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MarketScreener Homepage  >  Equities  >  Korea Stock Exchange  >  Hyundai Motor Company    A005380   KR7005380001

HYUNDAI MOTOR COMPANY

(A005380)
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Hyundai partners firm on battery competition

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07/08/2020 | 05:38pm EDT

Hyundai Motor Company and LG Chem are jointly sponsoring the 'EV and Battery Challenge' (EVBC), a global competition to identify up to 10 EV and battery start-ups for potential investment and collaboration.

New Energy Nexus, the international start-up support organization, will manage and facilitate the competition.

With the automobile industry's increased focus on development of more eco-friendly vehicles, specifically EVs, the demand for high-performance, high-efficiency batteries is greater than ever before.

Hyundai has gained prominence in the global market with a comprehensive portfolio of EVs. Hyundai Motor Group is planning to deploy 44 eco-friendly models by the year 2025, including 23 EVs.

The chosen start-ups will have the opportunity to work hand-in-hand with Hyundai and LG Chem, to develop proof-of-concept projects while leveraging the sponsors' technical expertise, resources and laboratories.

The global competition offers start-ups the opportunity to showcase their respective innovative technologies and unique business models.

Through the EVBC, the three sponsors aim to identify and secure core technology capabilities that will bring more value to their customers.

President and Chief Innovation Officer of Hyundai Motor Group Youngcho Chi said: 'We are widening our collaboration with start-ups that have promising and innovative ideas.

We look forward to working with various start-ups that will lead the global EV market and next-generation battery innovation through a joint program with LG Chem, which has world-class battery technology.'

Chief Production and Procurement Officer and head of the battery research center at LG Chem's Energy Solution Company Myung-Hwan Kim said: 'LG Chem is continuously striving to lead in battery technology development based on an open innovation approach.

We will foster potential start-ups in partnership with Hyundai, and strengthen our capabilities in the EV sector.'

Chief Energy Officer of New Energy Nexus Danny Kennedy said both LG Chem and Hyundai Motor are leading the charge for better batteries and better mobility systems.

According to him, their joint effort to accelerate startups through the EV and Battery Challenge shows they are in it for the long game.

'We are proud to be working with such forward-thinking companies that are enabling a faster and cleaner energy transition,' Kennedy said.

© Pakistan Press International, source Asianet-Pakistan

Stocks mentioned in the article
ChangeLast1st jan.
HYUNDAI HCN CO.,LTD. -1.56% 4110 End-of-day quote.20.53%
HYUNDAI MOTOR COMPANY 1.73% 147000 End-of-day quote.21.99%
LG CHEM, LTD. 9.71% 746000 End-of-day quote.134.96%
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Financials
Sales 2020 102 070 B 85,8 B 85,8 B
Net income 2020 2 803 B 2,36 B 2,36 B
Net Debt 2020 58 438 B 49,1 B 49,1 B
P/E ratio 2020 13,5x
Yield 2020 2,67%
Capitalization 31 236 B 26 274 M 26 270 M
EV / Sales 2020 307x
EV / Sales 2021 276x
Nbr of Employees -
Free-Float 71,0%
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Number of Analysts 27
Average target price 152 851,85 KRW
Last Close Price 147 000,00 KRW
Spread / Highest target 22,4%
Spread / Average Target 3,98%
Spread / Lowest Target -25,2%
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NameTitle
Mong-Koo Chung Chairman & Co-Chief Executive Officer
Won-Hui Lee Co-President, Co-CEO & Director
José Munoz Global Chief Operating Officer
Byeong-Cheol Choi Chief Financial Officer
Moon-Sik Kwon Vice Chairman-Executive Board, Head-R&D
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