Motor company – Seminole Tribe Motocross Tue, 22 Nov 2022 17:13:42 +0000 en-US hourly 1 Motor company – Seminole Tribe Motocross 32 32 Yamaha adopts plant-based materials for PWC parts Tue, 22 Nov 2022 16:42:56 +0000

Yamaha Marine US Business Unit will soon begin using resin reinforced with plant-derived cellulose nanofibers (CNF) in the production of specific parts for personal watercraft. CNF Reinforced Resin, developed through a collaboration agreement between Yamaha Motor Co., Ltd. in Japan (“Yamaha Motor”) and Nippon Paper Industries Corporation, Ltd., represents what appears to be one of the world’s first practical uses of sustainable materials. for watercraft parts.

Parts developed from this material are intended for installation in certain 2024 models of watercraft and sport boat engines. Using this material in the production of Yamaha WaterCraft parts is a step towards reducing carbon dioxide as well as the company’s environmental footprint.

“We are proud to be part of a company that proactively seeks sustainable solutions for its products,” said Ben Speciale, president of the Yamaha US Marine business unit. “Yamaha Motor inspired the activities of Yamaha US Marine Business Unit and applauded the 2019 launch of Yamaha Rightwaters™, our sustainability program which aims to recover, mitigate and clean up the plastics we use, increase scientific research, improve habitat and sequester carbon dioxide.”

CNF Reinforced Resin is a new high strength material made by kneading and dispersing CNF, a biomass material made from wood resources, into resins such as polypropylene. In addition to being more than 25% lighter than existing resin materials, it also has excellent material recyclability, which leads to a reduction in the amount of plastics used and in greenhouse gas emissions, mainly from carbon dioxide.

Under the new Mid-Term Management Plan (2022-2024) announced in February, Yamaha Motor continues to strengthen its sustainability efforts. To accelerate the carbon offset initiatives needed to achieve its goals, the company will continue to promote research and development of technologies that contribute to sustainability.

Yamaha Motor is investigating the use of CNF Reinforced Resin not only in marine products, but also in motorcycles and a wide range of other products in the future.

Ford Motor (NYSE:F) Receives Average Analyst Rating of “Hold” Sat, 19 Nov 2022 08:40:48 +0000

Ford Motor (NYSE:F – Get Rating) has earned an average rating of “Hold” from the twenty-three rating agencies that currently cover the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a sell recommendation, nine have assigned a hold recommendation and six have issued a buy recommendation on the company. The 12-month average target price among analysts who have reported on the stock in the past year is $18.07.

Several research analysts commented on the title. UBS Group downgraded Ford Motor shares from a “neutral” rating to a “sell” rating and lowered its price target for the stock from $13.00 to $10.00 in a research note from the Monday, October 10. Citigroup lowered its price target on Ford Motor shares from $16.00 to $13.00 and set a “neutral” rating for the company in a Wednesday, September 28 research note. took over coverage of Ford Motor stocks in a Wednesday, Oct. 12 research note. They set a “hold” rating for the company. Morgan Stanley raised its price target on Ford Motor shares from $14.00 to $15.00 and gave the stock an “overweight” rating in a Friday, Oct. 28 research note. Finally, Benchmark lowered its price target on Ford Motor shares to $23.00 in a Tuesday, August 9 research note.

Insider Activity at Ford Motor

Separately, insider Stuart J. Rowley sold 29,821 shares of the company in a trade dated Wednesday, November 16. The shares were sold at an average price of $13.97, for a total value of $416,599.37. Following the sale, the insider now directly owns 224,978 shares of the company, valued at approximately $3,142,942.66. The sale was disclosed in a legal filing with the SEC, accessible via this link. 0.90% of the shares are held by insiders.

