|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||31.00 - 31.00|
|52 Week Range||25.50 - 44.00|
|Beta (5Y Monthly)||0.34|
|PE Ratio (TTM)||8.14|
|Forward Dividend & Yield||1.75 (5.26%)|
|Ex-Dividend Date||Jun. 26, 2019|
|1y Target Est||N/A|
Hyundai Motor became the first major global automaker to suspend production outside China, due to disruptions in supply chain caused by the Coronavirus outbreak. Several car giants including Ford, Nissan and Honda Motor have already suspended some plants within China this week in line with Beijing's guidelines. But now Hyundai has announced plans to gradually suspend its South Korean factories too starting on Tuesday. The virus outbreak in China has disrupted supplies of a vehicle component, and factories will be fully idled from February 7 to around February 10, a union official said. The factory suspension has been discussed since Monday due to a shortage of auto parts called wiring harnesses, auto industry officials told Reuters. One analyst said quote "Hyundai and Kia may be more affected" (than their rivals) as they tend to import more parts from China. South Korea imported over one and a half billion dollars worth of auto parts from China in 2019. The virus is having a major impact on other sectors too: Apple delayed reopening some suppliers' factories outside Wuhan to mid February. And clothing brands H&M and Levi said they have already shut stores which has hurt sales. This adds to the fallout that China the world's second largest economy has faced from the virus outbreak.
The hydrogen fuel cell market has a serious player emerging in South Korean automaker Hyundai Motor Corp., which is jumping into the hydrogen truck market to compete with Nikola, Toyota and Tesla
Hyundai Motor Group Chairman Mong-Koo Chung plans to give up his board seat, in the latest sign that the octogenarian patriarch of South Korea's second-largest conglomerate is preparing to hand the reins over to his son. The company said on Wednesday it would propose Chief Financial Officer Kim Sang Hyun as a replacement for Chung on the board. Chung, the son of Hyundai's founder, has been stepping back from frontline operations in recent years.
Hyundai Motor Group said it will jointly develop an electric vehicle platform with Los Angeles-based startup Canoo, the latest startup tapped by the automaker as part of an $87 billion push to invest in electrification and other future technologies. The electric vehicle platform will be based on Canoo's proprietary skateboard design, according to the agreement that was announced Tuesday. The platform will be used for future Hyundai and Kia electric vehicles as well as the automaker group's so-called "purpose built vehicles." The PBV, which Hyundai showcased last month at CES 2020, is a pod-like vehicle that the company says can be used for various functions in transit, such as a restaurant or clinic.
It was the second such deal announced in recent weeks by Hyundai and sister company Kia Motors Corp, which in mid-January said they would invest $110 million in UK startup Arrival and jointly develop electric commercial vehicles. In Seoul, a Hyundai spokesperson said the automaker's partnership with two-year-old Canoo would focus on smaller electric passenger vehicles about the size of its Accent compact.
(Bloomberg) -- Hyundai Motor Group has struck a deal to develop electric vehicles with Los Angeles-based startup Canoo. Under the terms of the agreement, announced on Tuesday, Hyundai and its Kia affiliate will gain access to Canoo’s engineers and technology as the two South Korean automakers look to expand their production of EVs. Hyundai and Kia both recently announced plans to invest heavily in electric technology over the next six years, including a $110 million joint investment in U.K. startup Arrival, which also counts United Parcel Service Inc. as an investor, to build electric commercial fleets.Canoo, founded in 2017 by a pair of former BMW executives, plans to sell electric vehicles by subscription starting in 2021 in Los Angeles and San Francisco. In September it unveiled its first model, a seven-seat van that co-founder Ulrich Kranz calls “a loft on wheels.” Canoo uses a modular “skateboard” architecture: The powertrain, batteries and suspension are contained within a slim platform that can support different cabins and exteriors, or “top hats” in the industry parlance. Hyundai and Kia plan to use the Canoo platform for both private cars and commercial fleets. In a statement announcing the deal, Hyundai said it expects Canoo’s skateboards will allow for the standardized development and assembly of a range of vehicles and for a flexible design that can respond quickly to customer preferences.“We were highly impressed by the speed and efficiency in which Canoo developed their innovative EV architecture, making them the perfect engineering partner for us,” Albert Biermann, Hyundai’s head of research and development, said in the statement.Both Canoo and Hyundai declined to disclose financial terms. The agreement expires later this year but can be extended if Canoo meets set milestones. Kranz said Canoo remains open to working with other automakers. The company is using an undisclosed contract manufacturer to build its own vehicles. While both Hyundai and Kia have introduced all-electric offerings in the past few years—the Kona and Ioniq from Hyundai, the Niro and Soul from Kia—they remain small players, especially in the U.S. market. Kia said it plans to offer 11 electric vehicles by 2025, with 25% of sales coming from “eco-friendly” vehicles. Combustion-engine SUVs, including the new three-row Hyundai Palisade, are the main source of profits for the company.To contact the author of this story: Ira Boudway in New York at firstname.lastname@example.orgTo contact the editor responsible for this story: Dimitra Kessenides at email@example.comFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
In a newly released interview, National Institutes of Health Director Francis Collins warned that cases of coronavirus are rising quickly, especially in China.
South Korea's Kia Motors is discussing with the Indian state of Tamil Nadu the possibility of moving a $1.1 billion (845.83 million pounds) plant out of neighbouring Andhra Pradesh only months after it fully opened, due to policy changes last year, sources close to the talks told Reuters. Kia inaugurated the Andhra plant, its first in the world's fifth-largest car market, in December after two years of construction. Kia said in a statement it has a long-term commitment to the Indian market and it aims to utilize the full capacity of its Andhra plant "before considering further expansion".
(Bloomberg) -- Hyundai Motor Co. is halting production in South Korea this week because of a component shortage caused by the coronavirus, the first global automaker to suspend output outside China because of the outbreak.The carmaker has been hit by a shortage of a wiring component made at a South Korean supplier’s plant in China, which has been halted after a worker was infected by the virus, Hyundai Motor’s labor union said. Production may resume from Feb. 11 or 12, a union spokesman said by phone Tuesday. A company spokesman confirmed the suspension without giving details.The stoppage comes as Hyundai Motor is trying to ramp up production of new sport utility vehicles and a revamped version of its most popular Sonata sedan. The coronavirus has killed more than 400 people in China and the outbreak has led to the shutdowns of several plants in the world’s biggest car market.“The company is reviewing various measures to minimize the disruption of its operations, including seeking alternative suppliers in other regions,” Hyundai Motor said in an emailed statement. “Hyundai Motor will closely monitor developments in China and take all necessary measures to ensure the prompt normalization of its operations.”The production halt could also undermine output of Hyundai Motor’s first SUV under its luxury brand Genesis, which went on sale last month.Hyundai Motor shares gained 0.4% to close at 124,000 won in Seoul. That compares with a 1.8% gain for the benchmark Kospi index.The outbreak is expected to undermine a recovery in China’s car market this year. IHS Markit, which earlier predicted a 10% drop in first quarter production, now sees a scenario in which the coronavirus spreading rapidly across the country triggers a cascade of plant closings that lasts into mid March and reduces output by more than 1.7 million cars -- a decline of a furhter 32%.Though concrete estimates on the financial toll of the coronavirus outbreak are still scarce, it’s clear the final cost will far outweigh that of the 2003 SARS epidemic, when China’s auto market was one-sixth the size it is today and smaller than that of Japan. Companies from Tesla Inc. to Volkswagen AG and Toyota Motor Corp. have warned they anticipate disruptions.General Motors Co. and Honda Motor Co. are among the manufacturers with factories in the Wuhan region, where the outbreak started, while state-owned Dongfeng Motor Corp. is headquartered in the city of about 11 million people.The government extended the annual Lunar New Year holiday break -- with its workplace closures -- by several days to curb potential exposure. Tesla was among the companies saying they’re monitoring potential supply-chain interruptions for cars built outside China, as well.GM, Toyota and Volkswagen also closed their plants at least through Feb. 9, taking heed from several provinces that advised companies not to resume operations any sooner than the extended holiday break.(Uppdates with comment from Hyundai in fourth paragraph)To contact the reporter on this story: Kyunghee Park in Singapore at firstname.lastname@example.orgTo contact the editors responsible for this story: Young-Sam Cho at email@example.com, Ville Heiskanen, Will DaviesFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Hyundai Motor will suspend production in South Korea because the coronavirus outbreak has disrupted the supply of parts, it said, becoming the first major carmaker to do so outside of China. The flu-like virus has killed more than 400 people and its economic impact has spread beyond mainland China. In China, global automakers have already extended factory closures in line with government guidelines.
Hyundai Motor said on Friday it planned to skip South Korean production of its Palisade sport utility vehicle this weekend to cope with a supply disruption caused by a virus outbreak, its spokesperson said on Friday. Its crosstown rival Ssangyong Motor also said it will idle its plant in the South Korean city of Pyeongtaek from Feb. 4 to Feb. 12, as China's factory suspension had disrupted parts supplies. The suspension illustrates that China's extended factory closures ripple through supply chains across China and beyond.
Hyundai Motor Co will introduce its Kona Electric model at its factory in the Czech Republic from March as it looks to triple availability to European customers this year, the company said on Thursday. "This will drastically reduce delivery times for customers in Europe," it said in a statement. It said it aimed to provide more than 80,000 zero-emission vehicles to European customers in 2020, including the Kona Electric, IONIQ Electric and NEXO fuel cell car.
