SEOUL0—South Korea’s Hyundai Motor Co. said on Tuesday it had finalized a $5 billion electric vehicle (EV) battery joint venture in the United States, boosting electrification efforts in its largest market.
Hyundai also reported its first-quarter net profit had more than doubled, exceeding expectations. Its shares rose as much as 5 percent to a seven-month high after the announcements, and as the automaker also initiated steps to improve shareholder returns.
