DIRS.INFO The most relevant business & tech news

☆ Indonesia's Adaro signs MoU with Hyundai for aluminium supply
▼ + stars: | 2022-11-13 | by ( ) www.reuters.com time to read: +1 min

NUSA DUA, Indonesia, Nov 13 (Reuters) - Indonesian metals company PT Adaro Minerals Indonesia, Tbk has signed a memorandum of understanding (MoU) with South Korea's Hyundai Motor Company on aluminium supply for automobile manufacturing, Adaro said in a statement on Sunday. The MoU was signed on the sidelines of the G20 summit in Bali, Indonesia. Under the MoU, Hyundai would secure the right to purchase aluminium produced by Adaro's subsidiary PT Kalimantan Aluminum Industry at an early stage of production, the statement said. Adaro Minerals is a unit of Indonesia's second-largest coal miner Adaro Energy. Reporting by Fransiska Nangoy and Ananda Teresia; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

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

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

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

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

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

☆ 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.

☆ Ford, Hyundai discussing EV investments with Indonesia - Indonesian minister
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +1 min

Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany September 10, 2019. REUTERS/Wolfgang RattayDETROIT, Oct 24 (Reuters) - Indonesia is in discussions with Ford Motor Co(F.N) and Hyundai Motor Co(005380.KS) to establish operations related to electric vehicles in the Southeast Asian country, Indonesia Coordinating Minister for Economic Affairs, Airlangga Hartarto, told an audience in Washington, D.C. on Thursday. Ford, nickel miner Vale Indonesia and China's Zhejiang Huayou Cobalt said in July they had signed a non-binding memorandum of cooperation to build a plant in Indonesia to extract nickel chemicals. Hartarto said Indonesia also is in discussions with Hyundai and South Korean battery maker LG Energy Solution over battery and EV investments. "We have raw materials for EV battery technologies," Hartarto told an audience at the Center for Strategic and International Studies.

"The impact of the Inflation Reduction Act on Hyundai's EV sales in the U.S. market seems inevitable as EV incentives are the key factor to U.S. EV shoppers," Lee Jae-il, an analyst at Eugene Investment & Securities. In a mixed outlook, Hyundai raised on Monday its full-year revenue growth forecast range by six percentage points to 19-20% from its previous estimate in January. Reuters GraphicsThe 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, above the 36 trillion won analysts had expected. But overall vehicle supply remains tight globally due to the chip shortage and COVID-related restrictions.

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.

☆ EXCLUSIVE China's CATL slows battery investment plan for U.S., Mexico-sources
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +5 min

Executives from Volkswagen (VOWG_p.DE), BMW, and Hyundai (005380.KS) have urged U.S. legislators to give automakers operating in the United States more time to meet the required battery sourcing targets to qualify for tax incentives. CATL sees North America as a crucial market, the two people with knowledge of its planning said. But the new U.S. rules on sourcing battery materials had become a "banana peel" that have slowed the company's investment plans, one said. China, led by CATL, dominates the EV battery supply chain, producing about 70% of battery cells made globally. At the event to announce the investment, Zipse was critical of the new sourcing requirements, saying the "United States should have a regulation that is not entirely unrealistic."

☆ Korean auto giant Hyundai investigating child labor in its U.S. supply chain
▼ + stars: | 2022-10-20 | by ( ) edition.cnn.com time to read: +3 min

CNN Business —Hyundai Motor Co, Korea’s top automaker, is investigating child labor violations in its U.S. supply chain and plans to “sever ties” with Hyundai suppliers in Alabama found to have relied on underage workers, the company’s global chief operating officer Jose Munoz told Reuters on Wednesday. Following the Reuters report, Alabama’s state Department of Labor, in coordination with federal agencies, began investigating SMART Alabama. Authorities subsequently launched a child labor probe at another of Hyundai’s regional supplier plants, Korean-operated SL Alabama, finding children as young as age 13. The executive also pledged that Hyundai would push to stop relying on third party labor suppliers at its southern U.S. operations. The letter said that the use of child labor violated international standards Hyundai committed to in its Human Rights Charter and its own code of conduct for suppliers.

NEW YORK/SAN FRANCISCO, Oct 19 (Reuters) - A group that works with union pension funds is pressing Hyundai Motor Co (005380.KS) to respond to reports of child labor at U.S. parts suppliers, warning of potential reputational damage to the Korean automaker. In addition, the letter cited a recent federal and state investigation into children working at another Hyundai supplier in the state. Reuters first documented child labor practices at Hyundai-owned SMART Alabama LLC earlier this year. "Hyundai will continue to closely review the labor operations of its suppliers to ensure full compliance with all local, state and federal laws," Gabriel said in an email. "I think investors like us need to step out and say, 'the value of the fines is not capturing your risk even remotely.

