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☆ 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.

☆ 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.

[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.

☆ 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.

☆ These 74 stocks across 5 categories of AI are the top picks from the sector's leading fund managers.
▼ + stars: | 2023-03-18 | by ( Laila Maidan | ) www.businessinsider.com time to read: +11 min

These 74 stocks are picked by AI ETF managers. What she believes is unique about her fund is its heavy focus on quantum computing technology, making up 41.22% of the fund. While big data is used for different technologies, it enables AI to work with massive data sets in its machine-learning process. TipRanks, a financial technology website that uses AI to analyze financial data, created a stock list for what they deem are the best AI stocks based on popularity. TipRanks' list of nine of the best AI stocks have large market caps and are likely to remain relevant for a long time.

☆ Hyundai, Kia Make Fix To Thwart Thefts Fueled by Social-Media Challenges
▼ + stars: | 2023-02-14 | by ( Joseph De Avila | ) www.wsj.com time to read: 1 min

Hyundai and Kia have faced lawsuits seeking class-action status by car owners in several states. Hyundai Motor Co. and Kia Corp. have created new theft-deterrent software for millions of their vehicles in response to a surge of thefts fueled by social-media challenges. The software update requires the key to be in the ignition to turn the vehicle on, the National Highway Traffic Safety Administration said. It also extends the duration of the car alarm from 30 seconds to one minute.

☆ Hyundai, Kia offer software upgrade to 8.3 mln U.S. vehicles to prevent thefts
▼ + stars: | 2023-02-14 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

The free upgrade will be offered for 3.8 million Hyundai and 4.5 million Kia vehicles in the United States, the automakers and NHTSA said. USA Today reported last month that two major insurance companies had stopped offering new policies for Hyundai and Kia vehicles at high risk of theft. Many 2015-19 model year Hyundai and affiliate Kia vehicles have no electronic immobilizers, which prevent break-ins and bypassing the ignition. The initial Hyundai upgrade will cover more than 1 million 2017-2020 Elantra, 2015-2019 Sonata and 2020-2021 Venue model year vehicles. All Hyundai vehicles produced since November 2021 are equipped with an engine immobilizer as standard equipment.

In a letter addressed to Secretary of Labor Marty Walsh, the group of Democratic lawmakers, led by Michigan Congressman Dan Kildee, pressed the department "to take immediate action to rid Hyundai's supply chain of child labor." The news agency reported that state and federal authorities were investigating as many as ten suppliers for potential child labor violations there. In their letter to Walsh, the lawmakers commended the Labor Department for its enforcement actions in the matter so far. After Reuters' first story about child labor at SMART last July, the department and Alabama state authorities launched a probe into the supplier. The lawmakers said they want the Labor Department to take further action because "additional automotive parts suppliers for Hyundai, mainly in Alabama, are also suspected of child labor violations."

☆ Emerging markets are getting attention. Morgan Stanley names the 'highest quality' stocks to play it
▼ + stars: | 2023-02-09 | by ( Zavier Ong | ) www.cnbc.com time to read: +4 min

Emerging market stocks are piquing investor interest. Against that backdrop, Morgan Stanley named a raft of EM stocks it says are of the "highest quality" and are trading at reasonable prices. Morgan Stanley said valuations look "attractive" for the 29 stocks that turned up on its screen. Morgan Stanley likes Alibaba as a play on China's reopening and consumption recovery. Singapore-based utilities firm Sembcorp Industries is another Morgan Stanley favorite.

☆ The AI craze has sent some stocks soaring up to 300%. This list of over 74 stocks across 5 categories features the top picks from the sector's leading fund managers.
▼ + stars: | 2023-02-08 | by ( Laila Maidan | ) www.businessinsider.com time to read: +11 min

"We share Congresswoman Sewell's view that the use of child labor is unacceptable," Hyundai said. Sewell's comments are the first from a high-ranking Alabama official on child labor problems in Hyundai's supply chain. The new actions by Hyundai and its discussions with regulators and lawmakers come after Reuters documented child labor in various Alabama auto plants making parts for Hyundai or Kia. The child labor reports have put a spotlight on Hyundai's growing operations in the United States. Regulatory fines for child labor, by contrast, can be relatively small.

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.

☆ With New EVs Arriving, Brand Loyalty Goes Out the Window
▼ + stars: | 2022-12-28 | by ( Sean Mclain | ) www.wsj.com time to read: 1 min

As more car makers roll out electric vehicles, they are discovering an important trait among early customers: They are far more apt to try new brands. Nearly 80% of people who bought Kia Corp.’s EV6 electric crossover since it went on sale early this year traded in something other than a Kia, according to research site Edmunds, compared with 61% for all its models. More than two-thirds of Ford Mustang Mach-E electric sport-utility buyers had non-Ford trade-ins, compared with Ford’s 42% brand-wide average, according to the Edmunds data.

☆ Huawei Reaches Technology-Licensing Deal With Nokia Despite U.S. Restrictions
▼ + stars: | 2022-12-23 | by ( Dan Strumpf | ) www.wsj.com time to read: 1 min

Huawei is one of the largest holders of wireless-technology patents globally. HONG KONG—Huawei Technologies Co. and Nokia Corp. reached a deal to continue licensing smartphone and networking technology to each other, reflecting the challenges in unwinding the Chinese company’s technology from global networks despite years of U.S. sanctions. The patent-licensing agreement announced Friday between the two companies extends a five-year-old technology-sharing deal that had been set to expire this year. It comes weeks after Huawei unveiled a licensing agreement for 5G technology with Chinese smartphone rival Oppo Mobile Telecommunications Corp.

