|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||29.89 - 29.89|
|52 Week Range||25.25 - 45.00|
|Beta (3Y Monthly)||2.29|
|PE Ratio (TTM)||7.84|
|Forward Dividend & Yield||0.85 (2.85%)|
|1y Target Est||N/A|
Hyundai Motor Group said it plans to invest 41 trillion won ($35 billion) in mobility and other auto technologies by 2025, part of which will be directed to an ambitious effort to become more competitive in self-driving cars that has also received government backing. The plan, which Hyundai said encompasses autonomous, connected and electric cars as well as technology for ride-sharing, comes after the automaker and two of its affiliates announced an investment of $1.6 billion in a venture with U.S. self-driving tech firm Aptiv. South Korea's government is also onboard, unveiling more funding for autonomous vehicle technology with President Moon Jae-in declaring on Tuesday that he expected self-driving cars to account for half of new cars on the country's roads by 2030.
Hyundai Motor Group said it plans to invest 41 trillion won ($35 billion) in mobility and other auto technologies by 2025, part of which will be directed to an ambitious effort to become more competitive in self-driving cars that has also received government backing. The plan, which Hyundai said encompasses autonomous, connected and electric cars as well as technology for ride-sharing, comes after the automaker and two of its affiliates announced an investment of $1.6 billion in a venture with U.S. self-driving tech firm Aptiv . South Korea's government is also onboard, unveiling more funding for autonomous vehicle technology with President Moon Jae-in declaring on Tuesday that he expected self-driving cars to account for half of new cars on the country's roads by 2030.
Hyundai Motor Co and affiliate Kia Motors Corp have earmarked a total of 900 billion won ($757.86 million) to settle U.S. class action litigation and address engine-related issues in the United States and South Korea. Hyundai Motor will reflect about 600 billion won in costs related to engine problems in July to September earnings, while affiliate Kia Motors has set aside about 300 billion won, they said on Friday. A total of 4.17 million Hyundai and Kia models equipped with Theta II gasoline direct injection (GDI) engines will be affected by the U.S. settlement.
Hyundai Motor Co and affiliate Kia Motors Corp have earmarked 900 billion won ($758 million) to settle U.S. class action litigation and address engine-related issues in the United States and South Korea. The move marks the South Korean auto giant's first major effort to resolve years of trouble over engine defects that have also sparked probes by the U.S. safety regulator and prosecutors. Hyundai Motor will make a provision of about 600 billion won in its July to September earnings while Kia will book one for about 300 billion won, they said on Friday.
Hyundai Card, the credit card unit of Hyundai Motor Group, said on Tuesday it has asked banks to submit proposals this month for roles in a possible initial public offering. The deal could value Hyundai Card at around 2.5 trillion won ($2.1 billion) and is intended to help investors such as Affinity Equity Partners, GIC and AlpInvest exit the firm, the Maeil Business Newspaper said. "We are considering an IPO to expand capital in a stable manner and enhance management transparency," a spokesman at Hyundai Card said, adding it expects to receive the proposals by Oct. 22.
(Bloomberg) -- Hyundai Motor Co. launched India’s first electric SUV this summer with a quirky TV commercial urging millennials to “Drive Into the Future.” A few months later, the automaker finds itself on a lonesome road.In a nation of about 150 million drivers, only 130 Kona SUVs were sold to dealers through August. That slow pace is emblematic of the difficulties carmakers face in establishing an electric foothold in the fourth-biggest auto market, even with committed government support.The Kona sells for about $35,000 while the average Indian earns about $2,000 a year -- and the best-selling gas guzzler costs $4,000. Yet Kona’s sticker price only kicks off the conversation about why EVs aren’t gaining traction in India -- there’s also a lack of charging infrastructure, a reluctance by banks to finance purchases and an unwillingness among government departments to use EVs as directed.Barely more than 8,000 EVs were sold locally during the past six years, according to data compiled by Bloomberg. China sells more than that in two days, according to BloombergNEF projections.“The affordability of electric cars in India is just not there,” said R.C. Bhargava, chairman of Maruti Suzuki India Ltd., maker of the sales leader Alto. “I don’t think the government or the car companies expect that in the next two to three years there will be any real buying of electric vehicles.”The segment still isn’t making meaningful strides more than four years after the government started promoting cleaner vehicles for one of the world’s most-polluted countries. In February, Prime Minister Narendra Modi’s administration committed to spending $1.4 billion on subsidies, infrastructure and publicity.The potential of India’s EV market can’t be ignored. There are only 27 cars for every 1,000 Indians, compared with 570 for the same number of Germans, giving global automakers an opportunity to challenge the dominance of Maruti –- the unit of Japan’s Suzuki Motor Corp. that sells every other car on local roads.Maruti’s not introducing its first EV until next year. Tata Motors Ltd. and Mahindra & Mahindra Ltd. build some base-level electric cars, yet they have a limited range or are exclusively for government use. The Kona gives Hyundai a first-mover advantage in a market where EVs may comprise 28% of new vehicle sales by 2040, according to BNEF.Not only Hyundai sees opportunity in Asia’s third-largest economy. MG Motor, the iconic British carmaker owned by China’s SAIC Motor Corp., and Japan’s Nissan Motor Co. see EVs as a way to expand in the country.