Hyundai Motor and Kia: What Drives Their Stock Price Increase?

[Asia Economy Reporter Park Soyeon] Hyundai Motor Group's domestic electric vehicle sales surged in September.

According to Hana Financial Investment on the 3rd, Kia's domestic electric vehicle sales in September increased by 299% compared to the same period last year, totaling 4,100 units. Among these, the EV6, an electric vehicle-exclusive model, sold 2,654 units.

Hyundai Motor's domestic electric vehicle sales in September were recorded at 3,800 units, a 25% increase compared to the same period last year. The electric vehicle-exclusive model Ioniq 5 sold 2,983 units, and the G80 EV sold 135 units. Cumulatively until September, they recorded 15,500 units and 312 units, respectively.

Although overall sales were sluggish due to parts shortages and reduced working days, sales of electric vehicle-exclusive models increased. The proportion of electric vehicles in Hyundai and Kia's domestic wholesale sales was 8.6% and 11.4%, respectively.

Song Seonjae, a researcher at Hana Financial Investment, said, "At this point, the driving force for stock price increases must be preceded by the recovery of electric vehicle momentum," adding, "The Ioniq 5 and EV6 need to reach their targets of 100,000 units annually and 8,000 units monthly, respectively."

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