Ultime notizie per Hyundai Motor (OTC:HYMTF) Azioni

Hyundai Motor

Hyundai Motor Co is engaged in the manufacturing and distribution of motor vehicles and parts. The business of the group is operated through a vehicle, finance, and other segments. Its vehicle segment is engaged in the manufacturing and sale of motor vehicles. The finance segment operates vehicle financing, credit card processing, and other financing activities. Others segment includes the research and development, train manufacturing and other activities. The company derives majority of the revenue from vehicle segment.

HYUNDAI MOTOR REG S by Hyundai Motor Co., Ltd.

Hyundai Motor Co

<ul>
<li>Hyundai Motor Company and Toyota Motor Corporation host inaugural &#39;Hyundai N x TOYOTA GAZOO Racing Festival&#39;, bolstering motorsport culture in&nbsp;South Korea</li>
<li>Hyundai Motor Group Executive Chair&nbsp;Euisun Chung&nbsp;and Toyota Chairman&nbsp;Akio Toyoda&nbsp;actively participate in dynamic vehicle show runs</li>
<li>The festival features a variety of high-performance vehicles from both companies, including Hyundai&#39;s IONIQ 5 N Drift Spec and Toyota&#39;s GR YARIS Rally 1 HYBRID</li>
<li>Hyundai Motor continues to develop South Korean motorsport culture with latest event, building on past initiatives spanning more than two decades</li>
</ul>

News

HYMTF

Reported Sunday, Hyundai And Toyota Unite To Boost Motorsport Culture With Inaugural 'N x GAZOO Racing Festival' In South Korea

Volkswagen's (OTCPK:VWAGY) chief marketing officer and head of product strategy for China, Jochen Sengpiehl, was deported from China after testing positive for cannabis during a mandatory customs drug test. The test was conducted after Sengpieh's return from a vacation in Koh Samui, Thailand.
After routine test results revealed traces of marijuana in his system, Chinese authorities detained Sengpiehl for questioning, reportedly holding him for more than 10 days, <a href="https://www.wardsauto.com/volkswagen-group/volkswagen-official-deported-from-china-for-cannabis-use">writes</a> wardsauto. Per the reports, Chinese President Xi Jinping ordered his deportation.
The creator of VW's famous slogan "Das Auto," Sengpiehl played a crucial role in positioning the company's electric-vehicle business in a highly competitive Chinese market. He previously worked for top brands like Nissan (OTCPK:NSANY), DaimlerChrysler and Hyundai (OTCPK:HYMTF). 
Thailand decriminalized cannabis in 2022 and <a href="https://www.benzinga.com/markets/cannabis/24/04/38023610/heres-what-you-need-to-know-about-weed-legalization-in-germany-that-just-took-effect">Germany partially legalized it this past April</a>, However, in China, cannabis consumption is treated with zero tolerance.
Following the liberalization of cannabis laws in Thailand, tourists primarily from Asian countries like Japan, Malaysia, China and the Philippines are viewed as <a href="https://www.benzinga.com/markets/cannabis/24/07/39922637/thailand-will-not-re-criminalize-cannabis-prime-minister-agrees-to-regulate-industry-instead-wha">common as cannabis customers</a>. Singapore&#8217;s Central Narcotics Bureau announced plans to randomly test people returning from Thailand. China&#8217;s embassy in Thailand also cautioned Chinese tourists that consuming cannabis abroad could lead to penalties upon their return, as such actions are considered domestic violations.
Read Also: <a href="https://www.benzinga.com/markets/asia/24/09/40832311/inside-the-thai-retreat-with-cannabis-infused-wellness-treatments-that-target-insomnia-and-more">Inside The Thai Retreat With Cannabis-Infused Wellness Treatments That Target Insomnia And More</a>
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<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter <a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.</li>
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<h2 class="wp-block-heading">VW In China</h2>
Volkswagen is under pressure from local manufacturers like BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>), a publicly listed Chinese multinational manufacturing conglomerate. Last year, BYD overtook Volkswagen as China's best-selling car brand.
In September, Volkswagen partnered with the German start-up Revoltech GmbH to research and develop sustainable materials <a href="https://www.benzinga.com/markets/cannabis/24/09/40689578/volkswagen-considers-hemp-to-develop-sustainable-substitute-for-imitation-leather">based on industrial hemp.</a> These could be used as sustainable surface materials in Volkswagen models from 2028.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cannabis/24/10/41433381/federal-court-orders-alaska-airlines-to-rehire-mechanic-fired-over-cannabis">Federal Court Orders Alaska Airlines To Rehire Mechanic Fired Over Cannabis</a></li>
</ul>
Price Action
Volkswagen shares closed Monday's market session 0.10% lower at $10.20 per share.
 Photo: Gyuszko-Photo on Shutterstock

Asia

Cannabis

Eurozone

BYDDF

NSANY

VWAGY

Volkswagen Executive Deported From China After Positive Cannabis Test

<ul>
<li>Hyundai Motor Group and&nbsp;Nanyang Technological University,&nbsp;Singapore&nbsp;collaborate in the field of hydrogen energy and advanced energy system</li>
<li>The partnership aims to advance towards carbon neutrality through joint research with world-renowned NTU</li>
<li>HMGICS,&nbsp;NTU and A&#x2A;STAR to establish a tripartite Corporate Lab Program for collaborative research in AI, robotics and 3D printing</li>
</ul>

Reported Earlier, Hyundai And NTU Singapore Launch Joint Research On Sustainable Energy And Manufacturing Solutions

On Friday, Hyundai Motor Company (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>) and Waymo by Google parent Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) announced in a joint statement that they have entered into a multi-year strategic collaboration. The initial phase involves integrating Waymo&#8217;s sixth-generation autonomous technology, known as the &#8220;Waymo Driver,&#8221; into Hyundai&#8217;s all-electric IONIQ 5 SUV.
What Happened: The IONIQ 5 vehicles will be manufactured at Hyundai&#8217;s new EV facility in Georgia and will join the Waymo One fleet. The companies aim to produce a significant volume of these vehicles over several years to support Waymo One&#8217;s expansion. Testing of the Waymo-enabled IONIQ 5 is expected to commence by late 2025, with availability to riders following in subsequent years, according to PRNewswire.
Waymo&#8217;s co-CEO, Tekedra Mawakana, expressed enthusiasm about the partnership, highlighting Hyundai&#8217;s commitment to sustainability and electric vehicles. José Muñoz, president and global COO of Hyundai, emphasized the shared vision of enhancing safety, efficiency, and convenience in transportation. The collaboration marks the beginning of further joint efforts between the two companies.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41157836/teslas-cybercabs-could-be-a-potential-ride-sharing-disruptor-says-analyst-heres-wha?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla&#8217;s &#8216;Cybercabs&#8217; Could Be A Potential Ride-Sharing Disruptor, Says Analyst: Here&#8217;s What Investors Can</a>
Chang Song, President of Hyundai&#8217;s Advanced Vehicle Platform Division, noted that the partnership aligns with Hyundai&#8217;s autonomous vehicle foundry initiative, which aims to support global autonomous driving companies with advanced vehicles.
The announcement comes ahead of Tesla&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41181089/tesla-robotaxi-event-might-have-3-product-announcements-but-will-likely-be-light-on"> Robotaxi event slated</a> for Oct. 10 where CEO Elon Musk is expected to reveal three vehicles.
Why It Matters: The collaboration between Hyundai and Waymo signifies a significant step in the autonomous vehicle industry. This comes at a time when Waymo&#8217;s expansion into autonomous ride-hailing services is gaining momentum. In a recent <a href="https://www.benzinga.com/markets/equities/24/09/40855784/uber-stock-spikes-as-ceo-praises-waymos-fully-autonomous-trips">partnership with Uber</a>, Waymo plans to launch autonomous ride-hailing services in Austin and Atlanta by early 2025. This collaboration will involve Uber managing a fleet of Waymo&#8217;s fully autonomous, all-electric Jaguar I-PACE vehicles.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/10/41113339/elon-musk-resumes-slamming-fccs-decision-to-deny-starlink-885m-subsidy-after-fema-sends-its-terminal?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Resumes Slamming FCC&#8217;s Decision To Deny Starlink $885M Subsidy After FEMA Sends Its Terminals To Help Hurricane Helene Victims</a></li>
</ul>
Image via press release
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Tech

