SEOUL, Aug 10 (Reuters) - Hyundai Motor Co 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.
In an announcement earlier on Monday, Hyundai said the
elevation of Ioniq from individual vehicle nameplate to a brand
will support its goal of capturing 10% of global EV sales within
Hyundai shares reached as much as to 162,000 won ($136.47)
in a broader KOSPI market that was up 0.4% at 0122 GMT.
Other auto shares also rose, with affiliate automaker Kia
Motors Corp up 5.6% and parts suppliers Hyundai
Mobis Co Ltd and Mando Corp climbing as
much as 7.4% and 5.3% respectively.
"With the launch of a new EV family brand, shares of Hyundai
Motor are rallying today, reflecting investors' hope that the
auto industry will outperform compared to other industries,"
said analyst Kwon Soon-woo at SK Securities.
Trevor Milton, chief executive of EV startup Nikola Corp
, said he would like to cooperate with Hyundai in an
interview with the Chosun Ilbo newspaper published on Sunday. He
said he had twice made proposals to Hyundai that were rejected.
Hyundai Motor declined to comment when contacted by Reuters.
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.
On Monday, Hyundai said that starting in early 2021, it
would 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.
($1 = 1,187.0900 won)
(Reporting by Heekyong Yang and Joori Roh; Editing by Kim
Coghill and Christopher Cushing)