Hyundai Motor finalises $5 billion US battery venture, doubles Q1 profit

📆 25/4/2023 5:07 pm
📰 ChannelNewsAsia

⏱ Reading Time:
13 sec. here
2 min. at publisher
📊 Quality Score:
News: 8%
Publisher: 66%

Singapore Singapore Headlines News

Singapore Singapore Latest News,Singapore Singapore Headlines

SEOUL :South Korea's Hyundai Motor Co said on Tuesday it had finalised a $5 billion electric vehicle (EV) battery joint venture in the U.S., as it reported first-quarter net profit had more than doubled, exceeding expectations.Hyundai and partner SK On, a battery unit of SK Innovation Co Ltd, will set up a ne

SEOUL :South Korea's Hyundai Motor Co said on Tuesday it had finalised a $5 billion electric vehicle battery joint venture in the U.S., as it reported first-quarter net profit had more than doubled, exceeding expectations.

The move follows new U.S. requirements for 50 per cent of the value of EV battery components to be produced or assembled in North America for car buyers to qualify for a $3,750 credit. The U.S. is Hyundai's largest market for sales.

Write Comment

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Hyundai Motors finalises $5 billion battery JV in US, doubles Q1 profitSEOUL :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.Hyundai and partner SK On, a battery unit of SK Innovation Co Ltd, will set up
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »