Hyundai Motor Group evaporates 13 trillion won in market cap due to Apple car shock

Input 2021.02.08 17:28

Kia Motors plunged 15%, Hyundai Mobis and other group leaders fell at once
Individual investors net purchase over 240 billion won

Hyundai Motor (005380)Hyundai Motor Company announced that the group is not conducting consultations with Apple to develop an autonomous electric vehicle (Apple car). Kia Motors (000270)And related stocks plummeted. The Hyundai Motor Group’s market cap evaporated to over 13 trillion won in one day.

According to the Korea Exchange on the 8th, Hyundai Motor Company finished the transaction at 234,000 won, down 15,500 won (6.21%) from the previous day. Kia Motors closed the market at 86,000 won, down 15,200 won (14.98%). Hyundai Mobis (012330)(-8.65%), Hyundai Wia (011210)(-11.90%), Hyundai Glovis (086280)(-9.50%) also fell sharply.

On that day, the market capitalization of five companies, including Hyundai Motors, was 12.5 trillion won, a decrease of about 1.35 trillion won in one day. It is down 9.7% from the closing price on the 5th. Of these, the market caps of Hyundai Motors and Kia Motors were 45 trillion 9984 billion won and 34 trillion 982.9 billion won, respectively, down 9.400 trillion won.

At the beginning of the market, Hyundai Motor and Kia Motors said, “We are receiving requests for cooperation in joint development of self-driving electric vehicles from a number of companies, but it has not been decided in an early stage.” Disclosed.

On the other hand, Kia Motors bought 244.6 billion won worth of the number one net purchase by individual investors on this day. Hyundai Mobis (17.1 billion won), Hyundai Glovis (60.7 billion won), and Hyundai Motors (12.3 billion won) were also net purchases. As the stock price fell, it could be interpreted as being used as an opportunity to buy a low price.

Kim Gwi-yeon, a researcher at Heungkuk Securities, said, “As the stock price rose mainly on the Apple car issue at the beginning of the year, the news of the interruption of negotiations had to hurt the stock price on the contrary. There was,” he explained.