[Featured Stock] Hyundai Motor Hits 52-Week Low Amid US IRA Concerns... Kia Also Down 2.81%

[Image source=Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Hyundai Motor and Kia are showing weakness in the early trading session as concerns over performance due to the U.S. Inflation Reduction Act (IRA) have come to the forefront.

According to the Korea Exchange on the 19th, as of 10:02 a.m., Hyundai Motor is trading at 158,500 KRW, down 2.46% from the previous trading day on the KOSPI market.

During the session, Hyundai Motor fell to 157,500 KRW, setting a new 52-week low.

At the same time, Kia is trading at 62,300 KRW, down 2.81%. Kia is also close to its 52-week low of 61,800 KRW.

The weakness in automobile stocks is due to concerns that the market share of Korean car manufacturers will decline as a result of the U.S. IRA law excluding Korean electric vehicles from subsidy eligibility.

Meanwhile, the Korean government and Hyundai Motor have conveyed to the U.S. government a request to delay the implementation of the IRA regulation that provides subsidies for electric vehicles finally assembled in North America for three years until 2025, when the Georgia electric vehicle plant is completed.

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