☆ Automakers, South Korea urge U.S. to tap commercial EV tax credit
▼ + stars: | 2022-12-07 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

Rivian Automotive (RIVN.O), Hyundai Motor (005380.KS) and Kia Corp (000270.KS) among others want the administration to let consumer vehicle leasing qualify for the commercial EV tax credit that could reduce monthly lease payments. South Korea also asked Treasury not to impose any budget restrictions on commercial vehicle tax credits through 2025. The commercial credit does not have the same sourcing or pricing restrictions but has an "incremental cost" eligibility test that might prove complex. Some automakers want Treasury to make it easier to ensure most commercial light-duty vehicles qualify for $7,500 tax credits. Tesla (TSLA.O)said commercial credits "should apply exclusively for commercial end-users" and the consumer tax credit "should apply exclusively for individual end-users."

[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.

☆ 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.

☆ 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.

☆ Hyundai to launch $5.5 bln U.S. EV plant, as new law dims sales outlook
▼ + stars: | 2022-10-25 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

SAVANNAH, Georgia, Oct 25 (Reuters) - Hyundai Motor Co (005380.KS) will break ground on a $5.54 billion electric vehicle (EV) and battery plant in the United States on Tuesday, as South Korea's biggest automaker grapples with an uncertain outlook for its EV sales in its top market. Register now for FREE unlimited access to Reuters.com RegisterThe groundbreaking comes amid anger from Korea and the European Union over U.S. electric vehicle tax policy. Hyundai and its affiliate Kia Corp (000270.KS) as well as major European automakers were excluded from the EV subsidies as they do not yet make the vehicles there. The law made about 70% of EVs immediately ineligible for the tax credits of up to $7,500 per vehicle. Biden has expressed a willingness to continue talks with South Korea over recent U.S. legislation that denies subsidies to most foreign EV makers, South Korea said earlier this month.

But in a mixed outlook, the company slashed its 2022 vehicle sales forecast by 7% to 4.01 million, as the auto industry struggles with supply chain disruptions involving chips and other components. Despite that upheaval, the company raised its full-year revenue growth forecast range by six percentage points to 19-20% from its previous estimate in January. The provision, announced last week, amounted to more than half of estimated third-quarter net profit of 2.4 trillion won drawn from 17 analysts. Revenue for the quarter jumped 31% to 37.7 trillion won, below the 36 trillion won analysts had expected. But overall vehicle supply remains tight globally due to the chip shortage and COVID-related restrictions.

☆ Goldman Sachs Embeds Software Developers Deeper Into the Business
▼ + stars: | 2022-10-19 | by ( Katie Deighton | ) www.wsj.com time to read: +4 min

PREVIEWHistorically, developers were asking “how” questions, Mr. Argenti said Wednesday during an online Wall Street Journal CIO Network members event. Mr. Argenti joined Goldman in 2019 as co-CIO after serving as vice president of technology at Amazon Web Services. Developers have only gained more power in business since then, Mr. Argenti said. “It’s kind of an evolution…to really manage the customer as one, no matter how many touch points they have within Goldman Sachs, ” Mr. Argenti said. The process can help developers feel more empowered and has led to higher retention rates, Mr Argenti said.

☆ Kia shares edge up in choppy trade after booking extra $1.1 bln provision
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Oct 19 (Reuters) - Shares of South Korea's Kia Corp (000270.KS) reversed losses and edged up on Wednesday after the automaker said on Tuesday that its third-quarter earnings will reflect an additional provision of 1.54 trillion won ($1.08 billion) for engine recalls from years ago. Kia's shares fell shortly after the market open. Hyundai Motor (005380.KS) and affiliate Kia on Tuesday said they will book a combined 2.9 trillion won ($2 billion) provision in their third-quarter results. read moreShares of Hyundai Motor (005380.KS) were trading up 0.9%, versus benchmark KOSPI's (.KS11) 0.2% rise as of 0025 GMT. ($1 = 1,424.6400 won)Register now for FREE unlimited access to Reuters.com RegisterReporting by Heekyong Yang and Joyce Lee; Editing by Kim Coghill & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

The costs, of which Hyundai accounted for 1.36 trillion won and Kia for 1.54 trillion won, amount to more than half of Hyundai's estimated third-quarter net profit and 77% of Kia's profit, Refinitiv data shows. APOLOGY"We sincerely apologise for repeated quality issues and additional costs related to the Theta II GDI engine recall," Cha Seong-ju, head of the quality division at Hyundai Motor Group, told analysts. "We will put our utmost efforts to secure engine quality... and manage quality related cost in order to prevent a repetition of quality issues." In 2020, Hyundai and Kia together made 3.6 trillion won in provisions related to engine issues. Hyundai Motor is scheduled to report its July-September earnings next Monday, while Kia has not yet announced when it will report its third quarter results.

☆ Hyundai Motor, Kia say $2 bln provision to hit Q3 earnings
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Oct 18 (Reuters) - Hyundai Motor (005380.KS) and affiliate Kia Corp's (000270.KS) third-quarter earnings will reflect provisions totalling a combined 2.9 trillion won ($2 billion), they said on Tuesday. The costs include provisions related to their Theta GDI engines, the South Korean automakers said in regulatory filings. Hyundai Motor said a provision of 1.36 trillion won would be reflected in its earnings, while Kia flagged a hit of 1.54 trillion won. In 2020, Hyundai and Kia together made 3.6 trillion won in provisions related to engine issues. Hyundai Motor is scheduled to report its July-September earnings next Monday, while Kia has not yet announced when it will report its third quarter results.

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