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    A005380   KR7005380001

HYUNDAI MOTOR COMPANY

(A005380)
  Report
End-of-day quote Korea Stock Exchange  -  2022-11-28
169000.00 KRW   +0.90%
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U.S. VP Harris pledges to consult S.Korea over EV subsidy concerns

09/27/2022 | 01:13am EST

(Adds U.S. official saying work is underway to address Korean concerns)

TOKYO/SEOUL, Sept 27 (Reuters) - U.S. Vice President Kamala Harris told South Korea's prime minister on Tuesday that Washington will work to address Seoul's concerns over recently enacted electric vehicle (EV) subsidies that could disadvantage Asian automakers.

The $430 billion "Inflation Reduction Act" bill enacted in August includes a host of U.S. President Joe Biden's priorities, including investments to roll back climate change and make Washington a world leader in the EV market.

Among the law's provisions are requirements that EVs be assembled in North America to qualify for tax credits. The law also ends subsidies for other EV models and requires that a percentage of critical minerals used in those cars' batteries come from the United States or an American free-trade partner.

Harris, visiting Japan, met with South Korea's Han Duck-soo and "underscored that she understood (Korean) concerns regarding the Act's tax incentives for electric vehicles, and they pledged to continue to consult as the law is implemented," the White House said.

A senior Biden administration official said extensive conversations have already taken place within the U.S. government over how to address South Korea's concerns.

"She listened very carefully and made clear our commitment to work within the U.S. government - the U.S. Trade Representative, the Treasury Department - as we look ... to help address that issue," the official said.

Biden has sought to deepen business with South Korea as part of a bid to increase U.S. manufacturing jobs and build a united front against China, who he views as the country's key ideological and economic competitor.

Korean officials see the new requirements as a betrayal after South Korean companies agreed to make major investments and build factories in the United States.

Heavily industrialised South Korea worries the new subsidies will set back Hyundai Motor Co and its affiliate Kia Corp in the world's largest consumer market. Cars are South Korea's third-largest export. (Reporting by Trevor Hunnicutt in Tokyo, and Soo-hyang Choi and Joyce Lee in Seoul; Editing by Clarence Fernandez and Kim Coghill)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
HYUNDAI CORPORATION 2.86% 18000 End-of-day quote.7.14%
HYUNDAI MOTOR COMPANY 0.90% 169000 End-of-day quote.-19.14%
KIA CORPORATION 2.91% 67300 End-of-day quote.-18.13%
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Analyst Recommendations on HYUNDAI MOTOR COMPANY
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Financials
Sales 2022 141 474 B 107 B 107 B
Net income 2022 8 110 B 6,11 B 6,11 B
Net Debt 2022 83 919 B 63,2 B 63,2 B
P/E ratio 2022 5,26x
Yield 2022 3,08%
Capitalization 38 678 B 29 123 M 29 123 M
EV / Sales 2022 0,87x
EV / Sales 2023 0,82x
Nbr of Employees 64 054
Free-Float 69,8%
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Number of Analysts 26
Last Close Price 169 000,00 KRW
Average target price 233 653,85 KRW
Spread / Average Target 38,3%
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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
JosÚ Antonio Mu˝oz Barcelo Co-President & Global Chief Operating Officer
Eon-Tae Ha Co-President & Director
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