☆ Automakers need more time to meet U.S. minerals requirements for EVs -execs
▼ + stars: | 2022-10-19 | by ( Ben Klayman | ) www.reuters.com time to read: +5 min

"We believe it's unfair," he added, pointing out that none of the South Korean automaker's EVs qualify for the credit. Munoz said U.S. legislators should offer companies investing in the United States some type of waiver or a longer transition period. Automakers are trying to figure out how their vehicles will meet the new law's requirements to qualify for EV tax credits. Details of the act are still being ironed out and the U.S. Treasury is currently taking comments on how to implement the rules around the EV tax credits. "We're pretty well positioned," he said at the Reuters conference, citing the Detroit automaker's four U.S. battery plants the company has announced and its raw materials supply deals.

A Reuters investigative report in July documented children, including a 12-year-old, working at a Hyundai-controlled metal stamping plant in rural Luverne, Alabama, called SMART Alabama, LLC. read moreFollowing the Reuters report, Alabama's state Department of Labor, in coordination with federal agencies, began investigating SMART Alabama. The executive also pledged that Hyundai would push to stop relying on third party labor suppliers at its southern U.S. operations. Munoz told Reuters: "Hyundai is pushing to stop using third party labor suppliers, and oversee hiring directly." SL and Smart Alabama did not immediately respond to requests for comment.

☆ Hyundai to break ground on $5.5 billion Georgia plant this month
▼ + stars: | 2022-10-14 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Oct 14 (Reuters) - South Korea's Hyundai Motor Co (005380.KS) said Friday it will break ground this month on a $5.5 billion electric vehicle and battery plant in the United States. Hyundai plans to begin commercial production in the first half of 2025 with an annual capacity of 300,000 units. The groundbreaking comes amid anger from Korea and the European Union over U.S. electric vehicle tax policy. The law made about 70% of EVs immediately ineligible for the tax credits of up to $7,500 per vehicle. Biden has expressed willingness to continue talks with South Korea over recent U.S. legislation that denies subsidies to most foreign makers of electric vehicles (EVs), South Korea said earlier this month.

REUTERS/Joshua Schneyer/File PhotoOct 14 (Reuters) - Hyundai Motor Co's (005380.KS) air taxi unit has picked aerospace supplier Honeywell International Inc (HON.O) to develop avionics systems for its eVTOL (electric vertical take-off and landing) aircraft, the companies said, ahead of an announcement next week. "We want to see the FAA come out with its set of certification rules, quickly. Honeywell's collaboration with Supernal is its first with an air taxi firm established by an automaker. The company, which is a big supplier to Boeing Co (BA.N) and Airbus SE (AIR.PA), also has investments in other eVTOL firms - Lilium, Vertical Aerospace and Volocopter. The company expects the overall market for air taxis to be about $120 billion per year by 2030, Fymat added.

☆ Australia's Lake Resources to supply lithium to S. Korean battery maker
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +1 min

Oct 12 (Reuters) - Australia's Lake Resources (LKE.AX) said on Wednesday it had signed a deal with South Korean battery maker SK On Co Ltd to supply lithium from its flagship Kachi project in Argentina. SK On, a unit of SK Innovation (096770.KS), will acquire a 10% stake in New South Wales-based lithium developer Lake Resources as part of the agreement. Automobile and battery makers have been signing deals with Australian miners for supply of lithium, a key ingredient in electric vehicle batteries, amid a global push towards cleaner sources of energy. read moreThe agreement allows SK On to secure a stable lithium supplier for its U.S. supply chain, said Jinsuk Ryu, SK On's vice president. Last month, Lake Resources said operations at its Kachi project were proceeding, after a dispute with Bill Gates-backed Lilac Solutions over certain performance milestones to get a 25% stake in the project.

In August, authorities accused Alexander City, Alabama-based SL Alabama in federal court of violating child labor laws. The action against SL Alabama, which supplies lights and mirrors for Hyundai and Kia assembly plants in the U.S. South, came following a July Reuters article that documented child labor practices at another auto parts supplier in the state, Hyundai-owned SMART Alabama LLC. SL Alabama agreed to implement new monitoring and training programs, the federal regulator said. "Our investigation found SL Alabama engaged in oppressive child labor," said Kenneth Stripling, DOL's Wage and Hours Division Director in Birmingham, Alabama, in the statement. Regulators said plant operators are accountable for child labor violations even when unauthorized employees are brought in by third-party recruiting firms.

Register now for FREE unlimited access to Reuters.com RegisterU.S. Vice President Kamala Harris speaks as she holds a bilateral meeting with Australia’s Prime Minister Anthony Albanese (not pictured) in Tokyo, Japan, September 27, 2022. REUTERS/Leah Millis/PoolTOKYO/SEOUL, Sept 27 (Reuters) - U.S. Vice President Kamala Harris told South Korea's prime minister on Tuesday that Washington will work to address Seoul's concerns over recently enacted electric vehicle (EV) subsidies that could disadvantage Asian automakers. Among the law's provisions are requirements that EVs be assembled in North America to qualify for tax credits. read more"The Vice President and Prime Minister discussed our shared work to address the climate crisis, including the historic investments made in clean energy under the Inflation Reduction Act," the White House added. Cars are South Korea's third-largest export.