General

GOOG

GOOGL

TSLA

Ahead Of Tesla Robotaxi Event, Alphabet's Waymo Partners With Hyundai For Autonomous Taxi Expansion

In the first phase of this partnership, the companies will integrate Waymo&#39;s sixth-generation fully autonomous technology &ndash; the Waymo Driver &ndash; into Hyundai&#39;s all-electric IONIQ 5 SUV, which will be added to the Waymo One fleet over time.

Hyundai Motor, Waymo Enter Multi-year Strategic Partnership

While Ford Motor (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/f#NYSE">F</a>) remains focused on hybrids in the near-term, General Motors (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gm#NYSE">GM</a>) has been significantly&nbsp;increasing its EV portfolio, and Hyundai Motor Company (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hymtf#OTC">HYMTF</a>) is maintaining its EV sales momentum as it works on solidifying its EV positioning.
On Wednesday, Ford announced that it&nbsp;sold a total of 504,039 vehicles during the third quarter, which marks a YoY improvement of 0.7%. Year-to-date, Ford experienced a sales rise of 2.7% as it sold 1,548,172 vehicles.Hybrids led the way as Ford sold 48,101 of them, with sales growing as much as 38%. &nbsp;Ford revealed its struggling EV business also grew 12.2% to 23,509 sold vehicles but EV sales growth slowed, causing Ford to lose its EV lead to its Detroit peer, General Motors. During the first nine months of the year, Ford sold 67,689 EVs, up 45% on an annual&nbsp;basis. This places Ford just behind General Motors who sold 70,450 EVs through September. On Tuesday, GM reported that this figure that includes a rise of about 60% during the third quarter. But both Ford and General Motors continue to trail Hyundai Motor Company, who remains a distant second to the EV king, Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>).
Meanwhile, Tesla revealed on Tuesday its third quarter deliveries grew 6.4%&nbsp;YoY. &nbsp;Out of 462,890 units that Tesla delivered, Model 3 and Model Y making up 439,975 of those deliveries. During the quarter, Tesla also revealed it produced 469,796 vehicles, with 443,668&nbsp;of them being also Model 3 and Model Y.&nbsp;
At its recent CEO Investor Day, Hyundai announced its plans for boosting profitability by diversifying its hybrid and EV lineups. Hyundai Motor Company&nbsp;and Kia Corporation also just announced a joint venture to enhance competitiveness in future EV batteries by launching a new manufacturing process to develop lithium iron phosphate (LFP) battery cathode material. In addition, Hyundai has an ongoing partnership with the innovative clean-energy pickup accessory manufacturer, Worksport Ltd (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wksp#NASDAQ">WKSP</a>) for the solar-powered SOLIS tonneau cover whose alpha launch was released this month, along with its off-grid power partner, COR portable battery generator. Moreover, Worksport just announced it expanded its sales to Federal Government Agencies, after supplying its flagship made-in-USA&nbsp;AL3 Tonneau Covers for regular fleet purchases. Therefore, Hyundai already secured access to cutting edge solutions Worksport has to offer, like the SOLIS and COR power duo. Worksport is only an example of game-changing solutions that will undoubtedly support traditional automakers like Hyundai, Ford and GM to gear up for the EV era and possibly, catch up to Tesla sometime in the future.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

Penny Stocks

Markets

WKSP

Ford, GM And Hyundai Are Adapting Differently To The Evolving EV Dynamics

Ford Motor (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/f#NYSE">F</a>) is trying to revitalize the sagging EV demand by addressing range anxiety or more precisely, by providing&nbsp;easier&nbsp;access to charging. Specifically, Ford offered free chargers by the end of the year in hopes to boost EV sales and leases.
<h3>Ford&rsquo;s Attempt To Revive EV Demand</h3>
As of October 1st, all those who buy or lease a Ford Mustang Mach-E, F-150 Lightning pickup truck or E-Transit Cargo van&nbsp;receive the benefit of a free charger as well as of its installation. After its EV roadtrips across Europe and western U.S., Ford came to a realization that by focusing on the charging infrastructure on the road, automakers neglected that homes are the most reliable and consistent charging station for EV owners.&nbsp;
Additional charging help is also on the way.
This month, Worksport Ltd (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wksp#NASDAQ">WKSP</a>), a well-established innovator and manufacturer of &ldquo;made-in-the-USA&rdquo; pickup accessories and off-grid power solutions, initiated the Alpha launch of its clean power duo, the solar-powered tonneau cover SOLIS and COR mobile battery power generator. Also in September, Worksport announced it conducted successful lab test results of its COR portable energy system as a range extender for Tesla EVs, including the Model 3 and the Cybertruck.&nbsp;&nbsp;
Moreover, Worksport also just revealed it is&nbsp;progressing towards&nbsp;gaining the&nbsp;ISO 9000&nbsp;certification at its state-of-the-art West Seneca, NY factory anticipated&nbsp;by early-mid 2025.
<h3>Worksport&rsquo;s ISO 9000 Certification Update</h3>
With the ISO 9000 certification, Worksport would pave the way for OEM relationships, which means the possibility of indirect and direct sales to global car makers that include EV pioneers like Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) and Rivian Automotive (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rivn#NASDAQ">RIVN</a>), as well as traditional automakers like Ford, General Motors (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gm#NYSE">GM</a>), Hyundai Motor Company (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hymtf#OTC">HYMTF</a>), Honda Motor Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hmc#NYSE">HMC</a>), Stellantis N.V. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/stla#NYSE">STLA</a>), Nissan Motor Co Ltd (OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsany#OTC">NSANY</a>), and Toyota Motor Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tm#NYSE">TM</a>). While there are no guarantees, the ISO 9000 certification is a prerequisite for becoming a vendor and supply partner of the industry&rsquo;s greatest names like Toyota, GM, Ford, Toyota and others. For Worksport, this would be a major strategic milestone in terms of both quality and operational excellence. Considering that only less than 7% of the tonneau cover industry&nbsp;holds this&nbsp;certification, it would position Worksport as a leading manufacturer, especially with its patented solar tonneau covers.&nbsp;
No matter what, the EV revolution is happening.
While these initiatives and novelties won&rsquo;t fix the EV slowdown nor Ford&rsquo;s $5 billion loss from its unprofitable EV unit that is expected this year, it does show that despite challenges, the EV evolution continues.&nbsp;
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

