Co Motor Hyundai (OTC: HYMTF) announced the release of a brand dedicated to electric vehicles with batteries on Sunday.
What happened: Automaker manufacturer plans to sell one million units of electric battery vehicles by 2025, occupying 10% of the global market share, in an effort to emerge as a leader in the segment under its dedicated EV brand “Ioniq”.
Three electric vehicles under the Ioniq brand will be launched in early 2021, according to Hyundai. The launch of a medium crossover vehicle in early 2021, a sedan in early 2022, and a large crossover vehicle in early 2024 are planned.
Nikola will Coopearte: Trevor Milton, CEO of Nikola Corporation (NASDAQ: NKLA), revealed its intention to cooperate with Hyundai in an interview with local Korean media on Sunday, Reuters reported.
Milton said he twice proposed cooperation with Seoul-based carmakers, which opposed his efforts twice.
A threat to the rise of Tesla: Rivali EV Tesla Inc (NASDAQ: TSLA) has seen an impressive rise in business in South Korea, becoming a dominant player in the back of Model 3 sales.
The company led by Elon Musk sold 2,827 vehicles in the country in June, with another 4000-5000 awaiting delivery. His Model X vehicles are also said to be gaining momentum, according to Reuters.
Growth of the EV sector in South Korea: SK securities analyst Kwon Soon-woo told Reuters that Hyundai̵7;s share rise on Monday reflected “investors’ hope that the automotive industry will outperform other industries.”
Korean battery manufacturers like e.g. LG Chem Ltd (OTC: LGCLF), Samsung Electronics Co Ltd (OTC: SSNLF) unit Samsung SDI Co., and SK Innovation Co. dominated EV battery supplies globally in the first half of this year, according to SNE Research.
Shares of Hyundai traded 10.54% higher at $ 136.86 on Monday at press time in Seoul. The company shares closed 4.67% at $ 31.39 in the otc market on Friday.
Photo courtesy: Hyundai Motor Co.
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