☆ Elon Musk faces skeptics as Tesla gets ready to unveil 'Optimus' robot
▼ + stars: | 2022-09-20 | by ( Hyunjoo Jin | ) www.reuters.com time to read: +6 min

A humanoid robot developed by Tesla, known as Tesla Bot or Optimus, is shown in a frame grab from the live video of Tesla's AI Day streamed on August 20, 2022. Humanoid robots have been in development for decades by Honda Motor Co (7267.T) and Hyundai Motor Co (005380.KS)'s Boston Dynamics unit. And it's the same way with humanoid robots to some extent," the lead of NASA's Dexterous Robotics Team, Shaun Azimi, told Reuters. Musk acknowledged that humanoid robots do not have enough intelligence to navigate the real world without being explicitly instructed. "Certainly, an important measure of success is do they make money from it," he told Reuters, referring to Tesla's humanoid robot efforts.

☆ Factbox: The challenges automakers, and now Tesla, face with humanoid robots
▼ + stars: | 2022-09-20 | by ( Hyunjoo Jin | ) www.reuters.com time to read: +3 min

A "Tesla Bot" humanoid robot prototype is seen in this undated handout image. GM-NASAFrom 2007 to 2012, General Motors (GM.N) and NASA joined hands to develop humanoid robots, R2, for assembly and space exploration. NASA said its current focus is the development of next-generation humanoid robots that can be used on the lunar surface and eventually on Mars. HYUNDAI MOTOR-BOSTON DYNAMICSBoston Dynamics created internet buzz with videos of its humanoid robots running, jumping, backflipping and dancing. FORD-AGILITY ROBOTICSIn 2020, Ford (F.N) bought two humanoid robots, Digit, from Agility Robotics, to test the delivery of a package to doorstop from a delivery vehicle.

☆ Electric vehicles row overshadows S.Korean president's first U.S. visit
▼ + stars: | 2022-09-20 | by ( Hyonhee Shin | ) www.reuters.com time to read: +5 min

He will fly to Canada on Thursday for the last leg of his trip before returning home on Saturday. Seoul officials have asked Washington to postpone the new rules until Hyundai completes building its Georgia factory in 2025. A number of high-level South Korean officials have been mobilised in recent weeks to relay concerns to their U.S. counterparts and press for exemptions, though solutions are far from clear. Trade Minister Lee Chang-yang will travel to the United States this week to discuss the IRA, the ministry said on Tuesday. However, the South Korean government is focusing on bilateral dialogue for now, he said, when answering a lawmaker's question in parliament.

☆ Kia Corp to produce electric vehicles in the U.S. from 2024 - reports
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterThe logo of Kia Corp is seen on its electric vehicle EV6 during a photo opportunity in Seoul, South Korea, June 1, 2021. REUTERS/Kim Hong-JiSEOUL, Sept 20 (Reuters) - Kia Corp (000270.KS) is expected to produce electric vehicles in the United States from 2024, South Korean media Maeil Business Newspaper and TV channel SBS reported on Tuesday, citing an unidentified auto industry source. Kia Corp was not immediately available for comment when contacted by Reuters. The Inflation Reduction Act signed into law by U.S. President Joe Biden last month excludes Hyundai Motor Co (005380.KS) and its affiliate Kia Corp from federal tax credits because they don't yet make EVs in North America, knocking their EV ambitions in the short term at least. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Heekyong Yang and Joyce Lee; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Row over EV subsidy rules overshadows S.Korean president's first U.S. visit
▼ + stars: | 2022-09-19 | by ( Hyonhee Shin | ) www.reuters.com time to read: +4 min

The KIA logo is seen on the new KIA Niro during a press day at the 2021 Seoul Mobility Show in Goyang, South Korea, November 25, 2021. Yoon, who was in London for the funeral of Britain's Queen Elizabeth, departed for New York late on Monday to attend the U.N. General Assembly. He will fly to Canada on Thursday for the last leg of his trip before returning home on Saturday. A number of high-level South Korean officials have been mobilised in recent weeks to relay concerns to their U.S. counterparts and press for exemptions, though solutions are far from clear. Yoon has also been struggling to make headway on other key diplomatic and security issues such as improving relations with Japan and enticing North Korea back to denuclearisation talks.

[1/4] A Hyundai auto plant is seen from inside a Greyhound bus outside of Montgomery, Alabama, U.S., August 13, 2008. REUTERS/Shannon StapletonLUVERNE, Alabama, July 22 (Reuters) - A subsidiary of Hyundai Motor Co has used child labor at a plant that supplies parts for the Korean carmaker's assembly line in nearby Montgomery, Alabama, according to area police, the family of three underage workers, and eight former and current employees of the factory. Underage workers, in some cases as young as 12, have recently worked at a metal stamping plant operated by SMART Alabama LLC, these people said. In a "human rights policy" posted online, Hyundai says it forbids child labor throughout its workforce, including suppliers. Many of the minors at the plant were hired through recruitment agencies, according to current and former SMART workers and local labor recruiters.

Search resuls for: "Hyundai Motor Co"

24 mentions found