[Featured Stock] Daewon Cable Gains Attention as No.1 Electric Vehicle Wire Supplier Amid Domestic and International 'Sold Out' of Ioniq 5

[Asia Economy Reporter Minwoo Lee] Daewon Cable stock price is on the rise. The popularity of Hyundai Motor's Ioniq 5 has highlighted Daewon Cable's position as the No.1 domestic supplier of electric vehicle cables.

As of 10:11 AM on the 2nd, Daewon Cable's stock price recorded 1,650 KRW, up 9.27% from the previous day. The electric vehicle 'Ioniq 5', which is the first to apply Hyundai Motor's electric vehicle platform E-GMP, has gained great popularity, drawing attention to the company's history of supplying various automotive parts.

According to Hyundai Motor's European branch, on the 25th (local time), a pre-order for 3,000 limited edition Ioniq 5 units in Europe was conducted, attracting about 10,000 people and selling out in one day. Since a deposit of 1,000 euros (approximately 1.35 million KRW) was required, it is evaluated that many people with genuine purchase intentions flocked. In Korea as well, 23,760 units were pre-ordered on the 25th, setting a new record for the first day of pre-orders.

Meanwhile, Daewon Cable, the No.1 company in the domestic automotive cable market, supplies automotive cables to various domestic automakers including Hyundai and Kia Motors. In particular, it has recently been expanding its automotive cable business significantly. This is because it anticipated an increase in demand for related cables as the distribution of eco-friendly vehicles grows. In the second half of last year, it invested about 10 billion KRW in factories located in Dangjin and Yesan, Chungnam, increasing production capacity by 30% compared to before.