“Somebody has to take the leadership, and it will trickle down,” said Rajeev Chaba, managing director of MG Motor India, which plans to launch an electric SUV by December.The process of scaling up will be slow, and MG Motors would be satisfied selling 100 cars a month initially.“We have to start somewhere,” Chaba said.Right now, though, consumers pass over electric cars for bigger, longer-range and cheaper gas guzzlers, said Vinkesh Gulati, vice president of the Federation of Automobile Dealers Associations, which represents more than 80% of automobile dealers in India.More than half of the passenger vehicles sold in India last year cost $8,000 or less, according to BNEF. Electric cars won’t achieve price parity with gasoline-powered cars until the early 2030s, BNEF said.“Consumers care about EVs, the excitement is there,” Gulati said. “But that stops the moment we tell them the price.”Yet even for those who can afford the Kona, plugging in is problematic. Nidhi Maheshwary, a 40-year-old finance professional working near New Delhi, wanted to buy an EV to show her children an example of environmental responsibility.So when Hyundai launched the Kona, Maheshwary ordered one. Sounds easy, but it didn’t turn out that way.Almost immediately, she got into a spat with neighbors about charging the SUV in her apartment building’s basement lot. The residents’ society said it posed a fire risk -– even though Hyundai engineers and the fire department said it was safe.So Maheshwary charges the car at her office while weighing potential recourse against those neighbors. Hyundai offers two small chargers with the Kona, although it can take as many as 19 hours to fill up the vehicle.India had an estimated 650 charging stations for cars and SUVs in 2018, according to BNEF. China, the largest market for EVs, has about 456,000 charging points, official data shows.India’s sparse charging infrastructure stems from locals’ chicken-and-egg approach to the issue.At a conference in New Delhi last month, government officials and EV-component makers debated whether to create adequate charging infrastructure to promote sales or whether to wait until there are enough EVs on the roads before building it out.“We are pretty sure that people are going to like our EV, but we would have our challenges like infrastructure,” Chaba said. “But we have our plans to handle that.”Those include first requiring that the buyer can install a charger at home, he said.But there’s another factor besides income that makes it difficult to pay for one of these cars. The unaffordability of EVs also stems from the unavailability of financing, said Pranavant P., a partner at Deloitte India focusing on the future of mobility.Until there’s an established secondary market for EVs, banks and other institutions are hesitant to extend purchasing loans, he said. A majority of Indian vehicle sales are financed by lenders.The government, both federal and local, will have to offer help for EVs to be adopted in the mass market, said Puneet Anand, group head of marketing at Hyundai Motor India. Modi’s budget in July included incentives such as reduced taxes, income tax benefits and import duty exemptions for certain EV parts.The first beneficiaries will be the ubiquitous scooters and motorcycles -- with subsidies meaning to support sales of 1 million two-wheelers, compared with 55,000 electric cars.Yet the government still needs to practice what it’s preaching. Energy Efficiency Services Ltd., a joint venture of state-run companies responsible for replacing state vehicles with EVs, awarded its first tender in September 2017 for 10,000 cars.But as of July, agencies had accepted only 1,000 of them. Now EESL is offering the vehicles to taxi companies.None of that helps Devdas Nair, a 34-year-old advertising professional in New Delhi looking for new wheels. He wants to try an EV and says he’d pay somewhat more to help the environment and for future savings. Yet for him right now, it’s too much of a gamble.“I was excited about the Kona, but the price tag is just too much,” he said. “We don’t even know how the charging infrastructure is going to be in India. That makes me rethink -- actually not think about it at all.\--With assistance from Rajesh Kumar Singh, Manish Modi and Abhay Singh.To contact the reporter on this story: Anurag Kotoky in New Delhi at firstname.lastname@example.orgTo contact the editors responsible for this story: Young-Sam Cho at email@example.com, Jodi Schneider, Michael TigheFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Automakers, including Toyota Motor Corp and Hyundai Motor, on Tuesday reported a sharp drop in September U.S. sales, hurt by the early timing of Labor Day as sales from the holiday weekend were booked in August. The Labor Day weekend is one of the busiest car-buying periods in the United States that has automakers and dealers roll out promotions days in advance to boost sales. Toyota Motor Corp said it U.S. sales fell 16.5% to 169,656 vehicles in September, hurt by lower sales of its Highlander and Tacoma sport utility vehicles, as well as declining demand for sedans such as Camry and Prius.
Hyundai Motor Co. (OTC: HYMTF) and Cummins Inc. (NYSE: CMI) will work together on ways to develop and commercialize electric and fuel cell powertrains for North American commercial vehicle makers and to make stationary backup power systems for data centers. Earlier this month, Columbus, Indiana-based Cummins closed a $290 million acquisition of Hydrogenics, a Canadian fuel cell maker.
Aiming to cash in on a major push by South Korea to promote fuel cell vehicles, Sung Won-young opened a hydrogen refueling station in the city of Ulsan last September. Sung's new hydrogen station is one of five in Ulsan, home to Hyundai Motor Co's main plants and roughly 1,100 fuel cell cars - the most of any South Korean city.
Aiming to cash in on a major push by South Korea to promote fuel cell vehicles, Sung Won-young opened a hydrogen refuelling station in the city of Ulsan last September. Sung's new hydrogen station is one of five in Ulsan, home to Hyundai Motor Co's main plants and roughly 1,100 fuel cell cars - the most of any South Korean city. The government paid the 3 billion won ($2.5 million) cost - six times more than fast charging equipment for battery electric cars - and the two pumps, located next to Sung's gasoline stand, see a steady flow of Hyundai Nexo SUVs daily.
The competition in the self-driving technology market just heated up again. Hyundai Motor Company (HMC) has formed a joint venture with Aptiv.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Hyundai Capital America and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
Moody's Investors Service says that the proposed joint venture (JV) between Hyundai Motor group entities and Aptiv Plc (Baa2 stable) to develop autonomous driving is credit positive for the three affected group companies, namely Hyundai Motor Company (Baa1 negative), Kia Motors Corporation (Baa1 negative) and Hyundai Mobis Co., Ltd. (Baa1 negative). "The proposed JV with Aptiv will provide the Hyundai Motor group companies earlier access to level 4 and 5 autonomous driving technologies, with the potential for accelerated commercialization of such products," says Wan Hee Yoo, a Moody's Vice President and Senior Credit Officer.
SEOUL/NEW YORK (Reuters) - Hyundai Motor Group will invest $1.6 billion in a joint venture to develop self-driving vehicle technologies with Aptiv , the biggest overseas investment by the South Korean carmaker to catch up to rivals in the autonomous car market. Global carmakers and their suppliers are forging alliances to develop autonomous car technologies partly due to the need to share the huge financial and technical burdens. Hyundai has lagged global rivals who have invested heavily into developing new technologies for electrified and autonomous vehicles.
