be made with union labor. Union labor. Many of the jobs created will be union jobs, the official added. "It's not a favorable environment, but we can still organize," Samantha Smith, senior adviser for clean energy jobs at the AFL-CIO, said in an interview.

☆ Factbox: As Tesla prepares a Mexico plant, a look at auto plants in Mexico
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +3 min

[1/2] A general view shows the General Motors assembly plant in Ramos Arizpe, in Coahuila state, Mexico February 11, 2021. REUTERS/Daniel BecerrilFeb 28 (Reuters) - Mexico has long been a manufacturing hub in North America for multiple automakers, and the country is trying to position itself for the wave of electric vehicles (EVs) to come. The auto sector is a driver of Mexico's major manufacturing industry, which is heavily integrated into U.S. and Canadian supply chains. Mexican officials on Tuesday said Tesla Inc (TSLA.O) is the latest automaker with plans to build a plant in Mexico. Here are major automakers with plants in Mexico -General Motors Co (GM.N)Silao Plant in the central city in Guanajuato state, produces Chevrolet and GMC full-size pickup trucksRamos Arizpe Plant in the northern city in Coahuila state, builds the Chevrolet Equinox and Blazer SUVs now and will build the 2024 Blazer EV and Equinox EVSan Luis Potosi Plant in the state capital of the central state of San Luis Potosi, produces the Chevrolet Equinox and GMC TerrainFord Motor Co (F.N)Cuautitlan Assembly plant in the central city of Cuautitlan Izcalli, produces Ford Mustang Mach-EHermosillo Assembly Plant in the state capital of the northern state of Sonora, produces Ford Bronco Sport and Ford MaverickToyota Motor Corp (7203.T)Toyota Motor Manufacturing de Baja California in the northern border city of Tijuana, Baja California, produces the Toyota Tacoma pickupToyota Motor Manufacturing de Guanajuato in Apaseo el Grande, Guanajuato, produces the Toyota TacomaStellantis (STLAM.MI)Saltillo Truck Assembly Plant in the state capital of Coahuila, produces Ram light and heavy-duty pickupsSaltillo Van Assembly Plant, makes the Ram ProMaster vanToluca Assembly Plant, produces the Jeep CompassNissan Motor Co (7201.T)Nissan Mexicana (Cuernavaca) in the central city of Jiutepec, produces NP300 pickup truckNissan Mexicana (Aguascalientes 1 Plant) in the central city of Aguascalientes, produces March, Versa, KicksNissan Mexicana (Aguascalientes 2 Plant), produces SentraNissan also has a joint venture plant with Mercedes (MBGn.DE) in Aguascalientes, making the Infinti QX 50 and 55 SUVs, and Mercedes GLB SUVHonda Motor Co (7267.T)Honda de Mexico (HDM) in Celaya, Guanajuato, produces HR-VVolkswagen (VOWG_p.DE)Volkswagen de México in Sanctorum, Puebla, produces Jetta, Tiguan, TaosVW's Audi unit in San José Chiapa, Puebla, produces Audi Q5 premium SUV and plans to start manufacturing EVs by 2027Mazda Motor Corp (7261.T)Mazda de Mexico Vehicle Operation (MMVO) in Salamanca, Guanajuato, produces Mazda2, Mazda3, Mazda CX-30Kia AmericaHyundai Motor Co's (005380.KS) Kia has a plant in Pesqueria, Nuevo Leon, produces Kia Forte, RioBMW AGBMW Plant in San Luis Potosi, produces BMW 3 Series, 2 Series and will produce fully electric "Neue Klasse" modelsSOURCES: Carmakers and Auto Forecast SolutionsCompiled by Kannaki Deka in Bengaluru; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

U.S. officials said the Labor Department had seen a nearly 70% increase in child labor violations since 2018, including in hazardous occupations. In the last fiscal year, 835 companies were found to have violated child labor laws. It has created an interagency task force on child labor, and plans to target industries where violations are most likely to occur for investigations. The Hearthside investigation is the latest in an uptick of similar probes. Reuters last year published a series of stories on child labor including revelations about the use of child labor among suppliers to Hyundai, including a direct subsidiary of the Korean auto giant, in the U.S. state of Alabama.

☆ Exclusive: U.S. Labor Department probes Hearthside Food Solutions for possible child labor violations -sources
▼ + stars: | 2023-02-27 | by ( Nandita Bose | ) www.reuters.com time to read: +2 min

WASHINGTON, Feb 27 (Reuters) - The U.S. Department of Labor has opened an investigation against Hearthside Food Solutions, a U.S. food contractor that makes and packages products for well-known snack and cereal brands, for reportedly employing underage workers and violating child labor laws, according to two sources with knowledge of the matter. "We can confirm that we have opened an investigation," a spokesman for the Department of Labor told Reuters. The Hearthside investigation is the latest in an uptick of probes the department is conducting on child labor in factories around the country. Reuters last year published a series of stories on child labor including revelations about the use of child labor among suppliers to Hyundai Motor Co (005380.KS) in the U.S. state of Alabama. Reporting by Nandita Bose in Washington; Editing by Mark Porter and Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

U.S. officials said the Labor Department had seen a nearly 70% increase in child labor violations since 2018, including in hazardous occupations. In the last fiscal year, 835 companies were found to have violated child labor laws. It has created an interagency task force on child labor, and plans to target industries where violations are most likely to occur for investigations. The Hearthside investigation is the latest in a rise in similar probes. Reuters last year published a series of stories on child labor including revelations about the use of child labor among suppliers to Hyundai, including a direct subsidiary of the Korean auto giant, in the U.S. state of Alabama.

One of the plants where children worked, SMART Alabama LLC in rural Luverne, Alabama, is a direct Hyundai subsidiary. STATE AND FEDERAL INVESTIGATIONSFollowing Reuters' first story on child labor at SMART last July, as many as 10 Hyundai suppliers in Alabama have been under investigation by state or federal authorities for child labor violations, Reuters reported in December. In the shareholder letter, Chang reiterated that Hyundai was "discouraging" suppliers from relying on such staffing agencies in the future. He wrote that staffing firms who hired children to work at Hyundai supplier plants had provided false employee documentation. Earlier this month, thirty-three members of Congress urged DOL to seek strong and swift penalties against those responsible for child labor in the Hyundai supply chain.

☆ Reuters wins George Polk Award for uncovering child labor in Hyundai supply chain
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Cheney OrrNew York, Feb 20 (Reuters) - A team of Reuters reporters on Monday won a George Polk Award for reports that revealed the widespread use of child labor among suppliers to Hyundai Motor Co in the U.S. state of Alabama. The Polk jury, awarding the prize in its "state reporting" category, said Reuters "sparked increased scrutiny from federal and state agencies and led Hyundai to demand more accountability from its suppliers." Also in February, Hyundai itself said it was in discussions with the Labor Department to resolve concerns about the child labor. After discovering that staffing agencies hired child workers for employment in Alabama poultry plants, they learned that migrant minors were also building parts for Hyundai and Kia (000270.KS). Both companies have said they don't tolerate child labor and are taking measures to ensure underage workers don't find their way back into their supply chains.

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