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Hyundai heir apparent buys Hyundai Motor, Mobis stocks to boost prices

Autos 15:56 March 23, 2020

SEOUL, March 23 (Yonhap) -- Hyundai Motor Group's heir apparent Chung Euisun on Monday bought 19 billion won (US$15 million) worth of stocks in two key affiliates to prop up their declining prices.

Hyundai Motor Executive Vice Chairman Chung Euisun purchased 139,000 shares of Hyundai Motor Co. and 72,552 shares of Hyundai Mobis Co. before the stock market closed on Monday, the companies said in separate regulatory filings.

Chung bought the two companies' stocks for 19 billion won -- Hyundai Motor stocks at 68,435 won per share and Hyundai Mobis shares at 130,789 won a share -- they said.

Hyundai Motor and Mobis stocks have suffered sharp declines recently due to the growing impact of the coronavirus outbreak on the group's mainstay automobile businesses.

Last week, Hyundai suspended its U.S. plant in Georgia after an employee was diagnosed with the COVID-19 virus, and this week, the company halted its plant in Chennai in India due to the local government's measures to fight the virus.

The spreading coronavirus is widely expected to have an additional impact on the automotive group's production facilities and sales for the rest of the year.

On Monday, Hyundai Motor fell 3.1 percent to 68,900 won, and Hyundai Mobis declined 5 percent to 133,500 won, in line with the broader KOSPI's 5.3 percent loss.

Hyundai Motor Group Executive Vice Chairman Chung Euisun (Yonhap)


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