Ultime notizie per Kia (OTC:KIMTF) Azioni

Kia Corp is a Korean motor-vehicle manufacturer. While the company has factories in several countries, the majority of vehicles are manufactured domestically. The company's consolidated revenue is principally derived from the manufacture of passenger vehicles, with another third from recreational vehicles, and a small footprint in commercial vehicles. The three largest individual countries together constitute more than half of total retail sales, with the United States contributing the largest portion, followed closely by China and then Korea.

Kia Corp

South Korea&#8217;s Hyundai Motor Co. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>) and Kia Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/KIMTF#OTC">KIMTF</a>) collectively overtook Dearborn-based Ford Motor Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) in EV sales in the U.S. last year, according to recent data from automotive research company Kelley Blue Book.
What Happened: Hyundai sold 61,727 EVs in the U.S. in 2024 while Kia sold 56,099, taking their collective numbers to 117,826 units. 
American brand Ford, in the meantime, sold only 97,865 EVs, including its three EV models Mustang Mach-E, F-150 Lightning, and E-Transit. 
Other Top Sellers: The top-selling EV brand in the U.S. in 2024 was Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) which sold about 634,000 EVs. Ford was the second-best-selling individual brand.
General Motors Co.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) <a href="https://www.benzinga.com/tech/25/01/42801755/gm-overtakes-ford-ev-sales-in-q4-with-equinox-ev-sells-670-units-of-escalade-iq-priced-at-130000">brands</a> Brightdrop, Cadillac, Chevrolet, and GMC collectively sold only 114,426 EVs, less than Hyundai and Kia together.
Best-selling models: The Ioniq 5 was Hyundai&#8217;s best-selling EV in the year while the EV9 was Kia&#8217;s.
Hyundai sold over 44,000 units of the Ioniq 5 last year, effectively placing it in the fourth position among best-selling EVs after the Tesla Model Y, Model 3, and the Ford Mustang Mach-E. 
Tesla&#8217;s latest addition to its lineup &#8211; <a href="https://www.benzinga.com/25/01/42967593/cybertruck-sales-rise-in-2024-weighed-down-on-tesla-model-s-deliveries-in-us-shows-data">the Cybertruck</a> &#8211; took the place of the fifth best-selling EV in the country, overtaking Ford&#8217;s F-150 Lightning electric pickup.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/01/42967593/cybertruck-sales-rise-in-2024-weighed-down-on-tesla-model-s-deliveries-in-us-shows-data">Cybertruck Success Comes At A Cost: Tesla Sells Nearly 39,000 Units In 2024, But Luxury Model S And X Sales Take A Hit In US, Data Shows</a></li>
</ul>
Photo courtesy: Hyundai

News

Tech

HYMTF

KIMTF

TSLA

South Korea's Hyundai, Kia Collectively Sold More EVs In US Than Ford In 2024

KIa America said on Thursday that it sold 3,362 units of EV9 and EV6 SUVs together in July, or more units that Detroit-based General Motors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) could sell of its <a href="https://www.benzinga.com/topic/hummer-ev">Hummer EVs</a> throughout the second quarter.
What Happened: Kia Ameria, a unit of South Korean automaker Kia Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/KIMTF#OTC">KIMTF</a>), delivered 1,815 units of the EV9 in July and 1,547 units of its EV6. Kia also has a third EV model, called the Niro EV, but the company does not distinguish Niro&#8217;s EV sales from its hybrid sales.
The company, however, said that it sold 2,674 Niro vehicles, including both the hybrid and EV versions. 
The EV9 is Kia America&#8217;s most expensive EV, starting at $54,900. Its higher-end variant starts at $73,900. 
The EV6 SUV is cheaper, starting at $42,600 for the base version and at $61,600 for its highest-end variant. 
Why It Matters: Interestingly, Kia sold more EV9 and EV6 together in just one month than General Motors could sell GMC Hummer EVs in the U.S. throughout the second quarter. 
The GMC Hummer EV is available in both truck and SUV versions. The company sold only <a href="https://www.benzinga.com/news/24/07/39612749/60-000-cadillac-lyriq-drives-gms-q2-ev-sales-after-bolt-is-discontinued">2,929 units of both the truck and SUV together</a> in the entirety of the second quarter. 
However, the Hummer EV is significantly pricier than the EV9, starting at $98,845 for the base version. 
However, it is also important that General Motors <a href="https://www.benzinga.com/news/24/07/39612749/60-000-cadillac-lyriq-drives-gms-q2-ev-sales-after-bolt-is-discontinued" target="_blank" rel="noreferrer noopener">sold only 21,930 EVs in the second quarter</a> in the U.S. even though its EV lineup comprises seven models. Ford trumped its EV sales with just three electric models totaling <a href="https://www.benzinga.com/news/24/07/39630731/mustang-mach-e-drives-fords-q2-ev-sales-ahead-of-gm-but-its-still-just-a-fraction-of-elon-musks-tesl">Q2 sales of 23,957 units.</a>
GM managed to sell more than 5,000 units of only the Cadillac Lyriq EV and the Chevrolet Blazer EV from April to June. The sales volume of the remaining models lagged below 3000 units through the three months. 
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
<ul>
<li><a href="https://www.benzinga.com/news/24/08/40123403/warren-buffett-backed-byds-pure-ev-sales-drop-to-lowest-in-five-months-in-july-while-hybrid-vehicle">Warren Buffett-Backed BYD&#8217;s Pure EV Sales Drop To Lowest In Five Months In July While Hybrid Vehicle Sales Surge 67%</a></li>
</ul>
Photo via Shutterstock

Kia Sold More EV9 And EV6 SUVs In US In July Than GM Sold Hummer EVs Throughout Q2

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) experienced a 24% drop in car registrations in California during the second quarter, according to data from the <a target="_blank" href="https://www.cncda.org/news/california-new-car-dealers-association-releases-q2-2024-auto-outlook-report-2/" rel="noreferrer noopener">California New Car Dealers Association</a>. This marked the third consecutive quarter of declining sales in this critical market.
Tesla's registrations in California fell to 52,211 vehicles in the second quarter, while the battery electric vehicle market only declined by 1.3% during this period, hybrid vehicle sales surged by 22% in California.
The Model Y crossover remains Tesla's top-selling model in California, although its market share dropped to 53.4% in the first half of the year, down from 64.6% in the same period last year.
High interest rates and increased competition have led to a decline in demand for electric vehicles as consumers turn towards more affordable hybrid options.
Reuters reported that Potential Tesla buyers in the U.S. are reportedly deterred by CEO Elon Musk's divisive public persona.
Musk's endorsement of <a target="_blank" href="https://www.benzinga.com/news/24/07/39804113/exclusive-elon-musk-is-burning-his-own-blue-bridges-by-donating-to-trump-says-market-expert" rel="noreferrer noopener">Republican candidates and controversial statements</a> have raised concerns about Tesla's brand, particularly in liberal states like California, which accounts for 10% of the company's global deliveries.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/07/39813896/tesla-extends-model-3-delivery-times-in-china-report" rel="noreferrer noopener">Tesla Extends Model 3 Delivery Times In China: Report</a>
"Tesla's allure seems to be wearing off, signaling potential trouble for the direct-to-consumer manufacturer," the report noted.
Tesla relocated its headquarters from California to Texas in 2021, and Musk announced this week that other ventures like SpaceX and X would also move, following disagreements with Governor Gavin Newsom's policies on <a target="_blank" href="https://www.benzinga.com/news/24/07/39846836/california-ev-subsidies-made-tesla-what-it-is-but-elon-musk-is-ready-to-cut-them-off-remove-subsidie" rel="noreferrer noopener">transgender issues</a>.
From January to June, Tesla's registrations in California decreased by 17%. Meanwhile, competitors like Hyundai Motor Company (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>), Kia Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/KIMTF#OTC">KIMTF</a>), BMW (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BMWYY#OTC">BMWYY</a>), Mercedes-Benz Group (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MBGYY#OTC">MBGYY</a>), Ford Motor Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>), and Rivian Automotive Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) saw significant sales increases.
Tesla is set to release its quarterly results on Tuesday, July 23. The company delivered more vehicles than analysts anticipated in the second quarter, though these figures were still lower compared to the previous year.
Tesla reported second-quarter deliveries of 443,956 compared to a<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39598234/tesla-q2-deliveries-the-appetizer-to-the-main-event-analyst-says-worst-in-the-rearv" rel="noreferrer noopener"> Street consensus estimate of 437,800</a>.
Tesla stock has lost more than 14% in the last 12 months. Investors can gain stock exposure via&nbsp;the Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) and the Fidelity MSCI Consumer Discretionary Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDIS#NYSE">FDIS</a>).
Price Action: TSLA shares are trading higher by 0.24% at $249.82 in premarket at the last check on Friday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39854420/tesla-hikes-prices-by-2-000-on-model-s-x-variants-in-the-us-here-are-the-new-prices" target="_blank" rel="noreferrer noopener">Tesla Hikes Prices By $2,000 On Model S, X Variants In The US: Here Are The New Prices</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