Hedge funds weigh on Ford Motor

A number of institutional investors and hedge funds have recently changed their positions in F. Campbell & CO Investment Adviser LLC acquired a new position in Ford Motor in the first quarter worth approximately $183,000. Wedmont Private Capital bought a new stake in Ford Motor in the second quarter worth approximately $174,000. BLB&B Advisors LLC increased its stake in Ford Motor by 3.2% in the second quarter. BLB&B Advisors LLC now owns 525,834 shares of the automaker valued at $5,853,000 after buying an additional 16,154 shares in the last quarter. Harbor Capital Advisors Inc. increased its stake in Ford Motor by 19.9% ​​in the second quarter. Harbor Capital Advisors Inc. now owns 11,398 shares of the automaker valued at $127,000 after buying 1,894 additional shares in the last quarter. Finally, Alphastar Capital Management LLC increased its stake in Ford Motor by 67.6% in the second quarter. Alphastar Capital Management LLC now owns 164,702 shares of the automaker valued at $1,833,000 after buying an additional 66,431 shares in the last quarter. 49.89% of the shares are held by institutional investors and hedge funds.

Ford Motor trades up 0.6%

Ford Motor shares opened at $13.99 on Friday. The stock has a market capitalization of $56.25 billion, a P/E ratio of 6.36, a PEG ratio of 2.36 and a beta of 1.42. The company has a debt ratio of 2.00, a current ratio of 1.20 and a quick ratio of 1.03. Ford Motor has a 1-year low of $10.61 and a 1-year high of $25.87. The company’s 50-day moving average price is $12.98 and its 200-day moving average price is $13.35.

Ford Motor Inc (NYSE:F – Get Rating) last released quarterly earnings data on Wednesday, October 26. The automaker reported earnings per share (EPS) of $0.30 for the quarter, missing the consensus estimate of $0.31 per ($0.01). The company posted revenue of $37.19 billion for the quarter, versus a consensus estimate of $37.11 billion. Ford Motor had a net margin of 5.94% and a return on equity of 14.69%. The company’s quarterly revenue increased 12.0% year over year. In the same quarter of the previous year, the company achieved EPS of $0.51. On average, stock analysts predict Ford Motor will post earnings per share of 1.96 for the current fiscal year.

Ford Motor announces dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 1. Investors of record on Tuesday, November 15 will receive a dividend of $0.15. The ex-dividend date is Monday, November 14. This represents an annualized dividend of $0.60 and a yield of 4.29%. Ford Motor’s dividend payout ratio (DPR) is currently 27.27%.

About Ford Motor

(Get a rating)

Ford Motor Company designs, manufactures, markets and services a range of Lincoln trucks, cars, sport utility vehicles, electrified vehicles and luxury vehicles worldwide. It operates through three segments: Automotive, Mobility and Ford Credit. The Automotive segment sells Ford and Lincoln vehicles, replacement parts and accessories through distributors and dealers, as well as through dealerships to commercial fleet customers, daily car rental companies and governments.

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SsangYong Completes Company Rehabilitation, Sees Electrification as Future Growth Driver Sat, 12 Nov 2022 07:42:25 +0000

SsangYong Motor Company has completed the 18-month rehabilitation of the business and the repayment of rehabilitation debt with the funds resulting from its acquisition by KG Group on November 11. The company now plans to accelerate the normalization of its early management by increasing sales and quickly turning a profit.

SsangYong’s future growth will be based on the company’s move towards electrification, again supported by additional capital funding from KG Group. The brand is also focused on growth thanks to the successful international launch of its new Torres SUV model.

The unveiling of Torres in the domestic market has been extremely well received and is already leading the way in increasing sales while strengthening the brand’s position in the global market. Ongoing investment and technology development for electric vehicles (EVs) is progressing, with the U100 the first slated for release next year.

SsangYong Motor appointed Kwak Jea-sun as new Chairman and Jeong Yong-won as CEO in September and steps were taken in October to stabilize management with new management appointments and organizational reforms to foster growth development future.

In July, the KG Consortium and SsangYong workers and management signed a special three-party agreement focusing on job security and long-term investment. Union-management cooperation has been strengthened in order to further solidify labor relations and avoid a repetition of previous failures in this area.

KG Group also completed a second round of capital investment in October to repay senior debt and as part of its operational financing plan. After repaying its rehabilitation debts, it accelerates the improvement of the company’s financial structure leading to a rapid normalization of activity.

SsangYong Motor officials commented, “On behalf of everyone at SsangYong Motor, we would like to express our sincere gratitude to all stakeholders, including the Seoul Rehabilitation Court, creditors and partners for their understanding and their support in the success of the company rehabilitation procedure and lays the basis for the normalization of the company’s activities.

Moke Californian EV order banks open, pricing starts at $41,900 Tue, 08 Nov 2022 21:08:00 +0000

The Moke International Electric Moke Californian debuted a few weeks ago without any pricing information. That changes today, with the company announcing that the US-bound EV will cost $41,900. Interested customers can pay a refundable reservation fee of $990 to secure a building location starting today.

The new Moke Californian is now fully electric, powered by a rear-mounted 44 horsepower (33 kilowatts) electric motor. It is more powerful than the gasoline version sold in the United States in the late 1970s, which produced only 39 hp (29 kW). It’s not a big jump, but it’s enough to cut the car’s 34-mile-per-hour (55-kilometer-per-hour) time from 6.3 seconds to 4.3.

The Californian, which is exclusive to the US market and the first new Moke to go on sale here since 1982, is highway legal thanks to its 80 mph top speed. This is the first time a Mini Moke model in the United States has been allowed to drive on the highway. It offers up to 80 mi (120 km) of range, but that figure is based on the forgiving WLTP test cycle. We expect to get less than that in the United States. According to the company, it takes four hours to recharge with a Type 1 charger.

Moke will limit production to just 325 cars in the United States per year. This follows the Low Volume Motor Vehicle Manufacturers Act 2015 which was passed, allowing heritage brands like Moke to produce derivatives of any of their models over 25 years old. However, they must comply with current federal motor vehicle safety standards.

You can also configure the Moke Californian now. The company offers five exterior colors: Wave Blue, Sunset Orange, Sunlight Yellow, Scuba Blue and Granite Grey. The only optional extra is the full awning with doors, but there is no price associated with the upgrade.

Moke began operations building light military vehicles before they became popular with farmers. By the late 1970s, it was popular enough to export a more modern Mini Moke version to the United States – and the rest is history. The company did not say when it would begin deliveries.

Rivian R1T high-end four-engine delayed until 2024 Thu, 03 Nov 2022 22:49:14 +0000

Reservation holders can also re-specify their quad-motor order with the big pack or cancel their reservation. Rivian says it intends to update customers every three months with estimated delivery times.

Alongside the four-motor Max pack configuration, Rivian also plans to release an entry-level Standard battery model in 2024. With a capacity of 105 kWh, the Standard battery is rated for 260 miles of range and n Comes only with the dual motor set up. The timeframe may not be optimal, but it could give Rivian buyers new choices — Max and Standard — to compete with Tesla’s Cybertruck, which is expected to roll out around the same time.

bumps in the road

The delay is the latest in a string of bad news for the brand, including a price hike in March that bumped the price of a four-motor R1T by $12,000 to $79,500 ahead of destination. undisclosed and handling charges. Rivian cited higher component prices, but outraged reservation holders forced the company to limit the hike to orders placed after the announcement. The company eventually changed its mind, and prices for orders placed before the price hike were rolled back to their original numbers.

In August, Rivian slashed its profit forecast, announcing it expected to lose nearly $5.5 billion this year, and in October a recall for a faulty steering component sent the stock price plummeting. action of the company. Analysts don’t expect lasting damage from the recall, but it’s one of many setbacks on Rivian’s road to legitimacy.

Closer to home, our own struggles with the RT1 included the aforementioned steering recall (repaired quickly by a Rivian mobile technician) and a snafu with the drive rod that accidentally caused one of our drivers to go into focus dead after just 200 milliseconds of pressure. of the gear selector rod.

