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MarketScreener Homepage  >  Equities  >  Korea Stock Exchange  >  Kia Motors Corporation    A000270   KR7000270009

KIA MOTORS CORPORATION

(A000270)
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Hyundai Motor to launch dedicated EV platform in major push into electric cars

12/02/2020 | 04:17am EST
Hyundai’s new electric vehicle-focused modular platform Electric Global Modular Platform (E-GMP) is seen

SEOUL (Reuters) - South Korea's Hyundai Motor Group said on Wednesday it will introduce an electric vehicle-only platform early next year that will use its own battery technology to cut production time and costs.

The plan underscores efforts by the world's No.5 auto group to become a major player in the global EV market, as car makers around the world are pouring billions of dollars of investment to improve battery technology, which keeps EV prices high compared with combustion engine models.

Market leader Tesla said in September it aims to halve the cost of its EV batteries and bring more production of the key auto component in-house to lower EV prices to $25,000 each.

Hyundai expects its dedicated Electric Global Modular Platform (E-GMP) will allow it to use its own battery module technology across various EV models and cut the number of components by 60%.

"E-GMP will be highly effective in expanding the Group's EV leadership position as it will enable the company to enlarge its EV line-up over a relatively short period through modularisation and standardisation," it said in a statement.

An electric vehicle based on E-GMP will offer a driving range of 500 kms (310 miles) or more on a single charge, an improvement of at least 23% from the Kona EV, the longest driving range model among Hyundai's EV lineups.

However, Hyundai's R&D chief Albert Biermann said the company doesn't see the need to make its own battery cells and is content with cooperating with its suppliers including SK Innovation Co Ltd and LG Chem Ltd's LG Energy Solution.

Hyundai Motor and its sister company Kia Motors together aim to sell 1 million EVs in 2025 to become the world's third-largest seller of EVs.

It has promised 23 new EVs including 11 all-electric models by 2025 and plans to introduce a family of EVs under the Ioniq brand from early next year to spearhead its near-term transition toward EV production.

(Reporting by Heekyong Yang; Editing by Miyoung Kim, Stephen Coates and Raju Gopalakrishnan)

By Heekyong Yang


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
HYUNDAI CORPORATION 3.31% 17150 End-of-day quote.7.52%
HYUNDAI MOTOR COMPANY 8.51% 261500 End-of-day quote.36.20%
KIA MOTORS CORPORATION 16.64% 83400 End-of-day quote.33.65%
LG CHEM, LTD. 3.42% 997000 End-of-day quote.21.00%
LG CORP. 0.98% 103000 End-of-day quote.17.71%
SK INNOVATION CO., LTD. 6.93% 270000 End-of-day quote.42.11%
TESLA, INC. 2.23% 844.55 Delayed Quote.19.68%
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Financials
Sales 2020 59 146 B 53,8 B 53,8 B
Net income 2020 1 464 B 1,33 B 1,33 B
Net cash 2020 2 363 B 2,15 B 2,15 B
P/E ratio 2020 22,9x
Yield 2020 1,28%
Capitalization 33 438 B 30 319 M 30 395 M
EV / Sales 2020 565x
EV / Sales 2021 505x
Nbr of Employees -
Free-Float 60,4%
Chart KIA MOTORS CORPORATION
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Technical analysis trends KIA MOTORS CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 28
Average target price 76 964,29 KRW
Last Close Price 83 400,00 KRW
Spread / Highest target 33,1%
Spread / Average Target -7,72%
Spread / Lowest Target -54,4%
EPS Revisions
Managers and Directors
NameTitle
Ho-Sung Song President, Co-Chief Executive Officer & Director
Jun-Young Choi Co-Chief Executive Officer, Director & VP
Woo-Jung Joo Director, Senior Managing Director & Head-Finance
Eui-Sun Chung Senior Vice Chairman
Sang-Koo Nam Independent Director
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