South Korea's Hyundai Motor's first-quarter net profit slumped 44 per cent to its lowest level for the quarter in a decade as the spreading coronavirus outbreak hit demand for cars worldwide, the company said on Thursday.
Net profit for January-March was 463 billion won ($376 million), far below an average Refinitiv estimate of 607 billion won drawn from 15 analysts.
Hyundai Motor India and TVS Motor have decided to halt production in line with other automakers because of the coronavirus (Covid-19) pandemic.
Hyundai said that it will be taking the preventive counter-measure of suspending its manufacturing operations at the Chennai facility from March 23, 2020 till further notice to stop the spread of coronavirus (Covid-19) pandemic.
Shares of Amara Raja Batteries rallied 6 per cent to Rs 791 on the BSE on Monday after the company reported a good operational performance in December quarter (Q3FY20). The stock of the auto ancillary company was quoting close to its 52-week high level of Rs 814, touched on Thursday, January 27, 2020.
The company’s earnings before interest, tax, depreciation and amortisation (Ebitda) margins expanded 130 basis points (bps) year-on-year (YoY) to 16.2 per cent, driven by lower raw material costs and impacted by higher-than-expected other costs.
Hyundai Motor India (HMIL) is expected to roll out a mass market electric vehicle product in two to three years.
The company expects the second half of the year to show improvement in domestic market and while there are concerns about the comparitively higher price for the BS-VI models, there might also excitement among the customers on the new technology, said Tarun Garg, director, sales and marketing division, HMIL.
US ride-hailing company Uber Technologies Inc and South Korean automaker Hyundai Motor have teamed up to develop electric air taxis, joining the global race to make small self-flying cars to ease urban congestion.
Global players like Germany's Daimler , China's Geely Automobile and Japan's Toyota have all unveiled investments in startups that aim to deploy electric flying cars capable of vertical takeoff and landing.
Korean auto major Hyundai is planning to bring fuel cell electric vehicles to India. The company has already started a feasibility study as part of the plan.
Hyundai Nexo, which is already available in many markets, could be the first launch. The company claims Nexo is the world's first dedicated hydrogen-powered SUV and that it has a range of close to 380 miles, highest for any fuel-cell or electric vehicle in the market.
Hyundai Motor plans to invest about 61.1 trillion won ($51.81 billion) between 2020 and 2025, about one-third of the expenditure focused on electric and autonomous vehicles, the company said on Wednesday.
The South Korean carmaker unveiled a Strategy 2025 roadmap that envisaged annual average spending of 10 trillion won, higher than previous years, and up from a 2018 figure of 6.1 trillion won.
NEW DELHI : The Competition Commission of India (CCI) has approved a proposed $300 million investment by Hyundai Motor Company (HMC) and Kia Motors Corporations (KMC) for stake acquisition in ANI Technologies, which operates ride-sharing company Ola and Ola Electric, under the Competition Act, 2002.
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