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MarketScreener Homepage  >  Equities  >  KOREA EXCHANGE  >  SK Innovation Co Ltd    096770   KR7096770003

SK INNOVATION CO LTD

(096770)
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U.S. trade agency sees 76,000 new auto jobs from North American trade deal

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04/18/2019 | 02:07pm EDT
The 2019 Chrysler Pacifica minivans move down the assembly line the FCA Windsor Assembly plant in Windsor

WASHINGTON (Reuters) - The Trump administration on Thursday estimated that its new North American trade deal will create 76,000 automotive sector jobs within five years as automakers invest some $34 billion in new plants to comply with the pact's new regional content rules.

The forecasts from the U.S. Trade Representative's office were released ahead of an independent trade panel's hotly anticipated analysis that economists expect to show little or no U.S. gains from the new U.S.-Canada-Mexico Agreement.

A USTR official told reporters that the jobs and investment estimates are based on plans disclosed by automakers to the trade agency for compliance with the new agreement's tighter rules of origin. These require 75 percent of a vehicle's content to be produced in North American, with 40-45 percent produced in high wage areas, namely the United States or Canada.

A senior USTR official told reporters that none of the 15 automakers producing vehicles in North America intend to opt out of the agreement to pay U.S. tariffs instead and move production overseas, as some critics of the deal have suggested.

"They have verbally committed to us that they intend to comply with the rules," the official said. "And they have told us that this is not going to have significant upward pressure on vehicle prices."

The estimates include about $15.3 billion investments previously announced by Fiat Chrysler, Ford Motor, General Motors Toyota Volkswagen and battery maker SK Innovation.

(Reporting by David Lawder; Editing by Chizu Nomiyama)

Stocks mentioned in the article
ChangeLast1st jan.
FIAT CHRYSLER AUTOMOBILES 0.28% 11.456 End-of-day quote.-9.92%
FORD MOTOR COMPANY -0.20% 9.83 Delayed Quote.30.33%
GENERAL MOTORS CORPORATION -0.03% 35.12 Delayed Quote.5.02%
SK INNOVATION CO LTD End-of-day quote.
TOYOTA MOTOR CORP 0.05% 6502 End-of-day quote.5.21%
VOLKSWAGEN 0.61% 142.86 Delayed Quote.2.22%
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Financials (KRW)
Sales 2019 53 222 B
EBIT 2019 2 258 B
Net income 2019 1 511 B
Debt 2019 4 178 B
Yield 2019 4,74%
P/E ratio 2019 10,25
P/E ratio 2020 7,99
EV / Sales 2019 0,38x
EV / Sales 2020 0,37x
Capitalization 15 821 B
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 35
Average target price 237 037  KRW
Spread / Average Target 40%
EPS Revisions
Managers
NameTitle
Jun Kim President, Chief Executive Officer & Director
Chang-Geun Kim Chairman
Jong-Rin Park Head-Operational Support
Jin-Seok Cha Head-Finance
Jang-Woo Kim Head-Finance II
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