[Featured Stock] Woosoo AMS Targeted for Electric Vehicle Business Restructuring... Hyundai Group Promotes Electric Vehicles

[Asia Economy Reporter Park Hyungsoo] Woosoo AMS is showing strong performance. The news that Hyundai Motor and Kia will invest a total of 21 trillion KRW in the domestic electric vehicle sector appears to be influencing the stock price.

As of 2:31 PM on the 19th, Woosoo AMS is trading at 5,100 KRW, up 19.48% from the previous day.

Hyundai Motor Group announced that Hyundai Motor and Kia will invest a total of 21 trillion KRW in the domestic electric vehicle sector by 2030. Accordingly, the annual domestic electric vehicle production volume, expected to be 350,000 units this year, will increase to 1.44 million units by 2030. This accounts for about 45% of Hyundai Motor and Kia's expected global electric vehicle production volume in 2030.

Hyundai Motor Group aims to sell a total of 3.23 million electric vehicles by 2030, expanding its global electric vehicle market share to approximately 12%.

The largest shareholder of Woosoo AMS is Dadam Harmony No.1 Limited Company, holding a 12.53% stake. The largest shareholder of the largest shareholder is Broad Summit Harmony No.1 Private Equity Partnership. The largest shareholder of Broad Summit Harmony is HN Innovally. The HN Group is led by President Jung Daeseon, the third son of the late Chung Mong-woo, chairman of Hyundai Aluminum. He is a cousin of Chung Euisun, chairman of Hyundai Motor Group. He is the younger brother of Jung Ilseon, president of Hyundai BNG Steel, a Hyundai Motor Group affiliate, and Jung Moonseon, vice president. The controlling company HNIC’s shares are held 81% by President Jung Daeseon and 19% by Woosoo AMS.

Woosoo AMS is expanding its business area through technology investment and mergers and acquisitions to transition from an internal combustion engine parts company, producing engine and transmission parts, to an electric vehicle parts company. Last year, it attracted attention by participating in the International Electric Vehicle Expo held in Jeju and showcasing electric vehicle drive modules (motor, inverter). Recognized for its achievements in transitioning to the future car industry, it was selected as a business restructuring target company by the Ministry of Trade, Industry and Energy last year.