RIVN

STLA

Automakers Are Doing Their Best To Combat The EV Slowdown

The U.S. Commerce Department proposed Monday an outright block on the import and sale of Chinese-made vehicles that contain key communications and automated driving systems due <a href="https://www.benzinga.com/topic/china">to national security concerns.</a>
This sweeping proposal, reported by Reuters, would have the effect of shutting out nearly all Chinese cars from the U.S. market, intensifying the ongoing economic standoff between the two global superpowers.
The proposed regulation would not only target vehicles but also encompass the software and hardware integral to modern connected cars. 
This means that any vehicle equipped with systems that facilitate internet connectivity or data sharing — which are now ubiquitous in newer models — could be banned if these technologies are sourced from China or any other nation deemed a foreign adversary, including Russia.
<h3 class="wp-block-heading">Heightened Security Concerns</h3>
The Biden administration has expressed growing concerns over the potential for data collected by Chinese automakers and tech companies to be used for espionage or to undermine U.S. infrastructure. 
With many modern cars linked to the internet, allowing them to communicate with external systems for navigation, safety features, and data storage, officials worry that Chinese companies could exploit these connections to gather sensitive information or even manipulate vehicle operations remotely.
For instance, an extreme scenario, as warned by government officials, could see adversaries remotely controlling vehicles or causing accidents at scale.
<h3 class="wp-block-heading">Impact On The Auto Industry, Stock Reactions</h3>
This new ban, if enacted, could be a game changer for the automotive industry. Chinese automakers such as BYD, Nio and Xpeng, which have been eyeing the U.S. market, would face significant roadblocks.
Even American and other international automakers that source components from Chinese suppliers could be impacted, especially when it comes to hardware and software development.
The Alliance for Automotive Innovation – a trade group representing major automakers including General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), Toyota Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>), Volkswagen AG (OTCPK: VWAGY), and Hyundai Motor Co., Ltd (OTCPK: HYMTF) – has expressed caution about the proposed bans, according to Reuters. 
Automakers noted that connected vehicle components are sourced globally, including from China, and that reconfiguring supply chains to avoid Chinese software and hardware could prove challenging.
While the group has not yet provided a detailed breakdown of how extensively Chinese-made parts are used in U.S. vehicles, it&#8217;s clear the proposed bans would require significant adjustments for automakers operating in the U.S. market.
Shares of General Motors fell over 3% during Monday premarket trading, while Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) rose 1.3%. 
Shares of major Chinese automakers had mixed reactions. NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) fell over 2%, while XPeng Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) dropped 0.8%. In contrast, Li Auto Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>) managed to rise by 1%, bucking the downward trend.
<h3 class="wp-block-heading">Broadening Trade War</h3>
This move is part of a broader campaign by the U.S. government to curb China&#8217;s influence in the American economy. Just last week, the Biden administration imposed hefty tariffs on Chinese imports, including a 100% duty on electric vehicles and key minerals used in EV batteries.
These combined measures could reshape the competitive landscape in the U.S. auto market, particularly in the growing electric vehicle sector.
In addition, the proposal could hamper Chinese companies&#8217; ability to test self-driving or autonomous cars on U.S. soil, limiting their participation in an industry expected to revolutionize transportation over the coming decades.
<h3 class="wp-block-heading">Timeline For Ban</h3>
The proposed rules would phase in over the next several years. Software restrictions would apply to vehicles from the 2027 model year onward, while hardware bans would take effect for 2030 models, starting as early as January 2029, Reuters said. 
This phased approach is designed to allow automakers time to adapt their supply chains and eliminate Chinese components from their vehicles. Given the global nature of the automotive supply chain, transitioning away from Chinese-made components could be a costly and complex process.
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<li><a href="https://www.benzinga.com/news/earnings/24/09/40976900/wall-street-eyes-modestly-positive-start-as-atypical-september-rally-generates-positive-sentiment-c">Wall Street Eyes Modestly Positive Start As Atypical September Rally Generates Positive Sentiment, China Cuts Rate: Intel, Palantir, Bitcoin Make Huge Moves</a></li>
</ul>

Government

Large Cap

Mid Cap

Regulations

Politics

Global

Econ #s

Media

XPEV

Chinese Vehicle Tech Faces Biden Administration Ban Over National Security Concerns: China EV Stocks Fall

R1T, the first electric pickup to hit the road, was the showpiece that launched Rivian Automotive (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rivn#NASDAQ">RIVN</a>). But considering that the&nbsp;R1S SUV&nbsp;became the signature vehicle Rivian got known for, launching the world&rsquo;s first electric pickup wasn&rsquo;t enough to launch Rivian among the EV stars. Even Ford Motor (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/f#NYSE">F</a>) couldn&rsquo;t repeat its F-150 best-selling success on the EV front. Not to mention the EV king, Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>), who&nbsp;successfully launched the Cybertruck after quite a bit of delays, only to face a new set of challenges. Even Tesla ended up short on the electric pickup front, with Cybertruck sales being pale compared to Model Y and Model 3. To sum it up, SUVs won against pickups in the EV race. For now.
Putting it simply, a larger EV means a less efficient EV. To move around, a heavier vehicle needs more energy and therefore, huge batteries. Rivian somewhat solved this equation with R1T&nbsp;that has the range option of&nbsp;420 miles, but it requires a huge and expensive battery pack. Stellantis N.V. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/stla#NYSE">STLA</a>) is claiming its all-electric Ram 1500 REV pickup will outperform its competitors with range, towing, payload, and charging times.&nbsp;Scheduled to arrive to dealerships early next year, this will be Ram&rsquo;s first electric pickup.&nbsp;2025 1500 REV&nbsp;will come with two battery options, resulting in targeted ranges of&nbsp;350-miles and up to 500 miles.&nbsp;This means Stellantis will leave behind not only Rivian, but also the pickup king, Ford and its 2024 Lightning, whose extended range of 320 miles, and the EV king, Tesla, whose Cybetruck has en estimated driving range of 340 miles. However, it&rsquo;s no secret that Stellantis is also struggling, both in North America and in Europe, with Chinese EV makers setting up shop as they continue to expand their global footprint. But, despite challenges and weak results for the first half of the year, including a profit dive of 48%, Stellantis is not giving up. Earlier this month, it revealed its plans to invest $406 million to retool three Michigan plants for EV production. But also, it is slowing down as a week ago, it decided to pause the production of electric Fiat 500 model for four weeks, with the plant in Turin will undergo a significant transformation, involving an investment of &euro;100 million, being equipped for developing a hybrid version of the model. Therefore, Stellantis is yet to fulfill its electric pickup promise.&nbsp;
<h3>The Good News Is That All Electric Pickups Just Got Some Solar Power</h3>
Meanwhile, Worksport Ltd (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wksp#NASDAQ">WKSP</a>), an innovative maker of hybrid and clean energy solutions for light trucks and global consumer goods, just initiated the Alpha Launch of its solar-power duo that pickups can greatly benefit from. Its off-grid power on the go duo consists of SOLIS solar-powered tonneau cover and COR mobile battery power generator. Worksport is planning to bring this innovative system to market in three phases, beginning with the Alpha release, followed by the Beta release and ultimately, a full-scale market launch. The initial Alpha release of its cutting-edge nano-grid system has officially been initiated, with Worksport announcing that approximately 100 systems have been set for rigorous testing and public exposure.&nbsp;Worksport already revealed that the SOLIS will be available for major truck brands including Ford, General Motors Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gm#NYSE">GM</a>) and the Hyundai Motor Company (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hymtf#OTC">HYMTF</a>). In addition, Worksport revealed earlier this month successful lab test results of the portable COR battery system as a range extender for Tesla, namely its Model 3 and Cybertruck.
Therefore, the above examples show that as technologies improve and economies of scale emerge, electric pickups will be in a much more favorable position in the future.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

