قالب وردپرس درنا توس
Home / Business / HYUNDAI MOTOR REG S (HYMTF), (LGCLF) – Hyundai shares rise 15% in Seoul as it announces dedicated electric vehicle brand

HYUNDAI MOTOR REG S (HYMTF), (LGCLF) – Hyundai shares rise 15% in Seoul as it announces dedicated electric vehicle brand



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 Hyundai̵

7;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.

Price share

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.

© 2020 Benzinga.com. Benzinga does not offer investment advice. All rights reserved.


Source link