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 five years.
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)
This story has been published from a wire agency feed without modifications to the text.