[Featured Stock] Daewon Hwasung Soars to Upper Limit Amid Expectations of Apple-Rivian Electric Vehicle Collaboration...

[Image source=Yonhap News]

[Asia Economy Reporter Ji Yeon-jin] Daewon Chemical recorded a daily upper limit price during trading on the 11th amid expectations related to Apple’s alliance with Rivian electric vehicles.

Daewon Chemical traded at 3,185 KRW, up 30% from the previous day, in the KOSPI market during the day, before slightly slowing its rise. As of 10 a.m. that day, the stock price was at 3,095 KRW, up 26.33% from the previous day.

The sharp rise appears to be due to Apple CEO Tim Cook recently being spotted driving Rivian’s electric pickup truck R1T.

Foreign media reported that CEO Tim Cook rented a Rivian R1T while attending a social gathering held in Sun Valley, a resort in Idaho, USA, and met with Rivian’s CEO at the event.

Daewon Chemical is a specialized company that launched Korea’s first premium wet synthetic leather and has entered the automotive materials business, supplying premium synthetic leather materials to Hyundai Motor, Kia, and Rivian. Analysts say that buying interest has focused on Rivian suppliers as Apple, which has declared its entry into the electric vehicle market, is expected to collaborate with Rivian.