Polaris Seawon is showing strength. The government's announcement to expand domestic tax support for electric vehicles and Hyundai Motor's plan to invest 2 trillion won to build an electric vehicle-only factory in Ulsan appear to have positively influenced the stock price.
As of 11:04 AM on the 10th, Polaris Seawon is trading at 2,355 won, up 2.61% from the previous day.
On the 9th, the Ministry of Economy and Finance announced the legislative notice of the amendment to the Enforcement Decree and Enforcement Rules of the Restriction of Special Taxation Act, which includes electric vehicle production facilities under "facilities commercializing national strategic technologies." The amendment is expected to be implemented in early June after a Cabinet meeting at the end of this month.
The targeted facilities are those commercializing technologies in future mobility fields such as high-efficiency electric vehicle drive systems, electric vehicle power conversion and charging systems, and hydrogen fields including clean hydrogen production. Large and medium-sized enterprises will receive a tax credit rate of up to 15%, while small and medium-sized enterprises will receive 25%.
On the same day, Hyundai Motor Group also announced plans to invest 2 trillion won to start construction of an electric vehicle-only factory at Hyundai Motor's Ulsan plant. Hyundai Motor Group had previously stated it would invest 24 trillion won in the domestic electric vehicle sector by 2030, including establishing new electric vehicle lines at electric vehicle factories. The groundbreaking is expected to take place in the fourth quarter.
Polaris Seawon is a specialized company in automotive air conditioning system parts. Through its clients, it supplies air conditioning parts to automobile manufacturers such as Hyundai Motor, Kia, GM, Ford, Tesla, Lucid Motors, and Rivian. It also supplies parts for Hyundai Motor's first sedan-type electric vehicle, the 'Ioniq 6,' which began full-scale sales in September last year.
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