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FDIS

MERCEDES-BENZ UNSP / ADR by Mercedes Benz Group AG

MBGYY

RIVN

Select Sector SPDR-Consumer Discretionary

Tesla Sees 24% Drop In California Registrations As EV Competition Heats Up

In recent months, consumer preferences and OEM investments have shifted from electric vehicles (EVs) towards hybrids as a bridge solution, according to JPMorgan analyst Bill Peterson. High costs, sparse charging infrastructure and politicized adoption have slowed EV momentum, while <a href="https://www.benzinga.com/markets/equities/24/05/39004756/teslas-top-chinese-rival-byd-unveils-5th-gen-dm-hybrid-technology-pioneering-1-250-miles-range-r">hybrids gain traction</a>.
Peterson&#8217;s research note highlights how hybrid adoption impacts metals and critical minerals, revising forecasts for battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs) and hybrids globally and in the U.S. for 2024-2035. The implications include BEV deceleration and hybrid acceleration, with a modest impact on rare earths forecasts.
<h2 class="wp-block-heading">Sluggish Near-Term US EV Adoption</h2>
Global EV/PHEV sales growth in 2024 has been led by China&#8217;s market, with flat or declining performance in the U.S. and EU-5 countries.
In April 2024, China, EU-5 and U.S. combined EV/PHEV sales reached approximately 1.06 million units, with a sales penetration of 28.6%. China recorded meaningful gains (+6.7% Y/Y), while the U.S. saw a slight rebound (+1.5% Y/Y) and the EU-5 experienced a slight decrease (-0.4% Y/Y).
The U.S. EV/PHEV sales penetration rose to 9.6% in April 2024, with EV-specific penetration increasing to 7.5%. However, EV incentives declined 26.0% M/M in April, driven by Tesla Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) significant price cuts, according to Peterson.
Despite these cuts, EV inventory remained elevated, with a 90-day supply, highlighting the struggle to boost sales.
<h3 class="wp-block-heading">&#8216;The Chicken And The Egg&#8217; Issue</h3>
The &#8220;chicken and the egg&#8221; issue persists with charging infrastructure, as operators are hesitant to install chargers in low-utilization areas, while EV adoption hinges on reliable charging, the analyst notes.
In 2023, 90% of global fast charger growth occurred in China, with the U.S. lagging.
High-density areas and multifamily dwellings face additional challenges, increasing lifetime charging costs by $10,000-$26,000.
<h2 class="wp-block-heading">Hybrid Vehicles: A Cost-Effective Alternative</h2>
Hybrid vehicles have reached cost parity with internal combustion engine (ICE) vehicles eliminating the need for high-power charging infrastructure.
In April 2024, 118,435 hybrid electric vehicles (HEVs) were sold in the U.S., up 17.8% Y/Y, with Toyota Motor Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) leading the market.
The average price of a hybrid is around $44,000, similar to ICE vehicles and up to $10,000 lower than EVs.
<h2 class="wp-block-heading">US Automakers Shift Focus To Hybrids Over EVs</h2>
U.S. automakers are increasingly focusing on hybrids over EVs. Toyota&#8217;s hybrid sales accounted for 45% of its total volumes, while Ford Motor Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) aims to double its hybrid F-150 sales to 20%. Kia Corp (OTCPK:KIMTF) and Stellantis NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) also prioritize hybrids and PHEVs as transitional solutions before expanding their EV offerings.
Also Read: <a href="https://www.benzinga.com/news/24/05/39027905/stellantis-plans-to-build-two-more-hybrid-vehicles-in-italy-amid-political-tensions-report">Stellantis Plans To Build Two More Hybrid Vehicles In Italy Amid Political Tensions: Report</a>
<h2 class="wp-block-heading">Hybrids Offer A Viable Bridge Solution</h2>
Hybrid penetration is expected to remain significant in the U.S. through the midterm, with forecasts predicting a stable mix of hybrid, PHEV and BEV sales. The global market, previously not expected to exceed 20% hybrid penetration, is now anticipated to reach this level in the next 2-3 years, driven by markets outside China, Peterson notes.
While EV adoption faces challenges, hybrids offer a viable bridge solution. 
As cost and charging infrastructure barriers are addressed, EVs may eventually gain broader acceptance, but hybrids are set to play a crucial role in the transition to a greener automotive future.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/05/39004756/teslas-top-chinese-rival-byd-unveils-5th-gen-dm-hybrid-technology-pioneering-1-250-miles-range-r">Tesla&#8217;s Top Chinese Rival BYD Unveils 5th Gen DM Hybrid Technology, Pioneering 1,250 Miles Range: Report</a>
Photo: Shutterstock

Analyst Color

Analyst Ratings

STLA

As EV Adoption Stalls Due To 'Chicken And The Egg' Situation, Hybrids Race Ahead

<ul>
<li>Hyundai Motor and&nbsp;Kia unveil DAL-e Delivery&#39;s new design and advanced technologies, such as autonomous driving and face identification</li>
<li>The robot&#39;s design is based on Plug &amp; Drive (PnD) modules to improve delivery performance, especially in complex settings like offices and malls</li>
<li>DAL-e Delivery achieves a top speed of&nbsp;1.2 m/s and navigates easily around obstacles and in narrow passages</li>
<li>The robot is equipped with face identification technology developed by Hyundai Motor Group&#39;s Robotics Lab and certified by the Korea Internet and Security Agency</li>
<li>Its enhanced suspension ensures stable transportation, with an increased cargo capacity for up to 16 cups of coffee and items weighing up to 10 kg</li>
<li>Set to debut at IGIS Asset Management&#39;s &#39;Factorial Seongsu&#39; in the&nbsp;second quarter, DAL-e Delivery aims to revolutionize efficient F&amp;B and parcel delivery services</li>
</ul>

Reported Earlier, Hyundai And Kia Launch DAL-e, Ready To Revolutionize Indoor Autonomous Delivery Services