Short-term interest on Yamaha Motor Co., Ltd. (OTCMKTS:YAMHF) fell 18.2% in October. Mon, 31 Oct 2022 23:12:02 +0000

In October, there was a significant reduction in the number of shares of Yamaha Motor Co., Ltd. (OTCMKTS: YAMHF) that were sold short. There were 1,122,200 shares borrowed a month earlier, but as of October 15, there were only 918,200 shares borrowed, down 18.2% from the 1,122,200 shares borrowed a month earlier. This number comes from the fact that 700 stocks are traded daily on average. This means that the short-term interest rate is currently 1,311.7 days.

Yamaha Motor (OTCMKTS: YAMHF) released the results of its latest quarterly earnings report on August 5, a Friday. The company reported earnings per share for the quarter of $1.14, $0.34 higher than the consensus estimate of $0.80 per share among industry analysts. Yamaha Motor had a return on equity of 13.54% and the company’s net margin was 7.40%. Even though market watchers expected the company to achieve sales of $4 billion in the quarter, it achieved sales of $4.53 billion. Sell-side analysts expected Yamaha Motor to earn 3.33 cents per share in the current fiscal year.
Separately, Goldman Sachs Group rated Yamaha Motor as “neutral” in a study released Thursday, July 14, down from the “buy” recommendation they previously issued.

YAMHF’s price rose $0.26 during Friday’s midday trading session, and it is now trading at $20.33. Only 215 shares of the company were traded, a significant decrease from the 331 shares that are the industry standard for a single trade. The debt ratio is 0.33, the current ratio is 1.90 and the quick ratio is 1.19. All these figures are presented in the form of a ratio. The company has a price-earnings ratio of 5.71, a beta of 1.13, and a market capitalization of $7.11 billion. Over the past 52 weeks, the price of a Yamaha engine has fluctuated from a high of $29.11 to a low of $17.54 at various times. The company has seen a moving average of $19.82 over the previous 200 days, while the moving average over the past 50 days is $19.99.

Land mobility, marine products, robotics and financial services are some of the business areas in which Yamaha Motor Co., Ltd. and its subsidiaries are active worldwide, including Japan, North America, Europe, Asia and other Regions. Other business areas include: Land Mobility is a division of the company that sells various products including motorcycles, reclined multi-wheelers, all-terrain vehicles, off-road recreational vehicles, snowmobiles, bicycles electric assistance, electric wheelchairs, automobile engines, intermediate and removable parts, among others.

SHAREHOLDER ALERT: Law firm Pomerantz is investigating Sat, 22 Oct 2022 18:11:36 +0000

NEW YORK, Oct. 22, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of Honda Motor Co., Ltd. investors. (“Honda” or the “Company”) (NYSE: HMC). Such investors are advised to contact Robert S. Willoughby at or 888-476-6529 ext. 7980.

The investigation focuses on whether Honda and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.

[Click here for information about joining the class action]

On September 28, 2022, a putative class action lawsuit was filed against Honda alleging the company sold thousands of vehicles containing a critical safety flaw that put drivers and others at risk of injury. Specifically, the lawsuit against Honda alleges that a wide range of Honda vehicles share a faulty “automatic start/stop” (also known as “idle stop”) feature intended to save fuel by shutting down the engine at stops, and that the idle stop system in these vehicles fails to restart the engine as intended, leaving drivers unable to move their vehicles. The lawsuit further alleges that Honda was fully aware of the defect before releasing the vehicles.

On this news, the price of Honda’s American Certificate of Deposit (“ADR”) fell $0.74 per ADR, or 3.23%, to close at $22.19 per ADR on September 29, 2022.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading law firms in the areas of corporate litigation, securities and antitrust. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm recovered numerous multimillion-dollar damages on behalf of class members. See


Robert S. Willoughby
Pomerantz LLP
888-476-6529 ext. 7980

]]> 12 best future stocks to buy today Mon, 17 Oct 2022 19:42:57 +0000

In this article, we’ll look at the 12 best stock futures to buy now. If you want to see other future stocks to buy, go directly to 5 best future stocks to buy today.

