Elliott Was Right on Hyundai’s Problems After All
The South Korean carmaker has made significant strides on corporate governance. It now needs to stay the course.
An activist campaign that worked.
Photographer: Milan Jaros/BloombergThe world’s third-largest automaker, Hyundai Motor Co., made some heavy-hitting announcements this week. The most significant of these, though, is a far more mundane one.
The South Korean carmaker said it will spend as much as $5 billion to make electric-car batteries in the US state of Georgia, close to its EV plant. The firm also announced an investment of 632.3 billion won ($474.5 million) in self-driving unit 42dot Co. Adding to the deluge of good news, Hyundai’s operating profit rose 86% from a year ago on the back of increased sales across products and regions, with record margins. The stock was up almost 5%.