Electric Pickups Just Got Some Solar Power To Ease Their Struggles

New Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) vehicle registrations in the European Union in the first eight months of 2024 dropped 15% as compared to the corresponding period last year<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39499253/elon-musks-ev-giant-will-see-revenue-from-its-auto-business-slumping-this-year-but-"> as overall electric vehicle (EV) demand dropped</a>, data from Europe&#8217;s auto industry body showed on Thursday.
What Happened: Only 152,607 new Tesla vehicles were registered this year in the EU as of the end of August, as compared to 179,363 registrations in the corresponding period of last year, the European Automobile Manufacturers Association (ACEA) said. 
Dearborn-based Ford Motor Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) is not faring great in the EU either. In the eight months that ended August, Ford&#8217;s new vehicle registration dropped 16% to 210,351 units. 
However, Swedish automaker Volvo Cars, majority-owned by China&#8217;s Geely, saw new car registrations rise 38% to 192,365 units while Chinese state-owned SAIC Motor also marked an 18% growth in registrations to 102,924 units.
Japan-based Toyota Motor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) witnessed its registrations rise by 18% this year through the end of August to 571,574 units even as rivals including Stellantis (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) and Hyundai (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>) recorded a 3.2% and 4.3% dip in registrations, respectively.
German automaker Volkswagen (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>) continues to be the best-selling car brand in the EU, with 1.9 million new vehicles registered in the first eight months of 2024, growing by 1.6% over the same period last year.
Why It Matters: Overall, 7.2 million new cars have been registered<a href="https://www.benzinga.com/news/24/07/39635158/eu-imposes-provisional-duties-of-as-much-as-37-6-on-chinese-ev-imports"> in the EU</a> this year as of the end of August, marking a growth of 1.4% from last year. 
Hydrid electric vehicles&#8217; popularity in the period rose, as depicted by the 21% rise in registrations. Battery electric vehicle registrations dipped 8.3% while diesel vehicle registrations dropped 9.7%.
On Wednesday, the ACEA took note of the drop in BEV market share in the EU. &#8220;European auto manufacturers, united in ACEA, therefore call on the EU institutions to come forward with urgent relief measures before new CO2 targets for cars and vans come into effect in 2025,&#8221; it said. 
EV adoption and production are hindered by a lack of charging infrastructure and a competitive manufacturing environment, it said, while adding that the current emission rules do not account for the profound shift in the geopolitical and economic climate over the past years. 
The 2025 CO2 emission targets could result in multi-billion euro fines, production cuts, and job losses, ACEA said, while calling for the CO2 regulations for light-duty and heavy-duty vehicles to be reviewed next year. 
&#8220;We stand ready to discuss a package of short-term relief for the 2025 CO2 targets for cars and vans, as well as a fast-track, comprehensive, and robust review of the CO2 Regulations for both cars and trucks, plus targeted secondary legislation, to get the zero-emission transition firmly on track and secure Europe's industrial future,&#8221; it said. 
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
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</ul>
Photo courtesy: Unsplash

Tesla Registrations In EU Take A Hit In 2024 As EV Demand Slows: Volkswagen, Volvo, And Toyota Continue To Gain Speed

On Thursday, General Motors (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gm#NYSE">GM</a>) and Hyundai Motor Company (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hymtf#OTC">HYMTF</a>) announced that they signed a memorandum to&nbsp;explore joint product development, manufacturing, and clean energy technologies.&nbsp;Together, they will try to find ways to leverage their scale and complementary strengths to lower costs and bring a wider range of vehicles and technologies to customers faster.&nbsp;Yet, this agreement won&rsquo;t be limited ot EVs, as it will also explore hydrogen-powered and ICE vehicles, including both passenger and commercial vehicles. With combined expertise and innovative technologies, Hyundai and GM are hoping to enhance their competitiveness in key markets and vehicle segments.
<h3>GM And EVgo Partnership Also Gained A&nbsp;New Chapter</h3>
In addition, GM also disclosed in a separate note that it is expanding its partnership with&nbsp;EVgo Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/evgo#NASDAQ">EVGO</a>). As they continue to expand their charging network, EVgo and GM plan to install 400 fast charging stalls at key metropolitan locations across the US. GM and EVgo plan to install 2,850 DC fast charging stalls altogether, with funds redirected to enhance premium charging experiences at key sites.
Hyundai has an eye for emerging technologies. Back in 2022, Hyundai America Technical Center Inc entered into a formal agreement with a maker of clean energy-powered pickup accessories, Worksport Ltd (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wksp#NASDAQ">WKSP</a>). Hyundai secured prototypes of a solar-powered tonneau cover SOLIS and a&nbsp;modified version of the COR portable energy storage system that Worksport made,&nbsp;modified for the bed geometry of the Hyundai Santa Cruz Pickup Truck. Worksport is expected to launch the alpha release of this groundbreaking duo this month. Earlier this month, Worksport also revealed it&nbsp;successfully lab&nbsp;tested the COR to extend the range of Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) EVs,&nbsp;namely its&nbsp;Model 3 and Cybertruck.&nbsp;
General Motors and Hyundai followed the footsteps of&nbsp;Nissan Motor Co. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsany#OTC">NSANY</a>), Honda Motor Co. Ltd (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hmc#NYSE">HMC</a>), and Mitsubishi Motors Corporation.&nbsp;Back in August, Nissan, Honda and Mitsubishi announced they signed a memorandum to work together on a framework for further intelligence and electrification of automobiles. Last month, Nissan and Honda&nbsp;also announced they signed a second memorandum of understanding based on an agreement signed in March. Together, Nissan and Honda joined forces in research, development, and investment in various technologies to promote the spread and evolution of EVs&nbsp;and software-defined vehicles (SDVs).
<h3>The Automotive Market Is Not The Best Place To Be At Right Now</h3>
Even Europe&rsquo;s largest carmaker, Volkswagen (OTC: <a class="ticker" href="https://www.benzinga.com/stock/vwagy#OTC">VWAGY</a>) is considering shutting down factories for the first time in decades. But despite an alarming situaton, Volkswagen is not abandoning its home, Germany. It&rsquo;s becoming tougher and tougher to compete and this is not only the case in Europe. Volkswagen already suffered a sharp market loss in China thanks to BYD (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>) and BYD is now going for Europe. BYD has been giving headaches to many automakers across the globe, beginning with the EV pioneer, Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) with whom it stands shoulder to shoulder on the EV front, with the two being the world&rsquo;s largest EV makers. Even with aggressive discounting, Tesla does not have the right formula to challenge&nbsp;BYD. From January to August, CPCA reported that BYD held 34.6% of the Chinese NEV market, leading the way, with Tesla taking third place with a market share of 6.5%. When it comes to the retail passenger car market in August alone, including both traditional internal combustion engine vehicles, BYD led with a market share of 19.9% while Tesla ranked 9th with a market share of 3.3%, being surpassed by joint&nbsp;ventures of Volkswagen and others.&nbsp;
<h3>A Future Built On Partnerships</h3>
As it continues to undergo its biggest transformation in a century, the automotive landscape is messy, to say the least. The electric revolution is underway but automakers are having a tough time to evolve. Only time will show who will make the cut in the new EV era and by the looks of it, no one is powerful enough to go at it alone.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

