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    A000270   KR7000270009

KIA CORPORATION

(A000270)
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End-of-day quote Korea Stock Exchange  -  05-18
82100.00 KRW   -2.84%
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Hyundai Motor set to use internally developed chip for upcoming car -media report

09/03/2021 | 10:42am EDT
FILE PHOTO: The logo of Hyundai Motors is seen at the company's headquarters in Seoul

SEOUL (Reuters) - South Korea's Hyundai Motor Co plans to use an auto chip it has developed itself for one of its upcoming vehicles next year, the Seoul Economy Daily reported on Friday.

Hyundai Motor, which together with affiliate Kia Corp is among the world's top 10 biggest automakers by sales, plans to internally develop a silicon carbide technology based power chip, the newspaper said, citing an unnamed industry source.

A shortage of chips made by semiconductor companies, fuelled by pandemic interruptions and production issues at chip factories, have forced automakers halt production and reduce work shifts amid concerns that shortages could continue.

Hyundai's research centre and its auto parts affiliate Hyundai Mobis Co Ltd led the chip design process and cooperated with multiple companies, including system chip manufacturer Magnachip Semiconductor Corp, the newspaper said.

"We are aiming to apply our internally developed power chip to a new car to be launched in the second quarter of next year," an unnamed Hyundai Motor official told the newspaper, without naming the vehicle.

The Seoul Economy Daily said the new vehicle model adopting the chip could be the Ioniq 6, Hyundai's dedicated electric car expected to be launched next year. Hyundai told the newspaper that the chip production date has not been decided

Hyundai Motor did not have immediate comment.

In June, Reuters reported that Hyundai and its affiliates are in talks with local chip companies to reduce reliance on foreign supplies.

(Reporting by Heekyong Yang, Editing by Louise Heavens)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
HYUNDAI CORPORATION -3.86% 18700 End-of-day quote.11.31%
HYUNDAI CORPORATION HOLDINGS CO., LTD. -1.15% 12850 End-of-day quote.7.98%
HYUNDAI MOBIS CO.,LTD -3.23% 195000 End-of-day quote.-23.38%
HYUNDAI MOTOR COMPANY -1.89% 182000 End-of-day quote.-12.92%
KIA CORPORATION -2.84% 82100 End-of-day quote.-0.12%
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Analyst Recommendations on KIA CORPORATION
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Financials
Sales 2022 79 465 B 62,7 B 62,7 B
Net income 2022 5 412 B 4,27 B 4,27 B
Net cash 2022 8 060 B 6,36 B 6,36 B
P/E ratio 2022 6,15x
Yield 2022 3,76%
Capitalization 32 916 B 25 983 M 25 983 M
EV / Sales 2022 0,31x
EV / Sales 2023 0,26x
Nbr of Employees -
Free-Float 62,1%
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Mean consensus BUY
Number of Analysts 26
Last Close Price 82 100,00 KRW
Average target price 113 576,92 KRW
Spread / Average Target 38,3%
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Managers and Directors
Ho-Sung Song President, Co-Chief Executive Officer & Director
Jun-Young Choi Co-Chief Executive Officer, Director & VP
Woo-Jung Joo Director, VP & Head-Finance
Eui-Sun Chung Chairman
Sang-Koo Nam Independent Director
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