Hyundai Motor shares rise as much as 10% on EV plan announcement
August 10, 2020
SEOUL (Reuters) – Hyundai Motor Co <005380.KS> stock jumped as much as 10.2% on Monday to its highest price since May 2018, after the automaker said it would create a family of Ioniq-brand electric vehicles (EVs) as it aims to become the third-largest EV maker by 2025.
The shares reached as much as to 162,000 won ($136.47) in a broader KOSPI market <KS.11> that was up 0.7% as of 1252 GMT.
Other auto shares also rose, with affiliate Kia Motors Corp <000270.KS> rising 5.6% and parts suppliers Hyundai Mobis Co Ltd <012330.KS> and Mando Corp <204320.KS> climbing as much as 7.4% and 5.3% respectively.
Hyundai Motor Group leader Euisun Chung last month said Hyundai Motor and Kia Motors aim to sell 1 million battery-driven electric vehicles in 2025, together targeting more than 10% of the global market share for such vehicles.
Starting in early 2021, Hyundai said it plans to introduce three all-electric models under the Ioniq brand.
They include the Ioniq 5, a midsize crossover based on the 2019 Hyundai 45 concept; in 2022, the Ioniq 6 sedan, based on the Hyundai Prophecy concept unveiled earlier this year; and in early 2024, the Ioniq 7, a large crossover.
(Reporting by Heekyong Yang and Joori Roh; Editing by Kim Coghill and Christopher Cushing)