Small Cap

BYDDY

EVGO

GM And Hyundai Join Forces To Boost Competitiveness And Improve Efficiency

General Motors Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) shares are trading higher on Thursday. The company agreed to explore collaboration with Hyundai Motor Co., Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>) to reduce costs and accelerate <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/n40828038/hyundai-and-gm-sign-memorandum-of-understanding-to-explore-collaboration-on-vehicles-supply-chain-" rel="noreferrer noopener">vehicle and technology development</a>.
The framework agreement aims to enhance vehicle development efficiency through greater scale and disciplined capital allocation.
The companies&#8217; area of focus includes co-developing passenger and commercial vehicles and advancing clean energy, electric, and hydrogen technologies.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/09/40752747/trump-wants-to-end-ev-tax-credits-but-yellen-warns-of-higher-bills-lost-jobs-and-chinas-gain" rel="noreferrer noopener">Trump Wants To End EV Tax Credits But Yellen Warns of Higher Bills, Lost Jobs, and China&#8217;s Gain</a>
The companies will also explore joint sourcing for battery raw materials, steel, and other components.
General Motors Chair and CEO&nbsp;Mary Barra stated, &#8220;GM and Hyundai have complementary strengths and talented teams. Our goal is to unlock the scale and creativity of both companies to deliver even more competitive vehicles to customers faster and more efficiently.&#8221;
Read: <a target="_blank" href="https://www.benzinga.com/news/24/09/40724845/gm-lg-ultium-cells-jv-agrees-to-union-recognition-at-tennessee-battery-plant-says-uaw" rel="noreferrer noopener">GM-LG Ultium Cells JV Agrees To Union Recognition At Tennessee Battery Plant, Says UAW</a>
Hyundai Motor Group Executive Chair&nbsp;Euisun Chung said, &#8220;This partnership will enable Hyundai Motor and GM to evaluate opportunities to enhance competitiveness in key markets and vehicle segments, as well as drive cost efficiencies and provide stronger customer value through our combined expertise and innovative technologies,&#8221;&nbsp;
Apart from this, in a seperate release, EVgo Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EVGO#NASDAQ">EVGO</a>) and General Motors disclosed that they are expanding their partnership by installing 400 fast charging stalls at key locations <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b40830463/evgo-and-gm-take-charging-to-the-next-level-with-new-flagship-destinations-set-to-optimize-the-cha" rel="noreferrer noopener">in major U.S. metropolitan areas</a>.
Alongside the flagship locations, EVgo and GM will continue expanding their metropolitan charging network, aiming to install 2,850 DC fast charging stalls, with funds redirected to enhance premium charging experiences at key sites.
Last week, General Motors announced it would start manufacturing its <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40730559/whats-going-on-with-general-motors-shares-today" rel="noreferrer noopener">first hybrid-flex vehicles in Brazil</a>.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, GM stock has gained around&nbsp;35%&nbsp;in the past year. Investors can gain exposure to the stock via&nbsp;First Trust Nasdaq Transportation ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXR#NASDAQ">FTXR</a>) and&nbsp;Invesco S&amp;P 500 Pure Value ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPV#NYSE">RPV</a>).
Price Action: GM shares are up 1.05% at $45.14 at the last check Thursday.
Image via Shutterstock
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Equities

Contracts

FTXR

GM Explores Hyundai Partnership And Expands EVgo Network: Details

<ul>
<li>Hyundai Motor and GM to investigate joint product development, manufacturing and future clean energy technologies</li>
<li>Both companies to target improved efficiencies and increased competitiveness through collaboration</li>
<li>
Following the signing of the non-binding Memorandum of Understanding, assessment of opportunities and progression towards binding agreements will begin immediately.
</li>
</ul>

General Motors, Hyundai Motor Sign Agreement To Explore Future Collaboration Across Key Strategic Areas

Elon Musk reacted to a new incentive program by Kia targeting Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) EV owners.
What Happened: On Wednesday, Musk commented on a post by Tesla Investor Sawyer Merritt. Merritt shared news about Kia&#8217;s new cash incentive aimed at Tesla owners.
Merritt&#8217;s post was about an incentive being offered by Korean car maker, Kia, which is offering up to $1,500 to Tesla owners who switch to a new Kia EV. Musk responded, &#8220;But here's the rub, Tesla never has to bribe Kia drivers to buy a Tesla …&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">But here's the rub, Tesla never has to bribe Kia drivers to buy a Tesla … <a href="https://t.co/I9LfJKAJRa">https://t.co/I9LfJKAJRa</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1833558056665481513?ref_src=twsrc%5Etfw">September 10, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Tesla, a dominant player for over a decade, has seen its <a href="https://www.benzinga.com/top-stories/24/07/39699502/tesla-loses-ground-elon-musks-ev-market-share-falls-below-50-for-first-time">market share fall below 50%</a> for the first time. Traditional automakers are attracting customers with newer models.
Kia, part of the Hyundai Motor Group (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>), is experiencing growth in EV and hybrid sales. To boost sales further, Kia introduced a national Tesla Competitive Bonus Program. This program offers a $1,000 discount on the new EV6 and a $9,000 discount on the larger EV9 for Tesla owners or lessees, <a href="https://www.carsdirect.com/deals-articles/kia-launches-tesla-conquest-cash-discount">according</a> to Cars Direct.
See Also: <a href="https://www.benzinga.com/news/24/09/40673148/t-mobile-customers-will-get-starlink-satellite-internet-directly-on-their-mobiles-first-and-others-o?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">T-Mobile Customers Will Get Starlink Satellite Internet Directly On Their Mobiles First And Others &nbsp;Only Later, Says SpaceX CEO Elon Musk</a>
Why It Matters: Musk&#8217;s response to Kia&#8217;s incentive comes at a time when the electric vehicle market is <a href="https://www.benzinga.com/news/24/06/39268925/cant-catch-tesla-yet-but-south-koreas-hyundai-and-kia-gain-ground-with-record-high-ev-market-share-i">becoming increasingly competitive</a>. 
Tesla has been a dominant force in the EV sector, but traditional automakers like Kia and Hyundai Motor Group are gaining ground. According to data from the Korea Automobile Manufacturers Association, Hyundai and Kia collectively secured 11.2% of the U.S. EV market in the first five months of 2024, a significant increase from <a href="https://www.benzinga.com/news/24/06/39268925/cant-catch-tesla-yet-but-south-koreas-hyundai-and-kia-gain-ground-with-record-high-ev-market-share-i">their 6.8% share in 2023</a>.
Moreover, Tesla has been employing its own set of incentives to <a href="https://www.benzinga.com/markets/asia/24/05/38911807/tesla-tries-to-boost-china-sales-with-free-supercharging-miles-after-price-cuts">boost sales in various markets</a>. For instance, in China, Tesla offered free supercharging miles to new customers and existing customers who replaced their tires at Tesla-operated service centers.
Additionally, Musk has been vocal about the inefficiency of <a href="https://www.benzinga.com/news/24/08/40124623/tesla-ceo-elon-musk-says-state-ev-incentives-are-seldom-used-maybe-lack-of-awareness-or-excessively">state EV incentives</a> in the U.S., stating that they are &#8220;seldom used&#8221; due to a lack of awareness or excessive paperwork.
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</ul>
Image Courtesy of Tesla, Inc.
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Elon Musk Responds To Kia's New $1,500 Incentive For Tesla Owners: 'Tesla Never Has To Bribe Kia Drivers'

