قالب وردپرس درنا توس
Home / Business / HYUNDAI MOTOR REG S (HYMTF), (LGCLF) – Hyundai shares soared 15% in Seoul when it announced the brand of dedicated electric vehicles

HYUNDAI MOTOR REG S (HYMTF), (LGCLF) – Hyundai shares soared 15% in Seoul when it announced the brand of dedicated electric vehicles



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 Tesla̵

7;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.

Price action

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.

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


Source link