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    A000270   KR7000270009

KIA CORPORATION

(A000270)
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Hyundai Motor, LG's battery unit to invest $1 billion in EV partnership

07/28/2021 | 09:20pm EDT
Employees of Hyundai Motor Group leave after the company's new year ceremony in Seoul

(Reuters) - South Korea's Hyundai Motor Group and LG Energy Solution said on Thursday they would set up a joint venture (JV) in Indonesia to establish a battery cell plant for electric vehicles (EV), investing $1.1 billion with each owning half the business.

The JV will help Hyundai Motor Co and its sister company Kia Corp secure a stable supply of EV batteries at a competitive price for their battery electric vehicles.

LG Energy Solution (LGES), the wholly owned battery subsidiary of LG Chem Ltd, and Hyundai signed a memorandum of understanding with the Indonesian government to build the plant in the country, the companies said in a joint statement on Thursday.

The news comes as global automakers move to secure EV batteries in anticipation of a rise in sales because of government subsidies and quotas worldwide seeking to cut carbon emissions.

Construction of the plant will start in the fourth quarter of 2021 and will be completed by the first half of 2023, the companies said.

Indonesia is promoting the domestic development of EV and battery production to create a downstream industry for the country's rich supply of lithium battery ingredient, nickel laterite ore.

(Reporting by Akriti Sharma in Bengaluru; Editing by Subhranshu Sahu and Gerry Doyle)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
HYUNDAI MOTOR COMPANY -0.24% 208500 End-of-day quote.8.59%
KIA CORPORATION 0.12% 84200 End-of-day quote.34.94%
LG CHEM, LTD. 8.42% 760000 End-of-day quote.-7.77%
All news about KIA CORPORATION
09/22Hyundai Motor's, Kia's Eco-Friendly Vehicle Sales Surge over 120% in US in August
MT
09/20Hyundai Motor Uses Boston Dynamics' Robot for Safety Inspections at Kia Factory
MT
09/15South Korea's LGES, Hyundai Motor start work on Indonesian EV battery plant
RE
09/07KIA : Hyundai to offer hydrogen fuel cell versions of all commercial vehicles by 2028
RE
09/03Hyundai Motor set to use internally developed chip for upcoming car -media report
RE
09/02KIA : announces August 2021 global sales
AQ
09/01South Korean Automakers' Sales Fall Over 4% in August
MT
08/31MARKET CHATTER : Kia, Labor Union Enter Wage Deal for 2021
MT
08/18Hyundai Motor Group Launches 'EnableLA' to Assist People with Mobility Barriers in Los ..
AQ
08/12KIA : 60 reopens in Seoul as immersive space for experiencing future mobility solutions, l..
AQ
More news
Analyst Recommendations on KIA CORPORATION
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Financials
Sales 2021 71 187 B 60,6 B 60,6 B
Net income 2021 4 641 B 3,95 B 3,95 B
Net cash 2021 6 699 B 5,70 B 5,70 B
P/E ratio 2021 7,34x
Yield 2021 1,53%
Capitalization 33 758 B 28 771 M 28 728 M
EV / Sales 2021 0,38x
EV / Sales 2022 0,32x
Nbr of Employees -
Free-Float 61,8%
Chart KIA CORPORATION
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Kia Corporation Technical Analysis Chart | A000270 | KR7000270009 | MarketScreener
Technical analysis trends KIA CORPORATION
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 31
Last Close Price 84 200,00 KRW
Average target price 120 466,67 KRW
Spread / Average Target 43,1%
EPS Revisions
Managers and Directors
Ho-Sung Song President, Co-Chief Executive Officer & Director
Jun-Young Choi Co-Chief Executive Officer, Director & VP
Woo-Jung Joo Director, Senior Managing Director & Head-Finance
Sang-Koo Nam Independent Director
Kwi-Nam Lee Independent Director
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