Hyundai Motor Co (OTC: HYMTF) announced the launch of its exclusive brand for battery-powered electric vehicles on Sunday.
What happened: The automaker plans to sell one million battery-powered cars by 2025, accounting for 10% of global market share, in an effort to become a leader in the segment with its dedicated EV brand “Ioniq”.
According to Hyundai, the three Ioniq-branded electric vehicles will be released in early 2021. Expected to launch a midsize crossover by early 2021, a sedan in early 2022 and a full-size crossover. in early 2024.
Nikola wants to go to Coopearte: Trevor Milton, chief executive officer Nikola Corporation (NASDAQ: NKLA), revealed its intention to partner with Hyundai in an interview with local Korean media on Sunday, Reuters reported.
Milton says he has offered to work with the Seoul-based carmaker twice, which has turned down his efforts both times.
Threats to Tesla̵7;s rise: Competitors EV Tesla Inc (NASDAQ: TSLA) has seen impressive growth in business in Korea, becoming the dominant player thanks to Model 3 sales.
The company led by Elon Musk sold 2,827 cars domestically in June, with another 4,000-5,000 waiting to be shipped. According to Reuters, its Model X models are also showing a growing trend.
Electric vehicle industry growth in Korea: SK Securities analyst Kwon Soon-woo told Reuters that the rise in Hyundai’s shares on Monday reflected “investor hopes that the auto industry will outperform industries. other”.
Korean battery manufacturers like LG Chem Ltd (OTC: LGCLF), Samsung Electronics Co Ltd (OTC: SSNLF) is a unit of Samsung SDI Co and SK Innovation Co. dominates EV battery supplies in the first half of this year globally, according to SNE Research.
Hyundai shares were trading 10.54% higher at $ 136.86 on Monday at press time in Seoul. Shares of the company closed 4.67% at $ 31.39 on the OTC market on Friday.
Photo: Hyundai Motor Co.
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