Hyundai Motor Co (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>) and Kia Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/KIMTF#OTC">KIMTF</a>) have been accelerating their electric vehicle (EV) efforts, prompting speculation about their potential to challenge Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>).
What Happened: On Monday, during a recent episode of CNBC&#8217;s Last Call, Ross Gerber, the CEO of Gerber Kawasaki Wealth and Investment Management, weighed in on the matter. &#8220;These are cheaper vehicles than Tesla, and certainly not as good,&#8221; Gerber said. &#8220;When I&#8217;m watching March Madness, I&#8217;m seeing ads for these vehicles, and that will entertain consumers into looking at these vehicles.&#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">"These are cheaper vehicles than Tesla, and certainly not as good," says <a href="https://twitter.com/GerberKawasaki?ref_src=twsrc%5Etfw">@GerberKawasaki</a> on Hyundai and Kia ramping up EV efforts. "When I'm watching March Madness, I'm seeing ads for these vehicles, and that will entertain consumers into looking at these vehicles." <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> <a href="https://t.co/l9jUAOLX6F">pic.twitter.com/l9jUAOLX6F</a>
&mdash; Last Call (@LastCallCNBC) <a href="https://twitter.com/LastCallCNBC/status/1774946995481760129?ref_src=twsrc%5Etfw">April 1, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/38015148/congrats-tesla-team-says-elon-musk-as-ev-giant-hits-6m-production-milestone-what-do?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Congrats Tesla Team,&#8217; Says Elon Musk As EV Giant Hits 6M Production Milestone: What Does It Mean For Q1 Deliveries?</a>
Despite the competition, Tesla&#8217;s stock has been performing well. On Mar. 30, a Tesla bull, Ross Gerber, argued that the company already offers a $25,000 car, <a href="https://www.benzinga.com/news/24/03/38012245/tesla-bull-says-ev-giant-already-has-a-25k-car-its-called-a-used-model-y">a used Model Y</a>. This suggests that Tesla is already catering to the demand for more affordable EVs.
Why It Matters: The South Korean government has been taking measures to support its domestic automakers. In February, a new EV policy was introduced to <a href="https://www.benzinga.com/markets/asia/24/02/37174589/south-koreas-answer-to-teslas-model-y-byd-dominance-a-new-ev-policy-that-favors-hyundai-kia">bolster Hyundai and Kia&#8217;s position</a> in the face of competition from Tesla and Chinese automaker BYD Co Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>).
Despite the challenges, Hyundai has been making strategic moves to stay competitive. In November, the company announced a <a href="https://www.benzinga.com/news/23/11/35768916/hyundai-announces-25-wage-hike-for-alabama-and-georgia-production-team-amid-labour-unrest">25% wage hike</a> for its production teams in Alabama and Georgia, a move aimed at retaining its skilled workforce.
On the other hand, Tesla has been facing its own set of challenges. In March, long-time Tesla bear and GLJ Research CEO Gordon Johnson raised concerns about a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37910054/tesla-bear-wonders-if-price-hike-warnings-are-signs-of-looming-production-slump-sim">potential production slump</a> at Tesla following the company&#8217;s warnings of upcoming price hikes.
Read Next: <a href="https://www.benzinga.com/news/24/04/38024286/elon-musks-reputational-downfall-may-lead-to-potential-sales-dip-for-tesla-report?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s &#8216;Reputational Downfall&#8217; May Lead To Potential Sales Dip For Tesla: Report</a>
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Hyundai, Kia Gunning For Tesla With Low-Cost EVs, But Ross Gerber Says They Are 'Not As Good'

Kia Corporation&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/KIMTF#OTC">KIMTF</a>) has announced a significant price cut for its EV6, EV9, and Niro EV models in South Korea, in a bid to bolster the adoption of electric vehicles.
What Happened: Kia revealed that it would be reducing the prices of its EVs by up to $10,000 (KRW 13.56 million) in South Korea,&nbsp;<a target="_blank" href="https://electrek.co/2024/02/26/kia-slashes-ev6-ev9-prices-10k-korea/" rel="noreferrer noopener">reported</a>&nbsp;Electrek. This reduction is part of the &#8220;EV Festa&#8221; initiative, which aims to ramp up EV production and provide added incentives for potential buyers.
These adjustments are in line with the new government subsidies for electric cars. The company is offering substantial manufacturing discounts on some of its most popular EVs, including the EV6, EV9, and Niro EV.
A Kia official stated, &#8220;We have prepared special benefits in connection with government policy to expand the distribution of electric vehicles.&#8221;
See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/money/best-electric-vehicle-stocks" rel="noreferrer noopener">Best Electric Vehicle Stocks</a>
The revised pricing includes a KRW 3 million ($2,250) discount on the EV6, a KRW 3.5 million ($2,620) discount on the EV9, and a KRW 1 million discount on the Niro EV.
Additionally, Kia is offering significant price cuts for buyers in the Jeju Special Self-Governing Province, where local subsidies were recently introduced.
Why It Matters: The price slash by Kia comes in the wake of a new&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/asia/24/02/37174589/south-koreas-answer-to-teslas-model-y-byd-dominance-a-new-ev-policy-that-favors-hyundai-kia" rel="noreferrer noopener">EV policy introduced by the South Korean government</a>&nbsp;to support local automakers, including&nbsp;Hyundai Motor Company (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>) and Kia. This policy was a response to the competitive threat posed by Tesla&#8217;s Model Y and Chinese automaker BYD Co.
Kia&#8217;s three-row electric SUV, the EV9, has been generating significant interest in the US market, with Kia expecting to sell around 2,000 units monthly.
Read Next: <a href="https://www.benzinga.com/news/24/02/37327343/tesla-a-partner-and-not-competition-says-byd-chinese-firm-not-eyeing-us-market-just-yet" target="_blank" rel="noreferrer noopener">Tesla A &#8216;Partner&#8217; And Not Competition, Says BYD — Chinese Firm Not Eyeing US Market Just Yet</a>
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Key Tesla-BYD Rival From South Korea Slashes EV Prices By As Much As $10,000 To Stay Ahead In Home Turf

<ul>
<li>Hyundai Motor and&nbsp;Kia will link Samsung&#39;s &#39;SmartThings&#39; IoT (Internet of Things) platform to their connected car services</li>
<li>The three companies aim to break the boundaries between living spaces and mobility spaces, enhancing the time value of driving before, during and after
	--&nbsp;Car-to-Home service to provide remote and touch-based control of various home appliances through voice commands while driving
	--&nbsp;Home-to-Car service to check vehicle status, control functions and manage charging before and after driving</li>
<li>Customers can also experience seamless connectivity with OTA and&nbsp;USB-based updates</li>
</ul>

SSNLF

Hyundai, Kia And Samsung Electronics Collaborate For A Car-To-Home And Home-To-Car Service Partnership

Chinese EV battery maker Contemporary Amperex Technology Co. Ltd., or CATL for short, is playing an increasingly significant role in the development of energy-efficient vehicles around the world, according to Caixin, the Chinese-language business daily.
The company most notably powers Tesla Inc&rsquo;s (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) Model 3 and NIO Inc&rsquo;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nio#NYSE">NIO</a>) product lines <a href="https://www.benzinga.com/news/22/10/29210172/this-tesla-nio-battery-supplier-expects-its-q3-net-profit-to-triple-heres-why" style="color:#0563c1">and recently said it expects to triple its profits in Q3</a>.
Unlike most EV parts suppliers such as Panasonic Holdings Corp (OTC: <a class="ticker" href="https://www.benzinga.com/stock/pcrfy#OTC">PCRFY</a>), BYD Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>), or Samsung Electronics Co Ltd, CATL has no international stock market presence outside its home market, with just a single Shanghai Stock Exchange listing.
Lack of capital markets acess hasn&rsquo;t stopped the company from almost becoming the largest global supplier of EV battery parts this year, however.
During the first 8 months of 2023 CATL has been making sharp inroads on LG Energy Solution Ltd., its Korean rival&rsquo;s, to almost take top spot among EV battery suppliers.
The situation is one that could become something a leadership battle among EV parts suppliers. From January to August this year, the company supplied 27.7% of the world&rsquo;s EV batteries vs. 28.5% which are supplied by LG. That&rsquo;s a huge improvement over last year, when CATL was supplying just 20.8% of global EV batteries vs. 28.3% for LG.
Panasonic&rsquo;s third-place position sunk from 17.7% share to a 15.4% share, while BYD&rsquo;s more than tripled, from a 0.5% share to a 1.7% share in the same period. The new data was supplied by Seoul, Korea-based consulting firm SNE Research.
The big growth was the result of a 111% jump in battery supplies the company made in the January to August period, mostly to Tesla, Nio, Mercedes-Benz AG (OTC: <a class="ticker" href="https://www.benzinga.com/stock/mbgaf#OTC">MBGAF</a>), Volvo AB (OTC: <a class="ticker" href="https://www.benzinga.com/stock/vlvly#OTC">VLVLY</a>) and SAIC Motor Corp Ltd. The company has more deals in its pipeline with Hyundai Motor Co. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hymtf#OTC">HYMTF</a>) and Kia Corp. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/kimtf#OTC">KIMTF</a>) too which portend to help it displace LG from the top spot, according to Chinese media reports.
CATL has faced challenges over the past few years with its ambitions to become the number one global supplier of EV batteries. Last month, Ford Motor Co (NYSE: F) <a href="https://www.caixinglobal.com/2023-09-26/ford-halts-construction-of-us-ev-battery-plant-using-catl-technology-102112603.html" style="color:#0563c1">abruptly</a> halted construction of a $3.5 billion plant about 100 miles outside Detroit in which it planned to build EVs with CATL batteries. Joe Biden&rsquo;s Inflation Reduction Act poses a threat too since it contains a clause that eliminates subsidies for automakers that include a certain portion of non-locally made batteries.
Still, that hasn&rsquo;t stopped CATL from making inroads into the US market. Earlier this year the company sat down <a href="https://www.bloomberg.com/news/articles/2023-03-30/tesla-pursues-us-plant-with-china-s-dominant-battery-maker-catl?utm_medium=cpc_search&amp;utm_campaign=NB_ENG_DSAXX_DSAXXXXXXXXXX_EVG_XXXX_XXX_COUSA_EN_EN_X_BLOM_GO_SE_XXX_XXXXXXXXXX&amp;gclid=Cj0KCQjwhL6pBhDjARIsAGx8D58sOITTiogd0W6pq7NaIt3I49Vg5k05ZBNDHOXRcrQy-qaib4CTQjoaAo_cEALw_wcB&amp;gclsrc=aw.ds" style="color:#0563c1">with</a> White House officials about prospects for opening a factory in the US to supply Tesla with more of its batteries for US consumers. And as recently as last month, CATL <a href="https://www.benzinga.com/markets/asia/22/09/28978449/chinese-battery-maker-calb-co-eyes-raising-1-7-billion-through-hong-kong-ipo-here-are-the-price-deta" style="color:#0563c1">was said to be considering a $1.8 billion IPO</a> on the Hong Kong Stock Exchange.

MERCEDES BENZ GROUP AG by Mercedes Benz Group AG

MBGAF

PCRFY

VLVLY

CATL Closes In On LG As World's #1 EV Battery Supplier; BYD Triples Global Market Share

The Australian High Court has ruled against the state of Victoria&#8217;s taxes on hydrogen and plug-in hybrid vehicle owners — known as Zero and Low-Emission Vehicles (ZLEVs) — often called the &#8220;worst EV policy in the world,&#8221; stating that only the federal government can impose excise duties. 
What Happened: The tax was implemented in 2021, charging up to 2.8 cents for every kilometer traveled in an EV, according to a&nbsp;<a href="https://www.aap.com.au/news/high-court-rules-on-future-of-electric-vehicle-charges/" target="_blank" rel="noreferrer noopener">report</a>&nbsp;by the Australian Associated Press.
"The ZLEV charge is, as its name suggests, a tax on ZLEVs. For that reason, it is a duty of excise," the court said, as per the report.
Why It Matters: This decision could be a positive move for encouraging EV adoption in Australia, where EVs represented only 8% of new car sales in September. 
Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) sells only the Model 3 and the Model Y in Australia but has seen such monumental demand that it nearly <a href="https://www.benzinga.com/markets/equities/23/06/33054505/tesla-nearly-sells-out-inventory-in-this-country-as-monumental-q2-looks-more-inevitable">sold out its inventory</a> back in June.
Other popular EV makers Down Under include BYD Co Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>), Hyundai Motor (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>), and Kia (OTC:<a class="ticker" href="https://www.benzinga.com/stock/KIMTF#OTC">KIMTF</a>), among others.
It is also expected to deter other Australian states, such as New South Wales and Western Australia, from introducing similar taxes. 
Meanwhile, in the U.S., the Biden administration continues to push toward mass EV adoption with incentives and subsidies. Consumers buying EVs in the U.S. can qualify for a<a href="https://www.benzinga.com/government/23/04/31851391/these-are-the-only-evs-that-qualify-for-federal-tax-credits-from-today"> tax credit of up to $7,500</a> under the Inflation Reduction Act, on qualifying certain conditions. 
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>.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/23/10/35301155/amazon-touts-10k-super-cool-electric-delivery-vans-on-us-roads">Amazon Touts 10K &#8216;Super Cool&#8217; Electric Delivery Vans On US Roads</a>

