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    A005380   KR7005380001

HYUNDAI MOTOR COMPANY

(A005380)
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End-of-day quote Korea Stock Exchange  -  2022-06-27
186000.00 KRW   +1.64%
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Hyundai Motor Group to invest $5.5 bln to build EV, battery facilities in U.S.

05/20/2022 | 03:48pm EDT
FILE PHOTO: The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan

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WASHINGTON/SEOUL, May 20 (Reuters) - South Korea's Hyundai Motor Group said on Friday it plans to invest about $5.54 billion to build its first dedicated full electric vehicle (EV) and battery manufacturing facilities in the United States.

Hyundai will break ground on its new facility in Georgia in early 2023 and is expected to begin commercial production in the first half of 2025 with an annual capacity of 300,000 EV units, the company said in a statement.

The South Korean auto group said it intends to create about 8,100 jobs.

Hyundai Motor Group, which houses Hyundai Motor Co and Kia Corp, added that the battery manufacturing facility will be established through a strategic partnership, details of which will be disclosed at a later stage.

Reuters reported last week that Hyundai was in talks to build an EV manufacturing plant in the United States and had held discussions with Georgia officials.

The plant is a key part of Hyundai's $7.4 billion planned investment in the United States through 2025 to foster future mobility. The state of Georgia expects to attract another $1 billion in additional investment from non-affiliated Hyundai Motor Group suppliers on top of the investment.

Hyundai's battery supplier, SK Innovation's battery unit SK On, has built two adjacent plants in Georgia. The first, which mostly supplies Volkswagen AG, started production in the first quarter. The second, which will supply Ford Motor Co, is set to begin production early next year.

SK On will supply the battery for the Ioniq 7, a source previously told Reuters. SK On said it cannot comment on supply deals involving specific customers.

Hyundai's U.S. investment coincides with U.S. President Biden's arrival in South Korea on Friday.

The South Korean auto group, which is among the world's five biggest automakers by vehicle sales, has production sites in Alabama and Georgia. In April, Hyundai Motor said it plans to invest $300 million to add EVs in its Montgomery assembly.

Separately, Hyundai Motor Group said Wednesday it plans to invest 21 trillion won ($16.43 billion) through 2030 for the expansion of its EV business in South Korea. (Reporting by David Shepardson in Washington and Heekyong Yang in Seoul; Editing by Kirsten Donovan, Bernard Orr)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
FORD MOTOR COMPANY -1.91% 11.81 Delayed Quote.-43.14%
HYUNDAI CORPORATION 2.68% 15300 End-of-day quote.-8.93%
HYUNDAI MOTOR COMPANY 1.64% 186000 End-of-day quote.-11.00%
KIA CORPORATION 1.24% 81900 End-of-day quote.-0.36%
SK INNOVATION CO., LTD. 1.51% 201500 End-of-day quote.-15.51%
VOLKSWAGEN AG 1.40% 140.82 Delayed Quote.-20.66%
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Financials
Sales 2022 129 318 B 100 B 100 B
Net income 2022 6 571 B 5,09 B 5,09 B
Net Debt 2022 79 978 B 62,0 B 62,0 B
P/E ratio 2022 7,13x
Yield 2022 2,71%
Capitalization 38 937 B 30 172 M 30 172 M
EV / Sales 2022 0,92x
EV / Sales 2023 0,87x
Nbr of Employees 70 388
Free-Float 69,7%
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Mean consensus BUY
Number of Analysts 28
Last Close Price 186 000,00 KRW
Average target price 255 642,86 KRW
Spread / Average Target 37,4%
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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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