Hyundai Motor Group (the Group) today said that it will sponsor the second U.S.-Japan-Korea Trilateral Executive Dialogue (TED), which will take place in Seoul on September 4 2024.
The TED is a policy seminar where key leaders from the political and business sectors of Korea, the U.S., and Japan gather to explore multifaceted opportunities for democracy and mutual prosperity, and to discuss mutual benefit expansion plans, such as economic development and national security.
This is the second Trilateral Executive Dialogue between the three nations following an initial discussion in San Francisco last year. The continued dialogue is seen as the way to strongly protect economic prosperity, international security, and the shared values of Korea, the U.S. and Japan.
Five internationally influential think tanks – the Woodrow Wilson Center, Hudson Institute, 21st Century Policy Institute, Indo-Pacific Forum, and the East Asia Foundation – will co-host the second event.
The Group supports the purpose of the TED and as a leading global mobility company is a main sponsor of this year's event, facilitating private and government cooperation among the three countries.
Around 100 key figures from the governments, parliaments and companies of Korea, the U.S., and Japan will attend the event held at the Grand Hyatt Hotel in Seoul.
From the Korean side, participants include Tae-yul Cho, Minister of Foreign Affairs; In-gyo Jung, Chief Trade Negotiator; Euisun Chung, Executive Chair of Hyundai Motor Group; Jin Roy Ryu, Chairman of Poongsan Group and Chairman of Korea Business Association; Kisun Chung, Vice Chairman of HD Hyundai Group; Bum Sik Hong, President of LG Corp; and Jeong Joon Yu Vice Chairman of SK on.
From the U.S. side, participants include Bill Hagerty, Republican Senator from Tennessee; Chris Coons, Democratic Senator from Delaware; and seven other federal senators, including senior members of the U.S. Congress. Also attending are Morgan Ortagus, former spokesperson for the U.S. Department of State; Philip Goldberg, U.S. Ambassador to Korea; Alex Rogers, CEO of semiconductor company Qualcomm; and Harold Hamm, founder and chairman of energy company Continental Resources.
From the Japanese side, representatives from Toyota, Denso, NEC (Nippon Electric Company) and NTT (Nippon Telegraph and Telephone), will participate in the event, as well as representatives from think tanks such as the Woodrow Wilson Center, Hudson Institute, 21st Century Policy Institute, Indo-Pacific Forum, and the East Asia Foundation.
Sessions will be held on topics including strategic trade and investment, biosecurity, energy cooperation, technology, and the role of the private sector for a free and open Indo-Pacific region. There will also be time for free discussions and exchanges between key figures from each of the three nations.

Hyundai Motor Group Sponsors US-Japan-Korea Trilateral Dialogue to Boost Economic Cooperation

Automaker Hyundai Motor Company (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>) has claimed the title of the second-largest electric vehicle company in the U.S. through the <a href="https://www.benzinga.com/electric-vehicles">first six months of the year</a>.
What Happened: Hyundai — <a href="https://www.benzinga.com/news/24/06/39268925/cant-catch-tesla-yet-but-south-koreas-hyundai-and-kia-gain-ground-with-record-high-ev-market-share-i">owner of the</a> Genesis and Ioniq brands, as well as 34% of Kia — accounts for roughly 10% of the EV market within the U.S., according to a new Motor Intelligence report shared by <a href="https://electrek.co/2024/08/19/hyundai-closes-gap-tesla-us-ev-market-share-hits-10/">Electrek</a>.
Sales of the Hyundai Ioniq 5 and 6 models are up 25% and 54% year-to-date, respectively. The Kia brand also saw EV sales pace higher in July, led by the EV9 — a three-row electric SUV.
The South Korean manufacturer trails only Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), which saw their U.S. market share fall below 50% to 49.7% in the second quarter.  
With 10% of the U.S. EV market, Hyundai is now ahead of large U.S. automakers Ford Motor Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) and General Motors Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), which have 7.4% and 6.3% market share, respectively.
Read Also: <a href="https://www.benzinga.com/news/24/07/39787929/hyundai-to-introduce-refreshed-ioniq-5-in-2025-to-take-on-tesla-model-y-and-ford-mustang-mach-e">Hyundai To Introduce Refreshed Ioniq 5 In 2025 To Take On Tesla Model Y And Ford Mustang Mach-E</a>
What's Next: The bad news for Ford and General Motors and potentially Tesla is that Hyundai is ramping up its plans to grow its electric vehicle market share.
Genesis is ramping up U.S. market coverage. The brand has added 21 new dedicated Genesis retailers in the U.S. in 2024, including entering eight new states. Genesis has 56 standalone facilities in the U.S. now.
Hyundai&#8217;s market share gains are credited to producing affordable and fuel-efficient EVs. New Hyundai and Kia Plants in Georgia could also help boost market share. Vehicles made at the factories will qualify for the $7,500 EV tax credit.
Kia EV9 vehicles began production in Georgia in May and are expected to begin U.S. deliveries in October. These will be the first Hyundai model to qualify for the credit.
An upcoming Ioniq 9 three-row SUV from Hyundai could be built at the new factory and qualify for the credit as well.
The Hyundai Metaplant will have annual capacity of producing 300,000 electric vehicles with the potential to expand to 500,000 annually according to a <a href="https://www.autonews.com/future-product/hyundai-kai-genesis-future-product-wide-korean-ev-range">report </a>from AutoNews.
While GM and Ford have put an emphasis on transitioning from internal-combustion engine (ICE) vehicles to electric vehicles to take on market leader Tesla, it is currently Hyundai Motor Company that is beating them in the battle against the market leader.
Read Next: 
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Trading Ideas

Move Over Ford And General Motors, There's A New No. 2 Electric Vehicle Maker In The US Behind Tesla

