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    A005380   KR7005380001

HYUNDAI MOTOR COMPANY

(A005380)
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India's top carmaker sees hydrogen as 'interesting alternative'

08/02/2021 | 09:59am EDT
FILE PHOTO: Corporate office of Maruti Suzuki India Limited is pictured in New Delhi

NEW DELHI (Reuters) - The use of hydrogen power for mobility is an "interesting alternative" for India, especially as it would reduce dependence on lithium imports, the chairman of Maruti Suzuki, India's top-selling carmaker, said on Monday.

Demand for lithium for batteries is soaring as governments across the world push automakers to meet stringent targets for cutting carbon emissions, partly by phasing out internal combustion engines.

In India, however, the adoption of electric vehicles (EVs) by carmakers has been slow due to the high cost of batteries, as well as insufficient charging infrastructure. India also does not have lithium reserves, the majority of which are controlled by China globally.

This makes EVs a hard sell in a country like India where per capita income is around $2,000, or about 5% of that in Europe and Japan, and 95% of cars sold are priced below $20,000, Maruti Chairman R.C. Bhargava told shareholders in the company's annual report.

"We need to recognise that our strategy for moving towards net zero emission has to be consistent with the economic and infrastructure conditions prevailing in the country," Bhargava said.

To reduce fuel consumption and emissions, Maruti is pushing sales of cars that operate on compressed natural gas (CNG), and is also investing in hybrid technology, he said, adding that "the use of hydrogen is also an interesting alternative".

Suzuki Motor Corp, which controls Maruti, is also prioritising development of clean technologies suitable for the Indian market, Bhargava said, adding that Suzuki's alliance with Toyota Motor Corp in Japan would prove valuable for this effort.

Bhargava's comments come as debate around EVs is gathering steam in India, with Tesla Inc lobbying the government to lower import duties on electric cars.

Tesla's demands have polarised India's auto industry, with South Korea's Hyundai Motor Co - which has a share of about 18% of the country's car market and is Maruti's closest competitor - supporting a tax cut on imports.

Maruti's comments in support of hydrogen also come weeks after Mukesh Ambani, chairman of refiner Reliance Industries, said it would invest $10 billion in clean energy, including setting up giga factories to produce fuel cells and green hydrogen.

(Reporting by Aditi Shah; Editing by David Holmes)

By Aditi Shah


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
HYUNDAI MOTOR COMPANY 0.48% 209000 End-of-day quote.8.85%
MARUTI SUZUKI INDIA LTD 1.20% 7014.45 Delayed Quote.-8.30%
RELIANCE INDUSTRIES LTD -1.55% 2390.55 Delayed Quote.20.41%
SUZUKI MOTOR CORPORATION 1.17% 5193 End-of-day quote.8.59%
TESLA, INC. 0.33% 759.49 Delayed Quote.7.63%
TOYOTA MOTOR CORPORATION 0.80% 10020 End-of-day quote.25.93%
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Financials
Sales 2021 118 769 B 100 B 100 B
Net income 2021 6 200 B 5,24 B 5,24 B
Net Debt 2021 70 598 B 59,7 B 59,7 B
P/E ratio 2021 8,42x
Yield 2021 1,90%
Capitalization 44 129 B 37 407 M 37 333 M
EV / Sales 2021 0,97x
EV / Sales 2022 0,88x
Nbr of Employees 70 388
Free-Float 70,8%
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Mean consensus BUY
Number of Analysts 31
Last Close Price 209 000,00 KRW
Average target price 308 033,33 KRW
Spread / Average Target 47,4%
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Managers and Directors
Eui-Sun Chung Vice Chairman & Co-Chief Executive Officer
Chang Jae-hoon Co-President & Co-Chief Executive Officer
Albert Biermann Co-President & Director
Eon-Tae Ha Co-President & Director
Moon-Sik Kwon Vice Chairman-Executive Board, Head-R&D
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