ICYMI: Hyundai raised earnings guidance, buoyed by premium vehicle sales and a foreign exchange lift, but the profit view was clouded by uncertain U.S. electric vehicle sales outlook
Hyundai said it was considering various options to minimise the legislation's impact, including establishing a joint venture to source key battery parts in order to qualify for the new U.S. EV tax credits of up to $7,500."The impact of the Inflation Reduction Act on Hyundai's EV sales in the U.S. market seems inevitable as EV incentives are the key factor to U.S. EV shoppers," Lee Jae-il, an analyst at Eugene Investment & Securities.
But the company slashed its 2022 vehicle sales forecast by 7% to 4.01 million, as the auto industry struggles with supply chain disruptions involving chips and other components. Hyundai sold 3.89 million vehicles in 2021. "While Hyundai Motor expects a gradual recovery from global chip and component shortages in the fourth quarter, the company anticipates external uncertainties to continue, including inflation, supply chain disruption and fluctuation in raw material prices due to geopolitical issues," the automaker cautioned in a statement.provision to pay for costsThe logo of Hyundai Motor is seen at its dealership in Seoul, South Korea, April 26, 2017.
Revenue was helped by a weaker won, which increased repatriated overseas sales. The won , one of the worst-performing currencies in Asia, has tumbled more than 17% so far this year against the dollar.
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