Lucid Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) CEO Peter Rawlinson has not shied away from praising his company's technology and its superiority over rival <a href="https://www.benzinga.com/electric-vehicles">electric vehicle companies.</a>
Rawlinson has new comments that could spark debate among EV companies.
What Happened: In recent months, Rawlinson has <a href="https://www.benzinga.com/news/management/24/06/39364585/lucid-vs-tesla-ceo-says-companys-technology-is-a-number-of-years-ahead-of-ev-leader">emphasized how far ahead</a> Lucid is compared to rivals like Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), particularly in battery efficiency and range capacity.
In a new LinkedIn post, Rawlinson shares his latest insights on how Lucid continues to outpace Tesla and other EV competitors.
"Efficiency is of critical importance in making a better, lighter, more spacious, longer-range vehicle, and directly impacts cost to manufacture. Therefore, efficiency is arguably the single most valid litmus of a company's core EV technological capability," Rawlinson <a href="https://www.linkedin.com/in/peter-rawlinson-lucid/">said </a>in the post.
He highlights the 5.0 miles per kWH and 146 MPGe (miles per gallon equivalent) the Lucid Air Pure achieves, making it the most efficient production car to date.
"Lucid has a significant EV technology advantage. If the closest competitor were to continue their rate of progress, it would take many years to match Lucid today."
The chart referenced by Rawlinson, which compares several rivals including the Tesla Model S, suggests that it would take eight years, until 2032, for the Model S to match the current efficiency of the Lucid Air Pure, based on both companies&#8217; current rates of progress.
Read Also: <a href="https://www.benzinga.com/news/earnings/24/08/40171836/lucid-q2-earnings-highlights-revenue-beat-eps-miss-1-5-billion-financing-commitment-from-saudi-inve">Lucid Q2 Earnings Highlights: Revenue Beat, EPS Miss, $1.5-Billion Financing Commitment From Saudi Investment Fund</a>
Why It's Important: Rawlinson, a former Tesla employee, has clashed with Tesla and the company's CEO Elon Musk several times, and his latest talks on technology could amplify the battle. Musk has often downplayed Peter Rawlinson's <a href="https://www.benzinga.com/news/22/03/26096126/lucid-ceo-recalls-his-time-at-tesla-why-model-s-was-nearly-named-300-megajoule">previous role at Tesla</a> as Chief Engineer, particularly in his work on the Tesla Model S.
With Lucid facing cash concerns as its losses mount, Musk has said the company will face bankruptcy.
While Lucid's technology has proven to be quite impressive based on efficiency metrics, the company has not sold as many vehicles as originally forecasted when the company went public and trails Tesla's lead by a significant margin.
A <a href="https://www.teslarati.com/tesla-to-match-lucid-air-current-efficiency-2032-peter-rawlinson/amp/">report </a>from Teslarati also said that several versions of the Model 3 have higher efficiency than the chart shows, like the Model 3 RWD standard Range with 132 MPGe. The report said a Model 3 Long Range RWD is also expected to show strong efficiency.
Rawlinson highlighted the technology differences in a recent Fox Business interview.
&#8220;Well, I think that if we look back in time 10-15 years ago, Tesla was the tech leader,&#8221; Rawlinson said. &#8220;I think there&#8217;s a degree of distraction now, and I think that Lucid has taken that mantle. I believe we&#8217;re a number of years ahead in terms of our core technology from Tesla.&#8221;
The technology of Lucid could be a differentiating factor against competitors and could also lead to some partnerships.&nbsp;Hyundai Motor Company&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>) is considering a partnership with Lucid for its motors,&nbsp;<a href="https://www.benzinga.com/news/24/05/39084076/can-lucid-power-hyundais-future-a-korean-american-tie-up-is-reportedly-in-the-works" target="_blank" rel="noreferrer noopener">according to a recent report.</a>
Lucid entered into a partnership with Aston Martin for an electric vehicle powertrain back in June 2023.
LCID, TSLA Price Action: Lucid stock trades at $3.20 versus a 52-week trading range of $2.29 to $6.48. Lucid stock is down 24.1% year-to-date and down 50.2% over the last year.
Tesla stock trades at $214.04 versus a 52-week trading range of $138.80 to $278.98. Tesla stock is down 13.8% year-to-date and down 10.7% over the last year.
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<li><a href="https://www.benzinga.com/news/24/08/40187588/lucid-ceo-criticizes-rivals-for-disservice-to-customers-with-premature-reservation-lists-says-will-o">Lucid CEO Criticizes Rivals For &#8216;Disservice&#8217; To Customers With &#8216;Premature&#8217; Reservation Lists, Says Will Open Gravity Bookings At &#8216;Appropriate Time&#8217;</a></li>
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Image created using artificial intelligence via Midjourney.

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Lucid CEO Peter Rawlinson Says His EV Tech Is 8 Years Ahead Of Elon Musk's Tesla

The state of Texas has filed a lawsuit against General Motors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) for allegedly collecting and selling drivers&#8217; data without consent.
What Happened: The lawsuit was announced by Texas Attorney General Ken Paxton on Tuesday. The legal action follows an investigation <a href="https://www.texasattorneygeneral.gov/sites/default/files/images/press/General%20Motors%20Data%20Privacy%20Petition%20Filed.pdf">initiated</a> in June into several car manufacturers for similar allegations.
Paxton revealed that the investigation <a href="https://www.texasattorneygeneral.gov/news/releases/attorney-general-ken-paxton-sues-general-motors-unlawfully-collecting-drivers-private-data-and">uncovered</a> &#8220;egregious business practices&#8221; by General Motors that violated the privacy of Texans and broke the law. The company allegedly used technology installed in most 2015 model year or newer GM vehicles to collect, record, analyze, and transmit detailed driving data. This data was then sold to several companies.
The complaint also alleges that General Motors misled customers when enrolling them in its products, including the OnStar Smart Driver. Customers were allegedly not informed of the company&#8217;s actual conduct — the systematic collection and sale of their highly detailed driving data.
"We've been in discussions with the Attorney General's office and are reviewing the complaint. We share the desire to protect consumers' privacy," a General Motors spokesperson <a href="https://thehill.com/homenews/state-watch/4826640-texas-sues-general-motors-allegedly-selling-drivers-data/">said</a> in a statement to The Hill.&nbsp;
See Also: <a href="https://www.benzinga.com/news/24/08/40277885/tesla-offers-3-years-of-fsd-premium-connectivity-and-free-supercharging-for-5-000-but-is-it-worth-it?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Offers 3 Years Of FSD, Premium Connectivity, And Free Supercharging For $5,000, But Is It Worth It?</a>
Why It Matters: The lawsuit against General Motors comes amid increasing scrutiny over how automakers handle driver data. In July, U.S. Senators Ron Wyden (D-Ore.) and Ed Markey (D-Mass.) urged the Federal Trade Commission to investigate the automotive industry's <a href="https://www.benzinga.com/markets/equities/24/07/40019859/is-your-car-selling-your-data-senators-ask-ftc-to-investigate-3-automakers-allegedly-sharing-dat">data-sharing practices</a>. 
They highlighted concerns that companies like General Motors, Honda Motor Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMC#NYSE">HMC</a>), and Hyundai Motor (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>)&nbsp;were sharing driver <a href="https://www.benzinga.com/markets/equities/24/07/40019859/is-your-car-selling-your-data-senators-ask-ftc-to-investigate-3-automakers-allegedly-sharing-dat">data with data brokers</a>, potentially leading to higher insurance premiums for some drivers.
Earlier this year, reports surfaced that internet-connected vehicles, including the Chevrolet Bolt, were tracking driving patterns and sending this <a href="https://www.benzinga.com/news/24/03/37605944/your-car-might-be-secretly-recording-your-driving-habits-and-sending-the-data-to-your-insurance-comp">data to insurance companies</a>. This practice led to increased insurance costs for some drivers, sparking further debate over privacy concerns.
Additionally, General Motors has been navigating significant challenges in its global operations, <a href="https://www.benzinga.com/markets/equities/24/08/40344508/general-motors-plans-major-overhaul-and-job-cuts-in-china-report">particularly in China</a>. The company is reportedly downsizing employees and planning a structural overhaul to address declining sales and intense competition from local brands. Despite these hurdles, General Motors remains <a href="https://www.benzinga.com/markets/equities/24/08/40287556/general-motors-remains-committed-to-china-despite-losses-restructuring-needs-cfo-highlights-cash">committed to maintaining cash stability</a> in its Chinese operations.
Price Action: General Motors&#8217; stock closed at $43.32 on Tuesday, up 0.77% for the day. In after-hours trading, the stock dipped 0.44%. Year to date, GM shares have surged by 20.17%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
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Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Legal

