![[서울신문] Hyundai’Apple Shock’… Group market capitalization of 13 trillion won](https://img.seoul.co.kr/img/upload/2021/02/08/SSI_20210208171825.jpg "[서울신문] Hyundai’Apple Shock’… Group market capitalization of 13 trillion won")
Aftermath of the announcement of “no discussions on autonomous driving development”
Provided by Hyundai Motor Company” style=”padding:0px;margin:0px”>
▲ An image of three models of the electric vehicle’Ioniq’ that Hyundai will release in the future.
Hyundai Motor Company
In one line of the announcement stating that’we are not negotiating the development of autonomous vehicles with Apple’, the market cap of the five affiliates of the Hyundai Motor Group disappeared by 13 trillion won in one transaction day.
In the morning of the 8th, Hyundai Motor Company and Kia said, “We are receiving requests for cooperation in joint development of autonomous electric vehicles from a number of companies, but it has not been decided in an early stage.” “
Then, the shares of Hyundai Motor Group plunged at once. In particular, Kia finished the market at 86,300 won, down 14.98% from the previous trading day. The company’s stock price soared 42.0% over 14 trading days, rising 16.6% on the 19th of last month, when a report that “Kia’s plant in Georgia in the US is considered a strong production base for Apple cars” was reported.
Hyundai Motor Company also closed the deal at 234,000 won, which was 6.21% lower than the battlefield, and Hyundai Mobis (-8.65%) and Hyundai Wia (-11.90%), which are subsidiaries of vehicle parts production, also showed weakness. The share price of Hyundai Glovis (-9.50%) also fell sharply. The market capitalization of the five major affiliates was about 12.5 trillion won, a decrease of 13.48 trillion won in one trading day. This is a 9.7% decrease from the closing price on the 5th. It was an embarrassing day, especially for individual investors. From the 8th of last month to the 5th of last month, when the rumor of Hyundai Motor’s Apple car cooperation was first reported, individuals net bought shares of 5 Hyundai Motor Group companies worth 2,813.9 billion won.
According to the industry and foreign media such as Bloomberg, Apple’s peculiar secrecy is mentioned as a reason to stop discussing cooperation. In addition, it is known that there are concerns that Hyundai Motors may become a subcontractor when cooperating. However, there is a possibility that discussions may resume in the future.
The KOSPI closed the transaction at 3091.24, down 29.39 points (0.94%) from the previous trading day.
Reporter Yoo Dae-geun [email protected]