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Hyundai Motor shares price surge almost 10% on Ioniq EV plan

Hyundai Motor shares price surge almost 10% on Ioniq EV plan
Hyundai Motor shares price surge almost 10% on Ioniq EV plan

The South Korean automaker Hyundai Motor Co has reportedly launched its new IONIQ brand dedicated to electric vehicles, opening a new chapter as a global leader in the era of electrified mobility. After the announcement, the company’s stock jumped as much as 10.2% on the KOSPI Market Index on Monday, which is the ‘highest surge in price since May of 2018.  

The automaker announced that it would create a family of Electric vehicles (EVs) brand – Ioniq, to become the third-largest EV maker by 2025. In an earlier announcement on Monday, Hyundai said promoting Ioniq to a brand from an individual vehicle nameplate will support its goal of seizing 10% of global EV sales within the next five years. 

Hyundai shares attained as much as to 162,000 won (USD 136.47) in a broader KOSPI share market Index that was up 0.4% at 0122 GMT. 

Hyundai affiliated companies such as Kia Motors, Hyundai Mobis Co Ltd (parts suppliers) & Mando Corp share prices also rose to 5.6%, 7.4%, and 5.3% respectively.

SK Securities’ analyst Kwon Soon-woo hopes that with the launch of a new EV family brand and the  allying of the share prices of Hyundai motors reflects investors’ that the auto industry would outperform compared other industries. 

Euisun Chung, Executive Vice Chairman of Hyundai Motor Group, stated last month that Hyundai Motor and Kia Motors together aim to sell 1 million battery-driven electric vehicles EVs by the year 2025, targeting more than 10% of the global market share in the electric vehicle category.

A statement issued by Hyundai also stated that the company would introduce three all-electric models under the Ioniq brand in early 2021. It comprises the Ioniq 5, (midsize crossover based on Hyundai 45 concept, 2009), in 2022, the Ioniq 6 sedan (based on the Hyundai Prophecy concept unveiled previously this year) and in early 2024, the Ioniq 7, a large crossover.

Source Credit- https://auto.hindustantimes.com/auto/news/hyundai-motor-shares-rise-as-much-as-10-on-ioniq-ev-plan-41597027517276.html