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    A005380   KR7005380001

HYUNDAI MOTOR COMPANY

(A005380)
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End-of-day quote. End-of-day quote Korea Stock Exchange - 08/02
220000 KRW   +0.92%
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Hyundai, GM serious about 'flying car' efforts

06/14/2021 | 04:43pm EDT

(Adds GM and Hyundai comments on aerial mobility, industry background, changes story identification tag)

DETROIT, June 14 (Reuters) - Hyundai Motor Co and General Motors Co said on Monday they are pushing ahead with developing flying cars, with the South Korean company expressing optimism it could have an air-taxi service in operation as soon as 2025.

A GM executive said it could take until 2030 for air-taxi services to overcome technical and regulatory hurdles and reach commercialization.

The zero-emissions aircraft, which take off and land like helicopters and carry passengers and cargo, are being developed by a number of startups as well as aircraft makers and automakers, but they face a long road to profitability.

Hyundai is ahead of its previously stated timetable for rolling out air-mobility vehicles, Jose Munoz, the company's global chief operating officer, said in an interview broadcast on Monday at the Reuters Events Car of the Future conference.

Munoz, who is also CEO of Hyundai North America, previously said urban air taxis would be in operation at major U.S. airports by 2028 and perhaps earlier. He told Reuters on Monday it could possibly happen before 2025.

"We see this market as a significant growth opportunity," Munoz said, adding he was "very confident" of the technology's development.

Hyundai is developing air taxis powered by electric batteries that can transport five to six people from highly congested urban centers to airports.

Other automakers developing flying cars either alone or with startups include Toyota Motor Corp, Daimler AG and China's Geely Automobile Holdings.

"I think that there's a long pathway here," Pamela Fletcher, vice president of GM's Global Innovation team, said at the Reuters event. "2030 is probably a real commercial inflection point."

She added: "It's a very nascent space. There's a lot of work to be done on the regulatory side, as well as the actual technology side."

In January, GM unveiled a flying Cadillac concept.

Morgan Stanley has estimated the total addressable market for urban air mobility could hit $1 trillion by 2040 and $9 trillion by 2050.

In 2019, Hyundai, which has a dedicated Urban Air Mobility Division led by Jaiwon Shin, a former NASA engineer, pledged to invest about $1.5 billion in urban air mobility by 2025.

Munoz said Hyundai sees its flying cars serving not only residential customers but also transporting commercial cargo.

Hyundai does not want to sell flying cars as a simple transaction, but believes it can develop services around the vehicles, Munoz said.

(Reporting by Ben Klayman and Joe White in Detroit and Hyunjoo Jin in Berkeley, Calif. Editing by Diane Craft and Matthew Lewis)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
DAIMLER AG 1.54% 76.44 Delayed Quote.30.26%
GEELY AUTOMOBILE HOLDINGS LIMITED 3.08% 26.75 End-of-day quote.0.94%
HYUNDAI MOTOR COMPANY 0.92% 220000 End-of-day quote.14.58%
TOYOTA MOTOR CORPORATION 2.29% 10030 End-of-day quote.26.05%
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Financials
Sales 2021 118 276 B 103 B 103 B
Net income 2021 6 171 B 5,36 B 5,36 B
Net Debt 2021 69 470 B 60,4 B 60,4 B
P/E ratio 2021 8,92x
Yield 2021 1,80%
Capitalization 46 557 B 40 416 M 40 458 M
EV / Sales 2021 0,98x
EV / Sales 2022 0,90x
Nbr of Employees 70 388
Free-Float 70,8%
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Mean consensus BUY
Number of Analysts 31
Last Close Price 220 000,00 KRW
Average target price 308 700,00 KRW
Spread / Average Target 40,3%
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Managers and Directors
Eui-Sun Chung Vice Chairman & Co-Chief Executive Officer
Chang Jae-hoon Co-President & Co-Chief Executive Officer
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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