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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

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Hyundai Motors completes $5 billion US battery JV, boosts Q1 profit

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The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan,... The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Andrew Kelly
The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan,... The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Andrew Kelly

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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.

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