Government

Regulations

BYDDF

World's 'Worst EV Policy' Scrapped In Tesla's Promising Playground

Amid all the hype over EVs, China&rsquo;s largest producer of energy-efficient vehicles has been getting less love that some investors think it deserves.
With sharply rising sales, improving margins, and rapid overseas expansion in both low-cost and high-end luxury vehicles, BYD Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddf#OTC">BYDDF</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>) is poised for a quick spike upwards soon, say analysts.
Year-to-date, BYD has underperformed most of its peers. While Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) is 130% higher, and XPeng Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xpev#NYSE">XPEV</a>) and Li Auto Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/li#NASDAQ">LI</a>) are up 60%, BYD has climbed a comparatively modest 20%.
Part of that is down to the flagging demand for Chinese shares this year, while another part of that is due to the market ascribing the company a lower multiple associated with Chinese auto-parts firms and not to the company&rsquo;s status as an EV seller, according to Livy Investment Research, a stock research group.
That means that BYD is selling for at least half the multiple of rival firms and trades more like EV components suppliers such as LG Electronics Inc, Samsung Electronics Co Ltd and Panasonic Holdings Corporation (OTC: <a class="ticker" href="https://www.benzinga.com/stock/pcrfy#OTC">PCRFY</a>).
&ldquo;We believe markets are underpricing this mix shift, which likely sets BYD up for a potential upward re-rating on its valuation multiple, moving it closer to those attributable to its high-growth EV manufacturing peers,&rdquo; wrote Livy&rsquo;s analysts in a recent note. Livy has a target of $52 per share on BYD, around 75% higher than its present price.
In fact, the evidence shows that the company&rsquo;s battery business, which supplies many of the new EV upstarts as well as legacy automakers such as Toyota Motor Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tm#NYSE">TM</a>) and Kia Corp (OTC: <a class="ticker" href="https://www.benzinga.com/stock/kimtf#OTC">KIMTF</a>) and commands 16% of the global EV battery market overall is what has enabled BYD to maintain profit margins over 18% despite its price war with Tesla.&nbsp;
DBS Bank analyst Rachel Miu <a href="https://www.dbs.com.hk/treasures/aics/templatedata/article/recentdevelopment/data/en/DBSV/082023/1211_HK_08302023.xml" style="color:#0563c1">maintains</a> a similarly bullish outlook to Livy&rsquo;s for the number one Chinese automaker. She expects the stock, which is currently trading at around HK$240 in Hong Kong, to increase to HK$410 per share.
DBS cites strong vehicle sales, a net cash balance of 62 billion RMB ($8.4 billion) to support expansion, partnerships with phone handset makers such as Apple Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/appl#NASDAQ">APPL</a>) to develop EV electronics apps and a solid overseas market strategy in particular in South East Asia, Latin America and Europe as reasons for their bullish forecast. DBS is currently invested in BYD.
In markets such as Thailand, BYD has been gaining significant market share, not just among the country&rsquo;s auto-crazed consumers but also for heavier EVs too. Finansia&rsquo;s Suwat Sinsadok <a href="https://www.fnsyrus.com/uploads/research/20220719ThailandEV-%E0%B9%80%E0%B8%94%E0%B8%B4%E0%B8%99%E0%B8%AB%E0%B8%99%E0%B9%89%E0%B8%B2%E0%B9%80%E0%B8%81%E0%B8%B2%E0%B8%B0%E0%B8%81%E0%B8%A3%E0%B8%B0%E0%B9%81%E0%B8%AA%E0%B8%A3%E0%B8%B2%E0%B8%84%E0%B8%B2%E0%B8%99%E0%B9%89%E0%B8%B3%E0%B8%A1%E0%B8%B1%E0%B8%99%E0%B9%82%E0%B8%A5%E0%B8%81%E0%B8%97%E0%B8%B5%E0%B9%88%E0%B8%9B%E0%B8%A3%E0%B8%B1%E0%B8%9A%E0%B8%82%E0%B8%B6%E0%B9%89%E0%B8%99.pdf" style="color:#0563c1">estimates</a> BYD will double its sales of EV busses in 2023 to the South East Asian country after making a local acquisition last year.
However, some analysts are still shy of calling for an all-out rise in the stock any time soon. CMB International analysts led by Shi Ji are still rating the company as a Hold despite the better-than-expected earnings growth. CMB says the company is fairly-priced, even if earnings are now expected to increase in the near-term.
&ldquo;We are of the view that the margin dent on BYD from the price war could be more severe than we had expected last year, but BYD still has plenty of room to cut expenses,&rdquo; CMB&rsquo;s analysts wrote in their last research note.
The fact that BYD is a Chinese company is also a risk, say others, since the government can arbitrarily influence the performance of its local players with much greater ease than for other major economies.
This was the case with the leading ride-hailing company Didi Global Inc. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/didiy#OTC">DIDIY</a>), which after filing for an IPO in New York was ultimately forced by China&rsquo;s government to delist and given a hefty fine. (The company still maintains an over-the-counter listing in the States.)
Still, Chinese government policy seems to be mostly geared to encouraging the expansion of EV makers and driving sales. Monday, China&rsquo;s financial regulator <a href="https://asia.nikkei.com/Spotlight/Caixin/China-tells-lenders-to-pour-money-into-car-loans-consumer-credit" style="color:#0563c1">pushed</a> banks to ease up on lending for, among others, sales of EVs to Chinese consumers. In particular, it told lenders to relax auto application loan requirements, lower down payments, extend loan terms and even to design custom loan packages tailored to specific vehicle EV purchases.
In terms of Didi Inc., the country&rsquo;s sovereign fund is now investing again in <a href="https://www.benzinga.com/markets/penny-stocks/23/10/35242185/didi-global-inc-to-list-on-hong-kong-stock-exchange-according-to-reports" style="color:#0563c1">the company&rsquo;s return to mainboard listing status</a>, this time in Hong Kong. That could end up generating another round of windfall sales for BYD as China&rsquo;s government doubles down on its energy-efficient drive, say local market-watchers.
Amid the constant sales drive, Dair Sansyzbayev, an executive of a Dubai family office, points to BYD&rsquo;s ability to convert revenue into profit growth as the most attractive fundamental reason to value BYD much higher than its current price.
In the first half of 2023, BYD increased revenue by 73% but more than tripled its net profit vs. the same period last year to 260 billion RMB and 10.95 billion RMB, respectively.
Taking that into account and discounting the earnings growth by 15% for geopolitical risks, then fair value for the company is around $300 billion market capitalization &ndash; around three times what it stands at presently, writes Sansyzbayev in a recent note.
&ldquo;The company&#39;s fair value is far above the current market cap, meaning the stock price has a massive upside potential,&rdquo; said Sansyzbayev.

Penny Stocks

APPL

DIDI GLOBAL INC S/ADR by DiDi Global Inc.

DIDIY

XPEV

Investors Think China's Number One EV Maker BYD Is About To Take Off

Kia&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/kimtf#OTC">KIMTF</a>) has&nbsp;<a class="editor-rtfLink" href="https://www.kianewscenter.com/News/kia-accelerates-popularization-of-evs-with-reveal-of-ev5-and-two-concept-models-at-kia-ev-day/s/d94b123a-d5c9-4395-afe8-f6ba81532d0b" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">unveiled&nbsp;</a>three new small- to medium-sized electric models, including The Kia EV5, The Kia Concept EV3, and The Kia Concept EV4, at the brand&#39;s&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/topic/kia" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">annual Kia EV Day in Korea.&nbsp;</a>
The Kia EV5, the third dedicated BEV in its line-up, is built on the brand&#39;s dedicated EV platform, E-GMP.
The EV5 offers an extensive interior space that is closer in concept and execution to a home lounge than a traditional car cabin.
The model&#39;s spacious, light, well-ventilated cabin is equipped with cutting-edge infotainment and connectivity technology that enhances efficiency. It incorporates a Panoramic Wide Display, which combines a 12.3-inch cluster and 12.3-inch infotainment system, and a 5-inch climate control display.
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/10/35100337/kia-set-to-unveil-new-electric-vehicles-next-week-in-south-korea-takes-on-teslas-model-y" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Kia Set To Unveil New Electric Vehicles Next Week In South Korea, Takes On Tesla&#39;s Model Y</a>
Production of the EV5 will take place in both China and Korea, and the Chinese market will have access to three variations: standard, long-range, and long-range AWD.
The Kia Concept EV3 aims to deliver the Kia EV9&#39;s benefits in a compact SUV, while the Kia Concept EV4 reimagines electric sedans with a striking design.
Kia announced its plan to develop a wide-ranging EV line-up priced from $30,000 to $80,000, featuring existing models such as the EV6 and EV9 and future offerings tailored for the popular B- and C-segments.&nbsp;
The brand aims to introduce smaller EVs like the EV5, EV4, and EV3, with prices ranging from $35,000 to $50,000, to accelerate the widespread adoption of EVs.
Photo Via Company

Equities

Kia's EV Revolution: Unveiling Three New Electric Models At Annual Kia EV Day

Next week, Kia (OTC:<a class="ticker" href="https://www.benzinga.com/stock/KIMTF#OTC">KIMTF</a>) is set to unveil new electric vehicles at their EV Day event in Yeoju, South Korea. The event will take place on October 12, promising more details on Kia&#8217;s new electric models.
The South Korean automaker announced that it will showcase &#8220;three&nbsp;new small to medium electric&nbsp;models&#8221; at the event, which is expected to become an annual tradition, Electrek <a href="https://electrek.co/2023/10/04/kia-unveiling-new-ev-lineup-next-week-what-we-know/">reported</a>. The event will provide a comprehensive overview of Kia&#8217;s EV lineup, including detailed specifications of the EV5, which was initially unveiled in August&nbsp;at the Chengdu Motor Show&nbsp;in China.
The EV5, an electric SUV aimed to rival&nbsp;Tesla Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)&#8217;s Model Y in China, is priced at around $22,000. The other two models are speculated&nbsp;to be a sporty electric&nbsp;sedan and a compact crossover. The compact crossover, potentially named EV3 or EV4, was recently caught testing in the U.S., showing a boxy design inspired by the EV9.
See Also:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/10/35055412/why-this-tesla-analyst-stays-bullish-on-ev-giant-despite-q3-delivery-miss?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Why This Tesla Analyst Stays Bullish On EV Giant Despite Q3 Delivery Miss</a>
The new electric vehicles will likely feature Kia&#8217;s&nbsp;digital cockpit with dual screens,&nbsp;similar to the EV5.&nbsp;The EV3 or EV4 is&nbsp;expected to be based on Hyundai&#8217;s&nbsp;new Integrated Modular Architecture (IMA),&nbsp;which will support 13 new&nbsp;dedicated EVs from the Hyundai,&nbsp;Kia, and Genesis brands.
Kia aims to sell 1.6&nbsp;million EVs annually by 2030,&nbsp;with 15 new electric models&nbsp;by 2027. The company&#8217;s transformation strategy, initiated in 2021, appears to be paying off, as evidenced by its 14th consecutive month of year-over-year sales growth in the U.S. this September.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/23/10/35044372/tesla-unveils-affordable-model-y-rwd-now-the-cheapest-in-the-lineup?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Unveils Affordable Model Y RWD, Now the Cheapest In The Lineup</a>
Image Via Shutterstock
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Kia Set To Unveil New Electric Vehicles Next Week In South Korea, Takes On Tesla's Model Y

Hyundai Motor Co&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/hymtf#OTC">HYMTF</a>) and&nbsp;Kia Corp&nbsp;reportedly plan to decrease the prices of several electric vehicles (EVs).
This move comes in light of the South Korean government&#39;s decision to expand subsidies as it aims to revive the dwindling interest and demand for clean vehicles in the country, according to a&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2023-09-26/hyundai-kia-to-cut-ev-prices-in-south-korea-as-demand-slows?srnd=industries-consumer&amp;sref=TBDibEcD#xj4y7vzkg" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">report&nbsp;</a>from Bloomberg.
The Ioniq 5, Ioniq 6, and Kona EV from Hyundai and the EV6, Niro EV, and Niro Plus from Kia will be subject to this price reduction.
The report added that these price cuts are scheduled to commence next month and are expected to be in effect until the close of 2023.
The report cited Lee Hang-Koo, who leads the Jeonbuk Institute of Automotive Convergence Technology, highlighting that EV sales have decelerated in South Korea this year.
The reason for this downturn is the stagnating economic growth. This trend, combined with the newly announced price cuts, may further fuel the escalating price competition in the nation&#39;s automotive industry, where Hyundai and Kia hold major sway.
Lee also pointed out that the impending price battle might heat up next year, especially if foreign auto manufacturers unveil new models in the Korean market.
Cars from American and European brands, especially those manufactured in China, could potentially become crowd favorites.
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/09/34791439/ev-competition-kia-motors-launches-its-cheapest-ev-in-south-korea" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">EV Competition: Kia Motors Launches Its Cheapest EV In South Korea</a>
KG Mobility Co., previously known as&nbsp;Ssangyong Motor Co. before it went bankrupt, released an electric SUV priced at $30,000. This release was in collaboration with China&#39;s&nbsp;BYD Co&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>).
The proposed price reductions could potentially heighten international tension surrounding EV pricing.
With the new subsidies and price reductions, some cars could be about one-third cheaper in South Korea than in other nations.
The report cited statistics from the Ministry of Environment, government of South Korea, that EV sales during the first eight months of the current year dropped to 67,654 units from 71,744 during the same period in the previous year.
Interestingly, though the Seoul city government allocated subsidies for 13,688 EVs this year, only 5,522 vehicles have availed of this benefit so far.
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/09/34718455/hyundai-clinches-12-wage-hike-deal-with-south-korea-union-report" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Hyundai Clinches 12% Wage Hike Deal With South Korea Union: Report</a>
Price Action: HYMTF shares closed higher by 3.99% at $39.66 on Monday.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

EV Price Wars: Hyundai And Kia Slash EV Prices Amidst South Korean Subsidy Surge: Report

The forthcoming&nbsp;Kia EV4&nbsp;has been sighted during testing in the U.S., leading to speculation that it might replace the electric Soul model, Electrek <a href="https://electrek.co/2023/09/19/kia-ev4-spotted-testing-us-electric-soul-replacement/">replaced</a>.
The&nbsp;EV4 is expected to be&nbsp;a subcompact electric crossover from&nbsp;Kia&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/KIMTF#OTC">KIMTF</a>) with a starting price below $30,000.
The EV4 was previously seen&nbsp;in South Korea and Europe,&nbsp;showcasing a compact design similar to the EV9. It is likely to feature vertically stacked LED headlights and elements from Kia&#8217;s new &#8220;Opposites United&#8221; design theme.
See Also:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/09/34716460/teardown-expert-says-lucids-electric-drive-system-the-only-thing-that-can-beat-tesl?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Teardown Expert Says Lucid&#8217;s Electric Drive System The Only Thing That Can Beat Tesla: &#8216;Works Brilliantly Well..Like A Scalded Cat&#8217;</a>
Industry rumors suggest the EV4 could ride on&nbsp;Hyundai&#8217;s&nbsp;E-GMP platform used&nbsp;for all-electric Kia and Hyundai&nbsp;models. There is also talk of using a 400V platform to keep costs down.
&#8220;Not&nbsp;all cars need 800V tech,&nbsp;so could we use our&nbsp;400V tech in places? We&nbsp;need to see if the&nbsp;market segments we serve can&nbsp;be with derived platforms, or&nbsp;will there be a new&nbsp;platform?&#8221; said&nbsp;Sjoerd Knipping, vice president of&nbsp;marketing and product at Kia&nbsp;Europe.
Inside, the EV4 is likely&nbsp;to feature&nbsp;a digital cockpit with dual&nbsp;screens, similar to the EV5. More details about the EV4 will be&nbsp;revealed later this year or&nbsp;early 2024.
Read Next: A cutting-edge system for powering homes independently is emerging. The company behind it has secured $6.5 million in funding and you&nbsp;<a href="https://www.benzinga.com/alternative-investments/listing/yousolar">can also be an investor.</a>
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Kia EV4 Test Drive Spotted In US: Is It The Electric Successor To Soul?

Kia (OTC:<a class="ticker" href="https://www.benzinga.com/stock/KIMTF#OTC">KIMTF</a>) has introduced its latest electric SUV, the EV5, in a recent video showcasing the vehicle&#8217;s interior and exterior features, Electrek<a href="https://electrek.co/2023/09/06/kia-ev5-electric-suv-interior-exterior-detailed-new-video/"> reported</a>. 
Kia had officially unveiled the compact EV5 electric SUV at the Chengdu Motor Show in China, less than two weeks ago.
Focusing on the needs of millennial families, the EV5 features a &#8220;Tiger Face&#8221; design, replacing the traditional &#8220;Tiger Nose&#8221; grille, a strong rugged look with a boxy silhouette, and robust fenders.
See Also: <a href="https://www.benzinga.com/news/23/09/34221132/the-dark-side-of-teslas-largest-supercharger-is-a-diesel-generator-still-powering-it?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">The Dark Side Of Tesla&#8217;s Largest Supercharger: Is A Diesel Generator Still Powering It?</a>
The EV5&#8217;s interior is designed with a homely touch, resembling a lounge more than a traditional car cabin. It also offers dual displays, consisting of a central infotainment system and a digital gauge cluster.
The vehicle is expected to compete with Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) Model Y, targeting a starting price of approximately $22,000. It will be launched in China on Nov. 17, with exports to other markets to follow.
Kia has not confirmed whether the EV5 will be introduced in the U.S. market. However, with the increasing popularity of SUVs, the EV5 could help the brand transition into the EV era, as it aims for 1.6 million EV sales globally by the end of the decade.
Read Next: Online brokerages make ungodly amounts by selling your data. What trading platform doesn&#8217;t sell your data <a href="https://www.benzinga.com/general/23/08/34050038/online-brokerages-make-ungodly-amounts-by-selling-your-data">to market makers? This one.</a>
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Tesla Model Y Challenger: Kia Showcases EV5's Interiors And Exteriors

