Hyundai Motor Trio Soars on 'Apple Car' Hopes... Hyundai Motor Hits All-Time High

Hyundai Motor Rises Sharply for Consecutive Days, Climbs to 4th in Market Cap
Hyundai Mobis Surpasses 400,000 Won

[Asia Economy Reporter Song Hwajeong] The trio of Hyundai Motor Company has been on a sharp rise since the beginning of the year. Hyundai Motor Company has reached an all-time high, climbing to 4th place in market capitalization, and Hyundai Mobis has also surpassed 400,000 KRW.

As of 9:35 AM on the 11th, Hyundai Motor Company was trading at 276,000 KRW, up 30,500 KRW (12.40%) from the previous day. During the session, it surged to 289,000 KRW, marking an all-time high. Following a rise of over 19% on the 8th, it continued its sharp increase for two consecutive days, pushing its market capitalization to 4th place.

Hyundai Mobis surpassed 400,000 KRW. It rose 4.87% on the day, reaching as high as 405,000 KRW during trading, marking the first time since July 2011 that it crossed the 400,000 KRW threshold. Kia Motors rose 7.17%, hitting 75,000 KRW during the session and setting a new 52-week high.

The strong performance of the Hyundai Motor Company trio has been driven by expectations surrounding Apple's autonomous electric vehicle, the 'Apple Car.' Hyundai Motor Group is pursuing cooperation for the mass production of the Apple Car. Apple has proposed multifaceted cooperation for the Apple Car launch to several global automakers, including Hyundai Motor Company, and is currently in discussions with Hyundai Motor Group. Interest was piqued when major foreign media reported at the end of December last year that full-scale production would begin in 2024.

Jang Moonsoo, a researcher at Hyundai Motor Securities, said, "Hyundai Motor's market valuation discount is being resolved and recovering to an appropriate level due to its entry into the leading electric vehicle segment, expansion of competitive dedicated platform electric vehicles, and Apple's collaboration request." He added, "With stable Q4 results last year and the launch of new vehicles based on Hyundai Motor Group's dedicated electric vehicle platform 'E-GMP,' the stock price is expected to show strength." Hyundai Motor Securities raised Hyundai Motor's target price by 30% to 300,000 KRW.

Hyundai Motor Company stated in a disclosure that it has received cooperation requests not only from Apple but also from numerous other companies. This is analyzed to potentially lead to a revaluation of Hyundai Motor Group. Kim Minseon, a researcher at Kiwoom Securities, said, "As a development partner, Hyundai Motor Group's competitiveness lies in its future technology capabilities through rapid electrification transition and stable supply capacity through vertical integration of the automotive industry within the group, from finished vehicles to parts manufacturing." He added, "In addition to Apple, the entry of big tech companies with strengths in software capabilities into the mobility business is expected to accelerate, which could lead to a revaluation of Hyundai Motor Group's manufacturing capabilities."

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