Hyundai Motor soars, GM production cuts may ease competition

Hyundai Glovis

27/11/2018 05:27

** Shares of the Hyundai Motor Group rise, with Hyundai
Motor  005380.KS  leaping 6.7 pct on the restructuring of U.S.
carmaker General Motors Co  GM.N  that could help ease
competition in the industry
    ** Its affiliate Kia Motors  000270.KS  adds 3.1 pct, while
Hyundai Mobis  012330.KS  and Hyundai Glovis  086280.KS  jump as
much as 4.5 pct and 4.3 pct, respectively
    ** General Motors' restructuring and closure of some
factories boosted expectation that competition in the auto
industry could be eased, says Kwon Soon-woo, an analyst at SK
Securities
    ** GM said on Monday it will cut production of slow-selling
models and slash its North American workforce, shifting more
investment to electric and autonomous vehicles  urn:newsml:reuters.com:*:nL2N1Y10G5 
    ** Shares of Hyundai Motor have tumbled recently to their
lowest in more than 9 years  urn:newsml:reuters.com:*:nL4N1XW2T1
    ** The broader KOSPI market  .KS11  was trading up 0.8 pct

 ((hayoung.choi.thomsonreuters.com@reuters.net))