The <a href="https://www.benzinga.com/topic/nhtsa">National Highway Traffic Safety Administration</a> on Tuesday said it has made an initial decision that some air bag inflators manufactured by ARC Automotive and Delphi Automotive from 2000 through January 2018 must be recalled. 
When commanded to deploy, these inflators may rupture and eject metal debris into the passenger compartment, the NHTSA said. Within the United States, these rupturing airbag inflators have injured at least seven and killed one person. NHTSA is also aware of at least two cases of rupture outside the U.S., it added.
Inflators affected by the initial decision include 41 million inflators manufactured by ARC and the nearly 11 million manufactured by Delphi under an agreement with ARC, taking the total number to a whopping 52 million. 
These inflators have been incorporated into air bag modules of 12 vehicle manufacturers including BMW AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BMWYY#OTC">BMWYY</a>), Ford Motor Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>), General Motors Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), Hyundai Motor Co (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMLF#OTC">HYMLF</a>), Kia Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/KIMTF#OTC">KIMTF</a>), Stellantis NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>), Mercedes-Benz Group AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MBGYY#OTC">MBGYY</a>), Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Toyota Motor Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>), and Volkswagen AG (OTCPK: VWAGY), NHTSA said. 
Initial Recall Request: Though the NHTSA requested ARC to initiate a recall for the inflators in April earlier this year, the company declined alleging that the agency lacks sufficient evidence of a safety defect. 
The company further minimized the seven confirmed ruptures as merely "occasional or isolated failures that are an inevitable part of any volume manufacturing process,&#8221; the NHTSA said. 
Delphi Automotive, meanwhile, no longer exists. It was acquired by Autoliv (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALV#NYSE">ALV</a>) who may not have the legal liability for the inflators manufactured by Delphi. 
The NHTSA will now hold a public meeting at the Department of Transportation headquarters in Washington, D.C., on Oct.5 regarding the initial decision to force a recall. 
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a target="_blank" href="https://www.benzinga.com/topic/mobility" rel="noreferrer noopener">following this link</a>.
Read More:&nbsp;<a href="https://www.benzinga.com/news/23/09/34260852/elon-musk-dismisses-tesla-mcdonalds-cyber-spoon-partnership-calls-it-fake-news">Elon Musk Dismisses Tesla-McDonald&#8217;s Cyber Spoon Partnership, Calls It &#8216;Fake News&#8217;</a>
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HYMLF

VWAGY

Tesla, GM, Ford Among Automakers Hit As NHTSA Targets 52M Faulty Airbag Inflators

Kia America&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/KIMTF#OTC">KIMTF</a>) has disclosed that it achieved record-breaking sales in August 2023. This notable achievement marks the company&#8217;s most successful August sales to date and the second-highest monthly total in the company&#8217;s history.
What Happened:&nbsp;The automotive heavyweight, based in Irvine, California, revealed that it sold an impressive 72,147 units in August. This signifies a 9% increase from&nbsp;the previous record set in&nbsp;2022, marking the fourth consecutive month that Kia&#8217;s sales have exceeded the 70,000 mark. There was a significant surge in the sales of battery-electric vehicles, which doubled compared to August 2022, and utility vehicle sales saw a 14% year-over-year increase.
Seven different models saw year-over-year sales increases, with four models recording their best-ever August sales. This includes Niro, Carnival, EV6, Rio, Telluride, Seltos and K5.&nbsp;Utility vehicles formed the majority, comprising 72% of Kia&#8217;s overall sales for the month.
Eric Watson, vice president of sales operations at&nbsp;Kia America, said,&nbsp;&#8220;Exceeding 70,000 units for four&nbsp;consecutive months and doubling year-over-year&nbsp;sales of our electrified offerings&nbsp;is proof that Kia is&nbsp;ahead of the competition.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/news/23/08/34062069/musk-takes-a-swipe-at-slow-moving-legacy-automakers-will-probably-take-major-car-companies-about-thr?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Musk Takes A Swipe At Slow-Moving Legacy Automakers: &#8216;Will Probably Take Major Car Companies About Three Years&#8217;</a>
Why It Matters:&nbsp;The noteworthy sales performance of Kia comes at a time when the automaker is making strategic moves in the industry. In August 2023, Kia made headlines with the upcoming launch of its compact electric SUV, the EV5, in China. The vehicle revealed at the Chengdu Motor Show boasts of an innovative interior design and a versatile layout. Most significantly, it carries a <a href="https://www.benzinga.com/news/23/08/34109771/kia-ev5-undercuts-tesla-model-y-with-a-surprisingly-low-price-tag-at-22k">surprisingly low starting price of&nbsp;$22,000</a>, undercutting the starting price of&nbsp;Tesla Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) Model Y, thus positioning it competitively in China&#8217;s aggressive EV market. 
Read Next: You don't need to be an art major to rake in great profits from fine art. Seasoned curators have created a selection of promising pieces you can invest in today. Click&nbsp;<a href="https://www.benzinga.com/alternative-investments/collectibles">here to check them out.</a>
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Kia America Hits Record-Breaking Sales In August 2023

