In an announcement earlier on Monday, Hyundai stated the elevation of Ioniq from particular person automobile nameplate to a model will assist its purpose of capturing 10% of worldwide EV gross sales inside 5 years.
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Hyundai Motor and Kia Motors purpose to promote 1 million battery-driven electrical autos in 2025
Hyundai Motor Co inventory jumped as a lot as 10.2% on Monday to its highest worth since Could 2018, after the automaker stated it will create a household of Ioniq-brand electrical autos (EVs) because it goals to turn into the third-largest EV maker by 2025. In an announcement earlier on Monday, Hyundai stated the elevation of Ioniq from particular person automobile nameplate to a model will assist its purpose of capturing 10% of worldwide EV gross sales inside 5 years.
Hyundai shares reached as a lot as to 162,000 received ($136.47) in a broader KOSPI market that was up zero.four% at 0122 GMT. Different auto shares additionally rose, with affiliate automaker Kia Motors Corp up 5.6% and components suppliers Hyundai Mobis Co Ltd and Mando Corp climbing as a lot as 7.four% and 5.three% respectively.
Additionally Learn: Hyundai Motor Announces Ioniq Brand Dedicated to EVs; To Launch 3 New Models
Hyundai will likely be launching a spread of numerically named EVs underneath the Ioniq model, with the even numbers used for sedans and the odd numbers for SUVs
“With the launch of a brand new EV household model, shares of Hyundai Motor are rallying right this moment, reflecting buyers’ hope that the auto trade will outperform in comparison with different industries,” stated analyst Kwon Quickly-woo at SK Securities.
Trevor Milton, chief govt of EV startup Nikola Corp, stated he wish to cooperate with Hyundai in an interview with the Chosun Ilbo newspaper revealed on Sunday. He stated he had twice made proposals to Hyundai that had been rejected.
Hyundai Motor declined to remark when contacted by Reuters.
Hyundai Motor Group chief Euisun Chung final month stated Hyundai Motor and Kia Motors purpose to promote 1 million battery-driven electrical autos in 2025, collectively concentrating on greater than 10% of the worldwide market share for such autos.
On Monday, Hyundai stated that beginning in early 2021, it will introduce three all-electric fashions underneath the Ioniq model.
They embody the Ioniq 5, a midsize crossover based mostly on the 2019 Hyundai 45 idea; in 2022, the Ioniq 6 sedan, based mostly on the Hyundai Prophecy idea unveiled earlier this 12 months; and in early 2024, the Ioniq 7, a big crossover.
(This story has not been edited by NDTV employees and is auto-generated from a syndicated feed.)
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