Korea's 2nd richest family became richer by $2 billion on Hyundai-Apple report

A reported potential tie-up with Apple Inc. made South Korea’s second-richest family even richer.

File photo of Hyundai Motor Group Chairman Euisun Chung
File photo of Hyundai Motor Group Chairman Euisun Chung

Shares of Hyundai Motor Co. jumped as much as 25% in Seoul Friday -- the most since 1988 -- after South Korean media said the carmaker was in talks with the US tech giant over developing self-driving vehicles. Hyundai initially confirmed the report before dialing it back to excise any mention of Apple, saying it had been receiving requests to cooperate on the technology from a number of companies.

Regardless, the stock surge boosted the combined fortune of Hyundai Motor Group Chairman Euisun Chung and his father, Mong-Koo, by almost $2 billion, according to the Bloomberg Billionaires Index.

Also Read : Apple’s self-driving electric vehicle is at least five years away

Euisun, who succeed his father as the group’s chairman in October, has been pushing for technologies including electric and driverless vehicles to turn the carmaker into one of the world’s leaders. Hyundai Motor will spend more than 60 trillion won ($55 billion) in those areas over the next five years and in 2019 set up a $4 billion autonomous-driving joint venture with a General Motors Co. spinoff. It plans to release its first electric vehicle this year.

Any collaboration with a big tech company could boost that push. Apple has said it will take at least five years to introduce an autonomous, electric vehicle, according to people familiar with the plans, meaning that it’s in no hurry to decide on potential auto-industry partners.

Investors have increasingly turned to electric vehicles and their suppliers, driven to a great extent by an unstoppable rally in shares of industry front-runner Tesla Inc. On Thursday, Elon Musk surpassed Amazon.com Inc.’s Jeff Bezos as the world’s richest person, with a net worth of $194.8 billion.

With Friday’s jump in Hyundai Motor shares, Euisun Chung is now worth $4.8 billion and his father’s wealth has climbed to $7.4 billion. The two directly hold about 8% of Hyundai Motor.

Friday was also a good day for South Korea’s richest person. Jay Y. Lee of Samsung Electronics Co. gained more than $2 billion as shares of the nation’s biggest company advanced the most since March to hit a peak after it reported a 26% jump in operating income. The Samsung heir faces a nine-year prison term for bribery, with the Seoul High Court poised to make a ruling on Jan. 18.

First Published Date: 08 Jan 2021, 13:32 PM IST
Shopping Bag Shop Now
5% OFF
Godrej aer O – Hanging Car Air Freshener | Car Accessories | Cool Aqua (7.5g)
Rs. 94 Rs. 99
70% OFF
VENO Portable High Power 2 in 1 Car Vacuum Cleaner | USB Rechargeable Wireless Handheld Car Vacuum Cleaner Traveling, Camping Reusable and Sustainable (2 in 1 Vacuum Cleaner)
Rs. 899 Rs. 2,999
65% OFF
Ambrane 38W Fast Car Charger with Dual Output, Quick Charge 3.0 and Power Delivery, Type-C & USB Port, Wide Compatibility for Smart Phones (RAAP C38 A, Black)
Rs. 349 Rs. 999
5% OFF
Godrej aer O – Hanging Car Air Freshener | Car Accessories | Musk After Smoke (7.5g)
Rs. 94 Rs. 99

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city
By clicking "View Offers" you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city
Couldn't verify the OTP.
It's either expired or it's incorrect.