If the change today compared to 100 years ago is any indication, the future will likely be different from the past. In the span of 100 years, we’ve had the computer revolution, the growth of the internet, the rise in average incomes by multiples and more.

In the future, it looks like there could be a lot more technological breakthroughs. Merger might be feasible. AI and machine learning will improve. The standard of living could also increase and the world could become much more virtual and automated.

In terms of the future, some companies will play an important role in terms of developing future technologies. While there are likely to be new companies that have yet to be founded that will grow at astonishing rates to dominate brand new industries, many future tech leaders are likely to be among the tech industry leaders. today.

As far as the technology industry is concerned, 2022 has been difficult given the volatility of the market. The tech-heavy NASDAQ index is down about 35% year-to-date and markets have been volatile in 2022 as the Federal Reserve has hiked interest rates 5 times this year to fight back. against inflation. Due to increases and increases expected in the future, the median projection for the federal funds rate is 4.4% at the end of 2022 and 4.6% at the end of next year. This compares to the 2.5% expectation for the long-term expected federal funds rate.

With higher rates, some businesses might invest less and some consumers might spend less. A drop in demand could make it harder for some companies to grow profits or revenue as the market expects.

Given the uncertainty, it might make sense for long-term investors to have a well-diversified portfolio of high-quality stocks across several different sectors. In terms of stocks that could develop technology for the future, here are 12 best future stocks to buy today.



For our list of the 12 best future stocks to buy today, we’ve selected 12 innovative companies that also have growth potential. Using the collective wisdom of hedge funds, we’ve sorted them based on the number of hedge funds in our database that also held shares in the same stocks at the end of Q2 2022.

12 best future stocks to buy today

12. Toyota Motor Corporation (NYSE:TM)

Number of hedge fund holders: 12

Toyota Motor Corporation (NYSE:TM) has become one of the world’s leading automakers thanks to its history of innovation in manufacturing fuel-efficient and affordable cars. Looking ahead, Toyota Motor Corporation (NYSE:TM) is likely to remain one of the leading innovators given its investments in electric vehicles, fuel cells and autonomous driving. According to the Nikkei in 2022, Toyota Motor Corporation (NYSE:TM) plans to release an operating system that supports autonomous driving by 2025.

Fisher Asset Management owned more than 5.3 million shares of Toyota Motor Corporation (NYSE:TM) at the end of the second quarter of 2022.

Alongside Meta Platforms, Inc. (NASDAQ:META),, Inc. (NASDAQ:AMZN), and Microsoft Corporation (NASDAQ:MSFT), Toyota Motor Corporation (NYSE:TM) is a future stock for many hedge funds in our database held at the end of the second quarter.

11. Brookfield Renewable Partners LP (NYSE: BEP)

Number of hedge fund holders: 19

Brookfield Renewable Partners LP (NYSE:BEP) may not be a top tech company, but it operates one of the largest publicly traded renewable energy platforms in the world. Because the future is green, Brookfield Renewable Partners LP’s (NYSE:BEP) growing portfolio of hydro, wind, solar and storage facilities facilitates that future. Of the 895 hedge funds in our database, 19 held shares of Brookfield Renewable Partners LP (NYSE:BEP) at the end of Q2 2022, ranking it 11th on our list of the 12 best future stocks to buy today. today.

Select Equity Group owned nearly 2.6 million shares of Brookfield Renewable Partners LP (NYSE: BEP) at the end of the second quarter.

10. ASML Holding SA (NASDAQ: ASML)

Number of hedge fund holders: 47

Because much of the world’s modern economy is dependent on semiconductors, and ASML Holding NV’s (NASDAQ: ASML) EUV technology helps manufacture the most advanced semiconductors possible, ASML Holding NV (NASDAQ : ASML) is one of the most innovative technologies in the world. businesses and will likely remain so for some time. Experts say it could take more than a decade for other companies to catch up given the complexity. Stocks are lower on market weakness and rising tensions between the West and China, which could weaken sales.

