Hyundai Motor stock increased as much as 10.2% on Monday to its highest price since May 2018. The increase follows the automaker’s statement that they would create a family of Ioniq-brand electric vehicles (EVs) as it looks forward to becoming the third-largest EV maker by 2025.
In an announcement on Monday, Hyundai announced the elevation of Ioniq from individual vehicle nameplate to a brand that will support its motive of capturing 10% of worldwide EV sales under five years.
Hyundai shares reached as much as to 162,000 won ($136.47) in a wider KOSPI market KS.11 that increased 0.4% at 0122 GMT.
Other auto shares also increased, with affiliate automaker Kia Motors experiencing a rise of 5.6% and parts suppliers Hyundai Mobis and Mando Corp jumping as much as 7.4% and 5.3%.
Hyundai Motor declined to comment when contacted by Reuters.
Hyundai also said on Monday that by early 2021, it would introduce three all-electric vehicle models under the Ioniq brand.
They include the Ioniq 5, a midsize crossover based on the 2019 Hyundai 45 concept; in 2022, the Ioniq 6 sedan, based on the Hyundai Prophecy concept revealed earlier this year; and in early 2024, the Ioniq 7, a large crossover.