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In an announcement earlier on Monday, Hyundai stated the elevation of Ioniq from particular person automobile nameplate to a model will assist its objective of capturing 10% of world EV gross sales inside 5 years.
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Hyundai Motor and Kia Motors purpose to promote 1 million battery-pushed electrical automobiles in 2025
Hyundai Motor Co inventory jumped as a lot as 10.2% on Monday to its highest worth since May 2018, after the automaker stated it could create a household of Ioniq-brand electrical automobiles (EVs) because it goals to turn into the third-largest EV maker by 2025. In an announcement earlier on Monday, Hyundai stated the elevation of Ioniq from particular person automobile nameplate to a model will assist its objective of capturing 10% of world EV gross sales inside 5 years.
Hyundai shares reached as a lot as to 162,000 gained ($136.47) in a broader KOSPI market that was up 0.4% at 0122 GMT. Other auto shares additionally rose, with affiliate automaker Kia Motors Corp up 5.6% and components suppliers Hyundai Mobis Co Ltd and Mando Corp climbing as a lot as 7.4% and 5.3% respectively.
Also Read: Hyundai Motor Announces Ioniq Brand Dedicated to EVs; To Launch 3 New Models
“With the launch of a new EV family brand, shares of Hyundai Motor are rallying today, reflecting investors’ hope that the auto industry will outperform compared to other industries,” stated analyst Kwon Soon-woo at SK Securities.
Trevor Milton, chief government of EV startup Nikola Corp, stated he want to cooperate with Hyundai in an interview with the Chosun Ilbo newspaper revealed on Sunday. He stated he had twice made proposals to Hyundai that have been rejected.
Hyundai Motor declined to remark when contacted by Reuters.
Hyundai Motor Group chief Euisun Chung final month stated Hyundai Motor and Kia Motors purpose to promote 1 million battery-pushed electrical automobiles in 2025, collectively concentrating on greater than 10% of the worldwide market share for such automobiles.
On Monday, Hyundai stated that beginning in early 2021, it could introduce three all-electrical fashions underneath the Ioniq model.
They embrace the Ioniq 5, a midsize crossover primarily based on the 2019 Hyundai 45 idea; in 2022, the Ioniq 6 sedan, primarily based on the Hyundai Prophecy idea unveiled earlier this yr; and in early 2024, the Ioniq 7, a big crossover.
(This story has not been edited by NDTV workers and is auto-generated from a syndicated feed.)
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