There are reasons to like the stock nonetheless. Baron Opportunity Fund commented on ASML Holding NV (NASDAQ:ASML) in a second quarter 2022 letter to investors,

“ASML Holding NV designs and manufactures semiconductor production equipment. It specializes in photolithography equipment, where light sources are used to photoreactively create patterns on wafers that become printed circuit boards. ASML is the dominant leader in all types of lithography but, above all, is the only company selling equipment for extreme ultraviolet (EUV) lithography, the latest generation technology.

Indeed, due to Moore’s Law blocking, advanced lithography of larger, multi-patterned silicon chips has been essential for advanced chip fabrication and the continuous improvement of semiconductor chip performance over time. time. The company is well positioned to continue to grow above industry rates as it rapidly adds capacity across its business to meet growing industry demand, particularly from edge customers who continue to invest to stay ahead of competitors and advance chip performance.

Additionally, the introduction of high NA EUV technology in the middle of the decade will add another step to the growth opportunity.

9. Lockheed Martin Corporation (NYSE:LMT)

Number of hedge fund holders: 55

Lockheed Martin Corporation (NYSE: LMT) is the leader when it comes to making the world’s best defense aircraft such as the F-35 and F-22. Given its core competence and financial strength, Lockheed Martin Corporation Inc (NYSE: LMT) is likely to remain one of the leading defense manufacturers in the future. 55 hedge fund holders in our database were long Lockheed Martin Corporation (NYSE:LMT) at the end of the second quarter, ranking it 9th on our list of the 12 best future stocks to buy today.

8. Oracle Corporation (NASDAQ: ORCL)

Number of hedge fund holders: 69

Oracle Corporation (NASDAQ: ORCL) is a leader in databases, enterprise software and the cloud. Looking to the future, Oracle Corporation Inc (NASDAQ:ORCL) is investing heavily in AI, machine learning, and also the future of work.

With a market capitalization of $175 billion and net income of $5.8 billion in the last twelve months, Oracle Corporation (NASDAQ: ORCL) has the resources to remain one of the most innovative companies in the world. coming.

7. Tesla, Inc. (NASDAQ: TSLA)

Number of hedge fund holders: 72

Tesla, Inc. (NASDAQ: TSLA) has become one of the most valuable companies in the world thanks to the company pioneering electric vehicles. As a result, Tesla, Inc. (NASDAQ: TSLA) is today the market leader in electric vehicles with substantial scale and growth momentum.

Led by Elon Musk, Tesla, Inc. (NASDAQ: TSLA) is expected to remain a key innovator of the future given that it has also launched a robot and the company is working on self-driving. Tesla, Inc. (NASDAQ: TSLA) is also a leading solar power and energy storage company. ARK Investment Management owned more than 4 million shares of Tesla, Inc. (NASDAQ: TSLA) at the end of the third quarter.

6. NVIDIA Corporation (NASDAQ: NVDA)

Number of hedge fund holders: 84

NVIDIA Corporation (NASDAQ:NVDA) has overtaken mighty Intel in terms of valuation thanks to its focus on GPUs, which can be used for AI processing. Considering the magnitude of AI in terms of future innovations, NVIDIA Corporation (NASDAQ: NVDA) is a future innovator. Although the stock is down 61% year-to-date, the company is benefiting from long-term trends. ClearBridge Large Cap Growth ESG Strategy commented on NVIDIA Corporation (NASDAQ:NVDA) in a second quarter 2022 letter to investors,

“Chipmaker Nvidia (NASDAQ:NVDA) also came under pressure due to multiple squeeze from higher-growth companies and weak gaming business. to its strong performance through the end of 2021, we have consistently trimmed the position to reduce risk in the face of short-term volatility in its gaming business. The company is clearly exposed to the semiconductor cycle, but is also participating in the secular growth in cloud and AI adoption through its data center business. With these age-old engines intact and the ramp-up of new products in the second half, we maintain an overweight in the company.

