SEOUL :South Korea's Hyundai Motor Co said on Tuesday it had finalised a $5 billion electric vehicle battery joint venture in the U.S., as it reported first-quarter net profit had more than doubled, exceeding expectations.
The move follows new U.S. requirements for 50 per cent of the value of EV battery components to be produced or assembled in North America for car buyers to qualify for a $3,750 credit. The U.S. is Hyundai's largest market for sales.
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Hyundai Motors finalises $5 billion battery JV in US, doubles Q1 profitSEOUL :South Korea's Hyundai Motor Co said on Tuesday it had finalised a $5 billion electric vehicle (EV) battery joint venture in North America, as it reported first-quarter net profit had more than doubled, exceeding expectations.Hyundai and partner SK On, a battery unit of SK Innovation Co Ltd, will set up
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »