[Featured Stock] Samki Surges on Expectations of Benefits from Hyundai Motor's US Electric Vehicle Plant

[Image source=Yonhap News]

[Asia Economy Reporter Ji Yeon-jin] Automotive parts company Samgi is soaring more than 10% intraday on the 7th amid expectations of benefiting from Hyundai Motor's plan to build a dedicated electric vehicle factory in the United States.

As of 9:23 a.m. on the same day, Samgi was trading at 4,715 won, up 12.53% from the previous day.

The previous day, the company's CEO Lee Dong-ki held an investor briefing and expressed his ambition to achieve sales of 1 trillion won by 2026 through entry into the U.S. market, which appears to have triggered buying interest from investors.

CEO Lee said, "Samgi is the sole first-tier vendor for Hyundai Motor and Kia in the North American region, making it certain to create new business opportunities. Currently, we are receiving so many quotation requests from electric vehicle OEMs in Korea and the U.S. that it is difficult to handle," adding, "We expect Samgi's consolidated sales to reach 1 trillion won by 2026."

Hyundai Motor plans to build a dedicated electric vehicle factory in Georgia, USA, aiming for completion in 2025, and Samgi is expected to benefit as the sole first-tier aluminum die-casting partner.