As NVIDIA Corporation (NASDAQ:NVDA), Meta Platforms, Inc. (NASDAQ:META),, Inc. (NASDAQ:AMZN) and Microsoft Corporation (NASDAQ:MSFT) are future stocks that many hedge funds in our database held at the end of the second quarter of 2022.

Click to read on and see 5 best stock futures to buy today.

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Disclosure: none. 12 best future stocks to buy today is originally published on Insider Monkey.

Hyundai is opening a $5.5 billion plant in Georgia this month Fri, 14 Oct 2022 23:40:00 +0000

WASHINGTON, Oct 14 (Reuters) – South Korea’s Hyundai Motor Co (005380.KS) said on Friday it will open a $5.5 billion electric vehicle and battery plant in the United States this month .

Hyundai plans to start commercial production in the first half of 2025 with an annual capacity of 300,000 units. The Oct. 25 grand opening of the Hyundai Group’s “meta-factory” in Savannah, Georgia, is part of the Hyundai Group’s “commitment of $10 billion by 2025 to drive future mobility in the United States , including the production of electric vehicles,” the company said.

The inauguration comes amid anger in Korea and the European Union over US tax policy on electric vehicles.

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The Cut Inflation Act, signed by Biden in August, requires electric vehicles assembled in North America to be eligible for tax credits in the United States, but excluded Hyundai and its subsidiary Kia Corp (000270. KS) subsidies for electric vehicles, because they don’t make the vehicles there yet, as well as the big European automakers.

The law made about 70% of electric vehicles immediately ineligible for tax credits of up to $7,500 per vehicle.

Biden has expressed willingness to continue discussions with South Korea on recent US legislation that denies subsidies to most foreign electric vehicle (EV) makers, South Korea said earlier this month.

Biden has also repeatedly praised investments by major foreign automakers to build electric vehicles and battery factories in the United States, including an announcement Tuesday by Honda Motor (7267.T) and LG Energy (373220.KS). that they would locate $4.4 billion. battery factory in Ohio.

Biden gave the assurance in a letter to South Korean President Yoon Suk-yeol, who had asked the US president for help last month to allay Seoul’s fears that new US rules would hurt South Korean automakers. , reported Reuters.

Following the August law, only about 20 electric vehicles are eligible for subsidies under the new rules, including models from Ford Motor Co and BMW (BMWG.DE).

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Reporting by David Shepardson Editing by Shri Navaratnam

Our standards: The Thomson Reuters Trust Principles.


Hyundai Announces Groundbreaking Date for Electric Vehicle Plant in Bryan County

Automotive company Hyundai plans to open an electric vehicle factory in late October in Bryan County.

ABOVE FILE VIDEO: Hyundai announces electric vehicle plant for Bryan County The company plans to gather state officials and local leaders at the 3,000-acre project in Bryan County on October 25 to the ceremony and the start of the state’s largest economic project. This plant will run along Interstate 16 and the company plans to employ 8,100 employees for the plant. RELATED:Georgia Senator Pushes for Electric Vehicle Tax Credit for Hyundai Plant New incentives for Hyundai electric vehicle project in Georgia plant and production. This tax credit has not yet been resolved for the factory, which could reduce the factory’s total output or lead to a revaluation of the company. However, the inauguration of the works should not be affected by these problems.

VIDEO ABOVE FILE: Hyundai Announces Electric Vehicle Plant for Bryan County

Hyundai Motor Group has announced plans for a groundbreaking ceremony later this month for its upcoming $5.5 billion factory in Bryan County.

The company plans to gather state officials and local leaders at the 3,000-acre project in Bryan County on Oct. 25 for the ceremony and start of the state’s largest economic project.

This plant will run along Interstate 16 and the company plans to employ 8,100 employees for the plant.


This comes even after the company faced issues with the Climate Reduction Act, which impacted its tax credits and even threatened the factory and production.

This tax credit has not yet been resolved for the plant, which could reduce the plant’s total output or cause the company to reassess.

The inauguration, however, should not be affected by these problems.