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    A005380   KR7005380001

HYUNDAI MOTOR COMPANY

(A005380)
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End-of-day quote Korea Stock Exchange  -  05-15
184000.00 KRW   -1.34%
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BlackRock joins e-car charging venture Ionity in $788 million funding round

11/24/2021 | 01:19am EDT
FILE PHOTO: The BlackRock logo is pictured in New York City

FRANKFURT (Reuters) - BlackRock, the world's largest money manager, has joined electric vehicle charging (EV) venture Ionity in a 700 million euro ($788 million) funding round, providing a much-needed cash injection to speed up construction of high-power loading sites.

The investment, which also includes contributions from existing shareholders, will enable Ionity to more than quadruple the number of high-power 350 kilowatt charging points to 7,000 by 2025, Ionity said on Wednesday.

Ionity did not provide a detailed breakdown of the funding round, in which existing investors Volkswagen, Daimler, BMW, Ford and Hyundai also participated.

Sources said last month that BlackRock alone was close to investing around 500 million euros in Ionity.

"Ionity really stood apart in terms of the maturity of the business and the sophistication of the existing partnerships," David Giordano, Global Head of Renewable Power at BlackRock, told Reuters.

Founded in 2017 to accelerate the installation of charging stations along European motorways, Ionity now operates more than 1,500 charging points in 24 countries.

BlackRock's investment in Ionity makes it the venture's first shareholder from outside the automotive industry, highlighting the growing interest in the EV sector, which not only covers production of cars but also vital infrastructure.

"It's the coupling of the energy and mobility sector in particular that makes it an attractive asset," Ionity CEO Michael Hajesch said.

He said that Ionity was likely to seek additional manufacturers for its hardware, which is so far mainly being built by ABB and Australia's Tritium, as part of the expansion plan.

Asked whether Ionity would pursue an initial public offering (IPO) or a deal with a special acquisition purpose company (SPAC), in its next growth phase, Hajesch said this was difficult to predict due to the market's dynamic development.

"And that's great. One has many options."

($1 = 0.8884 euros)

(Reporting by Christoph Steitz; Editing by Gareth Jones)

By Christoph Steitz


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ABB LTD 1.94% 28.85 Delayed Quote.-18.88%
BLACKROCK, INC. -2.72% 598.6 Delayed Quote.-34.62%
BMW AG 2.02% 79.23 Delayed Quote.-12.24%
HYUNDAI CORPORATION 1.33% 19100 End-of-day quote.13.69%
HYUNDAI CORPORATION HOLDINGS CO., LTD. 1.56% 13000 End-of-day quote.9.24%
HYUNDAI MOTOR COMPANY -1.34% 184000 End-of-day quote.-11.96%
MERCEDES-BENZ GROUP AG 2.00% 64.8 Delayed Quote.-5.96%
VOLKSWAGEN AG 1.71% 147.32 Delayed Quote.-18.45%
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Financials
Sales 2022 129 608 B 101 B 101 B
Net income 2022 6 562 B 5,12 B 5,12 B
Net Debt 2022 81 081 B 63,2 B 63,2 B
P/E ratio 2022 7,05x
Yield 2022 2,74%
Capitalization 38 586 B 30 084 M 30 084 M
EV / Sales 2022 0,92x
EV / Sales 2023 0,87x
Nbr of Employees 70 388
Free-Float 70,5%
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Mean consensus BUY
Number of Analysts 26
Last Close Price 184 000,00 KRW
Average target price 261 153,85 KRW
Spread / Average Target 41,9%
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Managers and Directors
Eui-Sun Chung Vice Chairman & Co-Chief Executive Officer
Chang Jae-hoon Executive Vice President
Albert Biermann Co-President & Director
Eon-Tae Ha Co-President & Director
Moon-Sik Kwon Vice Chairman-Executive Board, Head-R&D
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1st jan.Capi. (M$)
HYUNDAI MOTOR COMPANY-11.96%30 084
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VOLKSWAGEN AG-18.75%89 834
MERCEDES-BENZ GROUP AG-5.16%71 382
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FORD MOTOR COMPANY-35.00%54 267