[Featured Stock] Newintec Highlights Supply of Parts to Hyundai Motor Participating in 41 Trillion KRW Investment 'K-Hydrogen Alliance'

[Asia Economy Reporter Minwoo Lee] Newintec's stock price is on the rise. As the CEOs of Hyundai Motor Group, SK Group, POSCO Group, and Hyosung Group have formed a council to realize the hydrogen era early, news that Newintec supplies parts for hydrogen and electric vehicles to Hyundai Motor appears to have acted as a positive factor.

As of 10:04 AM on the 11th, Newintec's stock price recorded 4,000 KRW, up 6.24% compared to the previous day. The positive sentiment is interpreted as stemming from the news that Chung Euisun, Chairman of Hyundai Motor Group, Chey Tae-won, Chairman of SK Group, Choi Jeong-woo, Chairman of POSCO Group, and Cho Hyun-joon, Chairman of Hyosung Group met at Hyundai Motor and Kia Technology Research Center in Gyeonggi Province to discuss the establishment of a hydrogen business council and announced plans to invest 41 trillion KRW in hydrogen-related businesses by 2030.

Newintec currently supplies 100% of capacitors for electric and hydrogen vehicles of Hyundai Motor and Kia, and 80% of capacitors for hybrid vehicles. Capacitors, commonly known as condensers, stabilize the voltage supplied from the battery and enhance the efficiency of the vehicle motor. They are considered essential components for eco-friendly vehicles such as hybrid cars, electric cars, and hydrogen cars.