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    A005380   KR7005380001

HYUNDAI MOTOR COMPANY

(A005380)
  Report
End-of-day quote Korea Stock Exchange  -  2022-09-26
186000.00 KRW   +1.92%
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Japan auto lobby says it is concerned about new U.S. law on EV credits

08/17/2022 | 05:10am EDT
U.S. President Joe Biden delivers remarks after touring the General Motors 'Factory ZERO' electric vehicle assembly plant in Detroit

TOKYO (Reuters) - A major Japanese auto lobby said it was concerned about a new U.S. law that restricts tax credits for electric vehicles to those assembled in North America.

The Biden administration said on Tuesday about 20 models still qualify for tax credits of up to $7,500. Credits end immediately for about 70% of the 72 models that were previously eligible, according to the Alliance for Automotive Innovation, an industry trade group.

New restrictions on battery and mineral sourcing and price and income caps take effect on Jan. 1 that will make all or nearly all EVs ineligible, the auto group added.

Some major Asian automakers such as Toyota Motor Corp and Hyundai Motor Co do not currently manufacture electric vehicles in the United States.

"We will keep a close watch on future developments and will consult and consider how to respond to them in cooperation with the government," a Japan Automobile Manufacturers Association spokesperson said.

Toyota referred inquiries to the Alliance for Automotive Innovation, which said the auto industry will continue to work with the U.S. government to promote EV tax credits.

Hyundai declined to comment.

(Reporting by Satoshi Sugiyama in Tokyo and Heekyong Yang in Seoul; Editing by Edwina Gibbs)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
HYUNDAI CORPORATION 0.61% 16450 End-of-day quote.-2.08%
HYUNDAI MOTOR COMPANY 1.92% 186000 End-of-day quote.-11.00%
TOYOTA INDUSTRIES CORPORATION 0.28% 7060 Delayed Quote.-23.40%
TOYOTA MOTOR CORPORATION 1.17% 1986 Delayed Quote.-6.77%
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Analyst Recommendations on HYUNDAI MOTOR COMPANY
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Financials
Sales 2022 134 854 B 94,5 B 94,5 B
Net income 2022 8 602 B 6,03 B 6,03 B
Net Debt 2022 82 257 B 57,6 B 57,6 B
P/E ratio 2022 5,33x
Yield 2022 2,79%
Capitalization 38 867 B 27 228 M 27 228 M
EV / Sales 2022 0,90x
EV / Sales 2023 0,86x
Nbr of Employees 63 942
Free-Float 69,7%
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Technical analysis trends HYUNDAI MOTOR COMPANY
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 27
Last Close Price 186 000,00 KRW
Average target price 261 111,11 KRW
Spread / Average Target 40,4%
EPS Revisions
Managers and Directors
Eui-Sun Chung Vice Chairman & Co-Chief Executive Officer
Chang Jae-hoon Executive Vice President
Albert Biermann Co-President & Director
José Antonio Muñoz Barcelo Co-President & Global Chief Operating Officer
Eon-Tae Ha Co-President & Director
Sector and Competitors
1st jan.Capi. (M$)
HYUNDAI MOTOR COMPANY-11.00%26 758
TOYOTA MOTOR CORPORATION-6.77%186 137
VOLKSWAGEN AG-22.12%81 583
MERCEDES-BENZ GROUP AG-18.97%56 526
GENERAL MOTORS COMPANY-39.48%51 090
FORD MOTOR COMPANY-40.73%48 203