Texas Sues General Motors Over Alleged Unauthorized Collection, Sale Of Driver Data, Attorney General Says Probe Uncovered 'Egregious Business Practices'

South Korean authorities are contemplating a mandate for automakers to reveal the brands of batteries used in their electric vehicles (EVs). This follows a recent EV fire that has heightened consumer apprehension about the safety of these vehicles.
What Happened: A fire in a parked Mercedes-Benz EV on Aug. 1 prompted an emergency meeting on Monday. The fire, which took eight hours to extinguish, damaged about 140 cars and forced residents of the apartment block above to evacuate.
South Korean officials held a meeting, chaired by the vice environment minister, which was attended by representatives from the transport and industry ministries, as well as the national fire agency. The government is expected to announce new regulations soon, Reuters reported on Monday. 
Transport ministry officials are scheduled to meet with automakers on Tuesday, including Hyundai Motor Group (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>), Mercedes-Benz (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MBGAF#OTC">MBGAF</a>) Korea, and Volkswagen Group (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>)&nbsp;Korea, to discuss the proposal to disclose battery brands used in EVs.
See Also: <a href="https://www.benzinga.com/news/24/08/40277885/tesla-offers-3-years-of-fsd-premium-connectivity-and-free-supercharging-for-5-000-but-is-it-worth-it?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Offers 3 Years Of FSD, Premium Connectivity, And Free Supercharging For $5,000, But Is It Worth It?</a>
Images of the burnt vehicles have fueled consumer fears about EV safety, particularly in South Korea where many people live in apartments with underground parking lots.
Earlier this month, a Kia Corp&#8216;s electric crossover EV6, equipped with batteries from South Korean manufacturer SK On, also caught fire in a parking lot.
According to a report by the Seoul Metropolitan Fire &amp; Disaster Headquarters, 1,399 fires occurred in underground parking lots in South Korea between 2013 and 2022, with 43.7% attributed to vehicles. Electrical sources accounted for 53% of these vehicle fires.
The Chosun Ilbo newspaper reported last week that South Korea is considering requiring EV makers to disclose the brand of batteries in cars. Currently, automakers are only required to provide limited details on batteries and do not have to name the manufacturers.
Why It Matters: South Korea&#8217;s EV market has been growing steadily. <a href="https://www.benzinga.com/news/24/06/39268925/cant-catch-tesla-yet-but-south-koreas-hyundai-and-kia-gain-ground-with-record-high-ev-market-share-i">Hyundai Motor</a> and Kia Corp have recently secured their largest share of the U.S. EV market. Furthermore, <a href="https://www.benzinga.com/markets/equities/24/07/39646620/chinas-geely-targets-south-korea-for-premium-ev-debut-by-2026-report">Geely Automobile</a> plans to penetrate the South Korean market with its premium EV by 2026. The proposed regulation could impact these automakers&#8217; strategies and consumer confidence in EVs.
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Photo via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

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MBGAF

South Korea Considers Mandatory EV Battery Brand Disclosure Amid Rising Safety Concerns And Fire Incidents

U.S. Sens. Ron Wyden (D-Ore.) and Ed Markey (D-Mass.) wrote a letter to Federal Trade Commission (FTC) Chair Lina Khan on Friday, urging the commission to investigate <a href="https://www.benzinga.com/topic/cars">the automotive industry</a>&#8216;s handling of driver data.
Letter Overview: The <a href="https://www.wyden.senate.gov/imo/media/doc/wyden-markey_auto_privacy_letter_to_ftc.pdf">letter</a> asks the FTC to investigate automakers&#8217; disclosure of Americans&#8217; driving data to data brokers. In March, the New York Times <a href="https://www.nytimes.com/2024/03/11/technology/carmakers-driver-tracking-insurance.html">reported</a> that automakers, including General Motors Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), Honda Motor Co Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMC#NYSE">HMC</a>) and Hyundai Motor Company GDR (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>), shared driver data with Verisk Analytics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRSK#NASDAQ">VRSK</a>) for resale to insurance companies. This data included acceleration, braking and location information.
Automakers allegedly advertised data-sharing programs as a way to lower insurance bills without revealing that some insurers may charge some drivers more based on their data. 
Wyden's office spoke with a national expert who claimed that some insurance companies use driver data from data-sharing programs to raise premiums above the normal rate.
Wyden and Markey asked the FTC to hold the companies and their executives accountable if an investigation reveals law violations.
GM Allegations: The letter alleges GM combined the opt-in for its Smart Driver program with permission to receive safety reports and repair notifications. The disclosure did not disclose to customers that the Smart Driver program would share their data with data brokers to be sold to insurers; the senators called the practice &#8220;manipulative design techniques.&#8221;
GM did not confirm how many cars' data it shared with brokers or the price Verisk bought it.
In a statement to Benzinga, a GM spokesperson noted that the Smart Driver program ended in 2024 and denied the letter&#8217;s allegations.
&#8220;We vehemently deny the assertion that we used &#8216;manipulative design techniques&#8217; to coerce consumers into enrolling in Smart Driver. Each consumer was given choice at the time of enrolling and throughout the life of the product,&#8221; the statement read.
&#8220;To be clear, we established the Smart Driver product to promote safer driving behavior for the benefit of customers who elected to participate. Data was only shared with an insurer if a customer initiated a quote directly with their chosen carrier and provided a separate consent to that carrier.&#8221;
According to the senators, GM officials revealed, during a May 2024 call, that the Detroit-based automaker is now sharing customer location data with a different unidentified company.
Honda Allegations: According to information Honda shared with Wyden, the Tokyo-based automaker shared data from 97,000 cars with Verisk without obtaining informed consent from customers. Verisk paid 26 cents per car. Consumers had to enroll in an optional program through Honda&#8217;s app, according to the company.
&#8220;However, Honda buried the disclosures about its business relationship with Verisk, which did not appear on the first page, and were not likely to be seen by many consumers,&#8221; the letter alleges.
A statement emailed from Honda to Benzinga acknowledged its collection of data &#8220;to improve and advance our products and provide our customers with better user experiences,&#8221; but denied impropriety.
&#8220;With the subscription-based Driver Feedback Program, Honda contracted with Verisk to facilitate a service for Honda customers where, upon expressly opting in, their driving data was collected and given a driving score that the customer would receive along with a contextual overview of their driving behaviors,&#8221; the statement read.
&#8220;Some consumers with favorable driving scores were presented opportunities to opt-in to receive discount offers from specific participating insurance companies. Without that clear second opt-in by the customer, no identifiable consumer information was shared with any insurance company.&#8221;
Hyundai Allegations: The letter alleges Hyundai shared data from 1.7 million vehicles with Verisk. Verisik paid Hyundai $1,043,315 (about 61 cents per car).
Hyundai confirmed to Wyden&#8217;s office that the company shared data from consumers who enabled the internet by automatically enrolling drivers in its Driving Score program without telling them. 
Hyundai required drivers to click through a consent form to enable the internet for a new car without disclosing that it would also share consumers' data with Verisk. Drivers could only cancel the program through the company's website or app.
Hyundai did not respond to Benzinga&#8217;s request for comment before publication.
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Photo: Interior of 2024 Chevrolet Blazer EV RS Via GM press site

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