South Korean multinational automotive manufacturer, Hyundai Motor Co’s has seen a jump in its stocks as much as 10.2% to its highest price since May 2018. The hike in shares has been seen after the giant has announced that it will manufacture a family of Ioniq-brand electric vehicles (EVs) along with fulfilling its aim to become the 3rd largest EV maker by 2025.
In an announcement, Hyundai stated that the elevation of Ioniq from an individual vehicle nameplate to a complete brand would potent its goal of occupying 10% of global EV sales within the coming 5 years.
Hyundai shares have reached as much as 162,000 won ($136.47) in a broader the Korea Composite Stock Price Index (KOSPI) market KS.11 that was up 0.4% at 0122 GMT.
Other automotive shares also rose, with associated automaker Kia Motors Corp (000270.KS) up 5.6% and parts suppliers Hyundai Mobis Co. Ltd. (012330.KS) has climbed to 7.4% and Mando Corp (204320.KS) has jumped to as much as 5.3%.
SK Securities analyst Kwon Soon-woo said that with the launch of a new EV family brand, Hyundai Motor shares are picked up today, giving back investors’ hope that the automotive industry will outperform compared to others industries.
In an interview with the reading publishing firm, an American zero-emissions vehicle production company, Nikola Corp’s chief executive Trevor Milton said that he would like to collaborate with Hyundai. He also mentioned that he had twice made proposals to Hyundai for the corporation; however, that was rejected.
Over this, Hyundai Motor declined to comment on anything.
In July, Hyundai Motor Group leader Euisun Chung said that Kia Motors and Hyundai Motor aims to sell 1 million battery-powered electric vehicles till 2025, together with targeting over 10% of the global market share for this specific type of vehicles.
Hyundai said that in early 2021, it would introduce 3 non-emission all-electric vehicle models under the brand name Ioniq.
The automaker also included that the Ioniq 5 is a midsize crossover developed totally on the 2019 Hyundai 45 concept. In 2022, the Ioniq 6 sedan, based on the Hyundai Prophecy concept, which was revealed earlier in 2020 and another a large crossover model, the Ioniq 7, will be revealed in early 2024.
Your rate 3 stars is recorded
StartupWorld is the destination to learn about new and upcoming startups making waves on the web. Being an entrepreneur is as much hard work as it is fun. No one knows it better than you do. Share your story, send it in and let us showcase it to the world.