Hyundai Motor shares rise as much as 10% on EV plan announcement (updated)

HL Mando

10/08/2020 02:17

(Adds Hyundai's EV plans)
    SEOUL, Aug 10 (Reuters) - Hyundai Motor Co  005380.KS  stock
jumped as much as 10.2% on Monday to its highest price since May
2018, after the automaker said it would create a family of
Ioniq-brand electric vehicles (EVs) as it aims to become the
third-largest EV maker by 2025. 
    The shares reached as much as to 162,000 won ($136.47) in a
broader KOSPI market  KS.11  that was up 0.7% as of 1252 GMT.
    Other auto shares also rose, with affiliate Kia Motors Corp
 000270.KS  rising 5.6% and parts suppliers Hyundai Mobis Co Ltd
  012330.KS  and Mando Corp  204320.KS  climbing as much as 7.4%
and 5.3% respectively.
    Hyundai Motor Group leader Euisun Chung last month said
Hyundai Motor and Kia Motors aim to sell 1 million
battery-driven electric vehicles in 2025, together targeting
more than 10% of the global market share for such vehicles.
 urn:newsml:reuters.com:*:nS6N2DO00D
    Starting in early 2021, Hyundai said it plans to introduce
three all-electric models under the Ioniq brand.
    They include the Ioniq 5, a midsize crossover based on the
2019 Hyundai 45 concept; in 2022, the Ioniq 6 sedan, based on
the Hyundai Prophecy concept unveiled earlier this year; and in
early 2024, the Ioniq 7, a large crossover.  urn:newsml:reuters.com:*:nL1N2F91AX
    
($1 = 1,187.0900 won)

 (Reporting by Heekyong Yang and Joori Roh; Editing by Kim
Coghill and Christopher Cushing)
 ((Heekyong.Yang@thomsonreuters.com; +82 2 6936 1470;))