[Featured Stocks] Hyundai Motor and Kia Rise on Report of "50% Reduction in Internal Combustion Engine Models"

[Image source=Yonhap News]

[Asia Economy Reporter Ji Yeon-jin] On the 28th, Hyundai Motor and Kia both showed strong performance following foreign media reports that Hyundai Motor plans to reduce the number of internal combustion engine vehicle models to increase investment in the electric vehicle sector.

As of 10:05 AM on the same day, Hyundai Motor was trading at 230,000 KRW on the KOSPI market, up 4.31% from the previous day. Kia Motors was also rising, trading at 84,500 KRW, up 4.58%.

Earlier, Reuters reported that Hyundai Motor's strategy to reduce models using fossil fuels such as coal, oil, and natural gas by 50% was approved by top management in March.