On Tuesday, Hyundai Motor Co (005380. KS) announced a $5 billion North American electric vehicle (EV) battery joint venture with a first-quarter net profit above forecasts.
Hyundai and SK On, a battery business of SK Innovation Co Ltd (096770. KS), will establish a new battery production factory in Georgia.
Hyundai recorded a net profit of 3.3 trillion won ($2.47 billion) for the January-March quarter, up from 1.6 trillion won a year earlier, due to a surge in vehicle output as a worldwide semiconductor shortage eased and demand for its high-margin sport-utility vehicles remained robust.
Sixteen experts’ Refinitiv SmartEstimates for first-quarter earnings was 2.3 trillion won.
