Tuesday, April 25, 2023

Hyundai Motors finalises $5 billion battery JV in US, doubles Q1 profit

Story by Reuters • Yesterday 

SEOUL (Reuters) -South Korea's Hyundai Motor Co said on Tuesday it had finalised a $5 billion electric vehicle (EV) battery joint venture in North America, as it reported first-quarter net profit had more than doubled, exceeding expectations.


2022 World Car Awards at the New York International Auto Show, in New York City© Thomson Reuters

Hyundai and partner SK On, a battery unit of SK Innovation Co Ltd, will set up a new battery manufacturing plant in the state of Georgia, the companies said, formalising an earlier provisional agreement.

Hyundai reported a net profit of 3.3 trillion won ($2.47 billion) for the January-March period versus a profit of 1.6 trillion won a year earlier, thanks to a rise in vehicle output as a global chip shortage eased and demand for its high-margin sport-utility vehicles remained strong.

That compared with a Refinitiv SmartEstimate for first-quarter profit of 2.3 trillion won from 16 analysts.
Samsung SDI, GM to build $3 billion joint EV battery plant in US


SEOUL (Reuters) - Samsung SDI Co Ltd said on Tuesday it will invest $3 billion or more to build a joint venture electric vehicle (EV) plant with General Motors Co in the United States.


FILE PHOTO: Logo of GM atop the company headquarters© Thomson Reuters

Targeted to start in 2026, the plan aims to have an annual production capacity of 30 gigawatt hours (GWh), Samsung SDI said in a regulatory filing. The company said the location of the planned JV plant is not yet decided.


Reuters reported on Monday that the two companies were set to announce their plan to build a joint venture battery manufacturing plant in the United States.

(Reporting by Heekyong Yang and Joyce Lee; Editing by Louise Heavens)

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