[Featured Stocks] Hyundai Motor Trio Weakened in Unison Due to Production Halt Caused by Novel Coronavirus

[Asia Economy Reporter Song Hwajeong] Hyundai Motor, Kia Motors, and Hyundai Mobis are experiencing a decline following the decision to halt production due to the novel coronavirus infection (Wuhan pneumonia).

As of 10:16 AM on the 7th, Hyundai Motor recorded 129,500 KRW, down 1.89% (2,500 KRW) from the previous day. Hyundai Mobis fell by 1.92%, and Kia Motors dropped by 2.18% respectively.

On this day, Hyundai Motor announced the suspension of production at the Ulsan and Asan plants due to the impact of the novel coronavirus. The extension of the Chinese government's Lunar New Year holiday period to prevent the spread of the virus has caused disruptions in the supply of production parts. The date for resuming production is undecided.

A Hyundai Motor official explained, "We are planning future measures such as expanding parts procurement domestically and in Southeast Asia, and minimizing the time required for parts procurement when our partner companies resume production in China."

Kia Motors also plans to halt operations at all plants for 10 days due to parts supply disruptions caused by the novel coronavirus.

This content was produced with the assistance of AI translation services.