(Bloomberg) -- Almost two years ago, the heir apparent to South Korea’s massive Hyundai Motor Group, Euisun Chung, paid a visit to the driverless-vehicle hotbeds of Pittsburgh and Detroit, wanting a look under the hood of the best technology from companies both places had to offer. It turned out to be quite the productive trip.Hyundai announced Monday it’s setting up a $4 billion autonomous-driving joint venture with Aptiv Plc, the company spun off from what used to be the parts division of General Motors. The two companies will join forces to develop the technology needed to put robotaxis on the road by 2022.If the deal sounds familiar, it could be because Hyundai announced a similar partnership in January of last year -- less than two months after Chung’s U.S. visit -- with Aurora Innovation Inc., the startup fronted by a driverless dream team of former chiefs for Google’s self-driving car project and Tesla’s Autopilot.To Chung, who’s expected to take over from his 81-year-old father, Chung Mong-Koo, as Hyundai’s chairman, Aptiv was the ideal company to join forces with in the first place.“We did meet with many other companies, but we were confident that Aptiv was really the best partner for us,” the executive vice chairman said of his visit to the U.S. in November 2017. Because of the confidential nature of Hyundai’s deal with Aptiv, Chung said he hadn’t had the chance yet to personally explain the partnership to Chris Urmson, Aurora’s chief executive officer, before sitting for an interview with Bloomberg News.There’s room for Hyundai to work together with both Aptiv and Aurora, Chung said. When the carmaker and Aurora announced their development deal in January 2018, the two said they’d bring self-driving Hyundais to market by 2021.An Aurora spokeswoman said Hyundai remains both a partner and investor in the Palo Alto, California-based company, and that the two have teams working together on self-driving vehicle development.Hyundai is doubling up on partnerships as several of the perceived leaders in the autonomous-vehicle field have struggled to safely take human hands off the steering wheel. In July, GM’s Cruise unit backed off plans to deploy robotaxis by the end of this year. Before that, Alphabet Inc.’s Waymo -- which planned to be the first to start a driverless ride-hailing service before the end of last year -- chose to keep human safety drivers in the Chrysler minivans it’s deployed in suburban Phoenix.“We always viewed this as highly complex, as very challenging,” Kevin Clark, Aptiv’s CEO, said in an interview. “It’s an extremely complex solution that you need to develop, and the wider the use cases, the more complex it actually becomes.”Aptiv will take a 50% stake in the venture, while Hyundai Motor Co., parts maker Hyundai Mobis Co. and Kia Motors Corp. will contribute a combined $1.6 billion in cash and $400 million worth of services including research and development, the companies said in a joint statement. The venture will begin testing fully driverless systems in 2020 and have a production-ready autonomous driving platform available for robotaxi providers, fleet operators and manufacturers in 2022.Hyundai Motor and its affiliate Kia aim to commercialize autonomous vehicles in some cities from 2021 and have a goal of launching fully driverless vehicles by 2030.Under the agreement, Hyundai Motor Group will contribute engineering services, R&D resources and access to intellectual property, while Aptiv will provide autonomous driving technology and about 700 of its employees. The companies will appoint an equal number of directors to the venture, which will be based in Boston and led by Karl Iagnemma as president. He used to be CEO of nuTonomy, the startup Aptiv acquired in 2017 for $450 million.Hyundai said in February it plans to invest 14.7 trillion won ($12.3 billion) by 2023 in growth areas such as autonomous-driving technologies, vehicle electrification and mobility services. The company’s shares are up 12% in Seoul this year, while Aptiv’s have surged 43% in New York.\--With assistance from Gabrielle Coppola.To contact the reporters on this story: Kyunghee Park in Singapore at firstname.lastname@example.org;Craig Trudell in New York at email@example.comTo contact the editors responsible for this story: Young-Sam Cho at firstname.lastname@example.org, ;Craig Trudell at email@example.com, Will Davies, Chester DawsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
SEOUL/NEW YORK, Sept 23 (Reuters) - Hyundai Motor Group will invest $1.6 billion in a joint venture to develop self-driving vehicle technologies with Aptiv, the biggest overseas investment by the South Korean carmaker to catch up to rivals in the autonomous car market. Global carmakers and their suppliers are forging alliances to develop autonomous car technologies partly due to the need to share the huge financial and technical burdens.
Aptiv (NYSE: APTV ) and Hyundai Motor Group have teamed up to form an autonomous driving joint venture which will see the two companies test fully driverless systems in 2020. The companies will aim to ...
Aptiv PLC and Hyundai Motor Co. Ltd. said Monday they are forming a self-driving car venture valued at $4 billion. The new entity will work to design, develop and commercialize autonomous vehicles of SAE Level 4 and 5, the companies said in a joint statement. The venture is expected to start testing cars in 2020 and have a production-ready self-driving platform available for robotaxi providers, fleet operators and automotive manufacturers in 2022. The companies each own a 50% stake in the ventures with Dublin-based Aptiv contributing autonomous driving technology, IP and about 700 employees focused on developing products. "Hyundai Motor Group affiliates -- Hyundai Motor, Kia Motors and Hyundai Mobis -- will collectively contribute $1.6 billion in cash at closing and !0.4 billion in vehicle engineering services, R&D resources, and access to intellectual property," said the statement. The venture will be headed by Karl Iagnemma, president of Aptiv Autonomous Mobility and based in Boston. The deal is expected to close in the second quarter of 2020. Aptiv shares were slightly lower premarket, but have gained 41% in 2019, while the S&P 500 has gained 19%.