Wednesday, December 7, 2022

Shares of Hyundai Motor jump nearly 8% on Seoul’s ‘green new deal’

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Shares of Hyundai Motor <005380.KS> jumped nearly 8% on Wednesday, a day after South Korea announced a “green new deal” to spur use of environmentally friendly vehicles.

Other auto shares gained ground, with affiliate Kia Motors <000270.KS> rising 4.1% and auto parts supplier Hyundai Mobis <012330.KS> climbing 3.3%.

Hyundai Motor Group leader Euisun Chung has said Hyundai Motor and Kia Motors aim to sell 1 million battery-driven electric vehicles in 2025, together targeting more than 10% of the global market share for such vehicles.

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