Elliott Management sold all its shares in Hyundai Motor Group companies last year after it was thwarted in its campaign for huge special dividends and board seats, South Korean media reported. Hyundai Motor also declined to comment. Elliott held more than $1 billion worth of shares in Hyundai Motor , Kia Motors and Hyundai Mobis , an Elliott unit said in April 2018.
Hyundai Motor Co turned in its best quarterly operating profit in over two years and said it was on track for higher profit margins in 2020, powered by more sales of sport-utility vehicles (SUVs) such as the Palisade and Kona. The better-than-expected operating earnings, which fuelled a rise in shares, indicates measures by Hyundai Motor Group heir-apparent Euisun Chung to revamp the image of the automaker known for its sedan-heavy lineup were beginning to pay off. Hyundai said it would meet its target for a 5% operating profit margin this year, versus 3.5% in 2019, by selling even more SUVs and launching fully redesigned versions of some of its best-selling models, the Elantra sedan and the Tucson SUV.
Hyundai Motor Co and sister firm Kia Motors Corp are making the investment of 100 million euros (84.34 million pounds) in Arrival Ltd. Founded in 2015 and based in London, Arrival has developed a boxy, futuristic-looking shuttle bus aimed at the commercial delivery market. In a statement, Arrival said it will work with Hyundai and Kia to develop a variety of electric vehicles, initially for the commercial market.
South Korea's Hyundai Motor Co unveiled the first sport-utility vehicle (SUV) under its Genesis brand on Wednesday, a move analysts said was crucial for the premium marque's expansion in overseas markets. The brand, spun off in 2015, is an initiative of Hyundai Motor Group heir-apparent Euisun Chung aimed at revamping the image of the value-for-money automaker. The automaker plans to launch the GV80 SUV in North America in the first quarter of 2020.
A little less than three years after it first announced its vision for adding flying taxi service to its portfolio of offerings, Uber has landed its first auto manufacturing partner on the skyway to making its Air Taxis real. The company announced at the Consumer Electronics Show that it would be working with Hyundai Motor Company as the first major auto manufacturer to join Uber's Elevate program. As part of the partnership, Hyundai said it will produce and deploy the air vehicles with Uber providing the logistics services including airspace support, connections to ground transportation and customer interfaces through its aerial ride sharing network.
Hyundai Motor is partnering with Uber to develop and potentially mass produce air taxis for a future aerial ride share network. The partnership is the latest addition to Uber Elevate's growing network that includes Aurora Flight Sciences, which is now a subsidiary of Boeing, Bell, Embraer, Joby Aviation, Pipistrel Aircraft, Karem Aircraft and Jaunt Air Mobility.
U.S. ride-hailing company Uber Technologies Inc and South Korean automaker Hyundai Motor have teamed up to develop electric air taxis, joining the global race to make small self-flying cars to ease urban congestion. Global players like Germany's Daimler , China's Geely Automobile and Japan's Toyota have all unveiled investments in startups that aim to deploy electric flying cars capable of vertical takeoff and landing. Uber and Hyundai, for instance, gave widely different timelines for commercialization, underlining these challenges.
South Korea's Hyundai Motor and affiliate Kia Motors turned in their lowest sales in seven years in 2019 as business in China slumped, missing their target for a fifth straight time, but forecast better numbers for 2020. Weak 2019 sales underline the challenges Hyundai Motor Group has been facing, including a string of annual profit declines at Hyundai and higher costs to develop future technologies even as the global auto market stagnates. "The market environment is very uncertain and internal and external challenges will intensify," Group heir apparent Euisun Chung said on Thursday.
While analysts doubt Ballard Power will retrace its previous highs, 2019 has been a resoundingly positive year for investors. Toronto-listed shares have surged nearly 150 per cent year-to-date.
Hyundai Motor and affiliate Kia Motors have decided to secure electric vehicle batteries from SK Innovation for the next four to five years, Maeil Business Newspaper said on Friday, citing industry sources. SK Innovation, Hyundai Motor and Kia declined to comment. Hyundai Motor said in October it would launch 16 EV models by 2025, aiming to boost EV sales 560,000 by then, a level that would be equivalent to more than 10% of its projected global sales this year.
Hyundai Motor plans to invest about 61.1 trillion won ($51.81 billion) between 2020 and 2025, the company said on Wednesday, with a third of the expenditure focused on electric and autonomous vehicles, but analysts want to see it deliver. Shares in Hyundai rose as much as 2% on the news, only to give up most of their gains by the close of trade, with analysts waiting to see how its intentions translate into action. "Its announcement of investment plan and goals is full of good words, but not real results yet," said Lee Han-joon, an analyst at KTB Investment & Securities.