Hyundai shares rise as much as 10% on EV plan announcement

[SEOUL] Hyundai Motor stock jumped as much as 10.2 per cent 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 (S$187.23) in a broader Kospi market that was up 0.7 per cent as of 1252 GMT.

Other auto shares also rose, with affiliate Kia Motors rising 5.6 per cent and parts suppliers Hyundai Mobis and Mando climbing as much as 7.4 per cent and 5.3 per cent respectively.

Hyundai 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 per cent 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.

REUTERS