Benzinga
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/08/34109954/cnn-gets-a-new-chief-can-former-new-york-times-exec-mark-thompson-help-cnn-ratings" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">CNN Gets A New Chief - Can Former New York Times Exec Mark Thompson Help CNN Ratings?</a>
<ul>
<li>Warner Bros. Discovery&nbsp;Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wbd#NASDAQ">WBD</a>) reached a decision to appoint Mark Thompson, previously a senior executive at both the New York Times and the BBC, as the next leader of CNN.</li>
<li>Following a period of upheaval and changes in leadership, Thompson&#39;s appointment as CEO could be a strategic move to combat CNN&#39;s prolonged ratings decline.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/08/34112151/electrifying-move-hyundai-jv-invests-400m-for-5-stake-in-korea-zinc-bolstering-ev-battery-raw-ma" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Electrifying Move: Hyundai JV Invests ~$400M For 5% Stake In Korea Zinc, Bolstering EV Battery Raw Material Supply</a>
<ul>
<li>Hyundai Motor Co., Ltd.&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/hymtf#OTC">HYMTF</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/hymlf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">HYMLF</a>) inked a memorandum of understanding with Korea Zinc, aiming for a comprehensive collaboration across the nickel value chain in making electric car batteries.&nbsp;</li>
<li>As part of the collaboration, HMG Global, an overseas joint venture established collaboratively by Hyundai Motor,&nbsp;Kia Motors Corp&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/kimtf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">KIMTF</a>), and Hyundai Mobis, plans to acquire a 5% stake in Korea Zinc for around $399 million.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/08/34108647/toyotas-july-production-sales-jump-on-strong-demand" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Toyota&#39;s July Production &amp; Sales Jump On Strong Demand</a>
<ul>
<li>Toyota Motor Corp&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tm#NYSE">TM</a>) said its total global production increased 10% in July to 918,347 vehicles, including subsidiaries&nbsp;Daihatsu Motor Co&nbsp;and&nbsp;Hino Motors Ltd.</li>
<li>Worldwide sales, including subsidiaries, grew 5.2% to 918,345 units.</li>
<li>For Toyota, July&#39;s global production rose 14.6% to 809,400 vehicles, and sales improved 7.8% to 859,506 vehicles.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/08/34108367/jetblue-spreads-its-wings-non-stop-new-york-to-amsterdam-flights-take-off" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">JetBlue Spreads Its Wings: Non-Stop New York To Amsterdam Flights Take Off</a>
<ul>
<li>JetBlue Airways Corp&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/jblu#NASDAQ">JBLU</a>) disclosed a new daily non-stop flight from New York to Amsterdam to boost its presence in the transatlantic region.</li>
<li>As an introductory offer, JetBlue offered limited roundtrip fares for U.S.-originating and Netherlands-originating travelers.</li>
<li>The move follows the airline&#39;s successful launch of London flights in August 2021 and Paris in June 2023.</li>
</ul>
&nbsp;
New York Post
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/08/34112502/humm-the-song-to-search-on-youtube-alphabet-rolls-out-hum-to-search-feature" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Humm The Song To Search on YouTube - Alphabet Rolls Out Hum-to-Search Feature</a>
<ul>
<li>Last week,&nbsp;Alphabet Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/goog#NASDAQ">GOOG</a>) (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/googl#NASDAQ">GOOGL</a>)&nbsp;Google&nbsp;shared plans to trial a brand-new feature for a smoother song-searching experience on YouTube.</li>
<li>Android users can search for songs on&nbsp;YouTube&nbsp;by humming or singing under the new feature.</li>
<li>Users in the beta group can toggle the new feature from YouTube&#39;s voice search and &quot;hum or record the song you&#39;re searching for three or more seconds.&quot;</li>
</ul>
&nbsp;
Financial Times
<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/08/34108183/amazon-under-scrutiny-fda-highlights-unapproved-drug-sales-third-strike-in-a-year" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Amazon Under Scrutiny: FDA Highlights Unapproved Drug Sales, Third Strike in a Year</a>
<ul>
<li>The U.S. Food and Drug Administration slammed&nbsp;Amazon.Com Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amzn#NASDAQ">AMZN</a>) for listing &quot;unauthorized&quot; drugs on its platform.&nbsp;</li>
<li>In a letter to CEO Andy Jassy, the FDA highlighted the sale of medications to treat molluscum contagiosum, a skin lesion-causing condition.&nbsp;</li>
<li>The FDA identified Amazon&#39;s distribution of four such products via third-party sellers despite no sanctioned over-the-counter treatments for this condition.</li>
</ul>
&nbsp;
Wall Street Journal
<a class="editor-rtfLink" href="https://www.benzinga.com/m-a/23/08/34111606/us-steels-bid-review-buzz-evaluates-confidential-buyout-offers" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">US Steel&#39;s Bid Review Buzz: Evaluates Confidential Buyout Offers</a>
<ul>
<li>United States Steel Corp&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/x#NYSE">X</a>) has reportedly engaged in confidentiality agreements with several interested parties and has begun sharing due diligence information.&nbsp;</li>
<li>This strategic move comes as U.S. Steel evaluates bids for the entire company or specific parts of its operations.</li>
<li>In a letter addressed to shareholders, Chief Executive David Burritt and Chairman David Sutherland highlighted the company&#39;s receipt of &quot;multiple unsolicited proposals.&quot;&nbsp;</li>
</ul>
&nbsp;
Reuters
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/08/34110808/walmarts-mixed-messages-wage-increases-followed-by-voluntary-pay-cuts-for-pharmacists" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Walmart&#39;s Mixed Messages: Wage Increases Followed by Voluntary Pay Cuts for Pharmacists</a>
<ul>
<li>Walmart Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wmt#NYSE">WMT</a>) is reportedly asking some of its 16,000 pharmacists across the U.S. to take voluntary pay reduction.</li>
<li>The company aims to lower costs by reducing the working hours.</li>
<li>Walmart said that the hours reduction reflects dropoff in demand for drugs during the summer and requests from pharmacists for a better work-life balance.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/large-cap/23/08/34113275/burger-king-grilled-in-court-are-whoppers-really-35-smaller-than-advertised" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Burger King Grilled in Court: Are Whoppers Really 35% Smaller Than Advertised?</a>
<ul>
<li>A recent legal case involving Burger King has taken a significant turn as a U.S. District Judge, Roy Altman, rejected&nbsp;Burger King&#39;s&nbsp;attempt to dismiss a lawsuit alleging that the fast-food chain deceived customers by portraying its Whopper sandwich as larger than it truly is.</li>
<li>In the proposed class action, the customers accused Burger King of showcasing burgers on their menu with overflowing ingredients that create an illusion of being 35% larger and having more than double the meat content compared to what is actually served.</li>
<li>In his recent decision, Judge Altman also permitted the customers to pursue claims based on negligence and unjust enrichment.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/08/34109890/chevron-removes-staff-from-us-gulf-of-mexico-oil-platforms-amid-hurricane-idalia-concerns-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Chevron Removes Staff From US Gulf Of Mexico Oil Platforms Amid Hurricane Idalia Concerns</a>
<ul>
<li>Chevron Corporation&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cvx#NYSE">CVX</a>) has reportedly evacuated staff from three U.S. Gulf of Mexico oil production platforms to protect from Hurricane Idalia. Chevron removed all staff from its Genesis platform.</li>
<li>However, the company withdrew only the non-essential workers from its Blind Faith and Petronius platforms. Production was continuing at Chevron-operated Gulf of Mexico oil and gas facilities.</li>
</ul>
&nbsp;
Earnings
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/08/34110807/beaten-down-specialty-home-goods-retailer-conns-modifies-store-expansion-plans-for-fy24-after-mixed" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Beaten Down Specialty Home Goods Retailer Conn&#39;s Modifies Store Expansion Plans for FY24 After Mixed Q2 Performance</a>
<ul>
<li>Conn&#39;s Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/conn#NASDAQ">CONN</a>) reported a second-quarter FY24 revenue decline of 11.5% year-over-year to $306.9 million, missing the consensus of $308.2 million. Adjusted EPS loss of $(1.39) beat the consensus loss of $(1.53).</li>
<li>Retail revenues decreased by 12% Y/Y, primarily driven by a decrease in same-store sales.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/08/34108602/calvin-klein-parent-pvhs-q2-earnings-top-estimates-on-strong-asia-pacific-performance" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Calvin Klein Parent PVH&#39;s Q2 Earnings Top Estimates On Strong Asia Pacific Performance</a>
<ul>
<li>PVH Corp&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pvh#NYSE">PVH</a>) reported second-quarter FY23 sales growth of 4% year-on-year to $2.21 billion, beating the analyst consensus of $2.19 billion.</li>
<li>The increase was driven by growth in the Tommy Hilfiger and Calvin Klein businesses and included strong performance in the company&#39;s international businesses, particularly in the Asia Pacific region.</li>
<li>Adjusted EPS of $1.98 beat the analyst consensus of $1.75.</li>
<li>Outlook: PVH continues to see FY23 revenue increase of 3%-4%.</li>
</ul>

AMZN

CONN

GOOG

GOOGL

JBLU

CNN Taps Former New York Times Exec Mark Thompson Help Ratings, YouTube Rolls Out Hum-to-Search Feature, Customers Allege Burger King Whoppers 35% Smaller Than Advertised: Today's Top Stories

Hyundai Motor Co., Ltd.&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/hymtf#OTC">HYMTF</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hymlf#OTC">HYMLF</a>) inked a memorandum of understanding with Korea Zinc, aiming for a comprehensive&nbsp;<a class="editor-rtfLink" href="https://www.hyundai.com/worldwide/en/company/newsroom/hyundai-motor-group-partners-with-korea-zinc-on-value-chain-for-ev-business-0000017077" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">collaboration&nbsp;</a>across the nickel value chain in making electric car batteries.&nbsp;
As part of the collaboration, HMG Global, an overseas joint venture established collaboratively by Hyundai Motor,&nbsp;Kia Motors Corp.&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/kimtf#OTC">KIMTF</a>), and Hyundai Mobis, plans to acquire a 5% stake in Korea Zinc for KRW527.2 billion (~$399 million).
The companies plan to work towards establishing a stable nickel supply chain, a critical raw material for EV batteries.&nbsp;
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/08/33552864/hyundai-kia-recall-over-91-000-vehicles-in-us-report" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Hyundai &amp; Kia Recall Over 91,000 Vehicles In US: Report</a>
The companies also plan to jointly purchase nickel raw materials and invest in mine development projects to source raw materials that meet IRA requirements.
Nickel supply from the partnership will commence in 2026.&nbsp;
In 2031, the Group intends to source 50% of the nickel needed to produce EV batteries from the partnership with Korea Zinc.
Hyundai Motor is also pursuing other global partnerships to secure key EV battery raw materials such as lithium.
Price Action:&nbsp;HYMTF shares closed 0.79% higher to $38.30 on Tuesday.

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