Hyundai Motor, affiliate shares jump after GM announces collaboration

Hyundai Mobis

13/09/2024 01:37

** Shares of Hyundai Motor  005380.KS  rise as much as 3.7%
to an eight-day high of 240,500 won
    ** Hyundai Motor and General Motors  GM.N  agreed to explore
future collaboration across key strategic areas including
potential joint vehicle development, supply chain issues and
clean-energy technologies
    ** The collaboration is an unconventional move suggesting a
full-scale collaboration in core businesses like jointly
producing vehicles and sourcing materials, and Hyundai Motor
Group's major parts units such as Hyundai Mobis and Hyundai Wia
could benefit, said Shin Yoon-chul, an analyst at Kiwoom
Securities
    ** Shares of sister company Kia Corp  000270.KS  up as much
as 2.9%, while affiliates Hyundai Mobis  012330.KS  and Hyundai
Wia  011210.KS  climb up to 5.2% and 7%, respectively, in
morning trade 
    ** The broader KOSPI market  .KS11  was trading flat, as of
1225 GMT

    

 (Reporting by Joyce Lee and Heekyong Yang)
 ((joyce.lee@tr.com;))