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Hyundai shares surge on EV plan

Hyundai shares surged 16% on Monday (August 10) and ended at their highest close in three years.

It comes after the South Korean automaker said it would create a family of Ioniq-brand electric vehicles.

In Monday's announcement, Hyundai said it believed the move would help it capture 10% of global EV sales inside five years.

Starting early next year, Hyundai said they will introduce three all-electric models under the Ioniq brand.

The carmaker aims to be the third-largest EV maker by 2025.

Last month, Hyundai group leader Euisun Chung said the firm and its affiliate Kia aim to sell 1 million battery-driven EVs in 2025.

Shares in Kia also rose Monday.

One analyst from SK Securities said it reflects investor hopes that the auto industry will outperform compared to other industries.

Video Transcript

- Hyundai shares surged 16% on Monday and ended at its highest close in three years. It comes after the South Korean automaker said it would create a family of Ioniq brand electric vehicles. In Monday's announcement, Hyundai said it believed the move would help it capture 10% of global EV sales inside five years.

Starting early next year, Hyundai said they will introduce three all electric models under the Ioniq brand. The car maker aims to be the third largest EV maker by 2025. Last month, Hyundai group leader Euisun Chung said the firm and affiliate Kia aimed to sell one million battery driven EVs in 2025.

Shares in Kia also rose Monday. One analyst from SK Securities said it reflects investor hopes that the auto industry will outperform compared to other industries.