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Hyundai heir apparent buy more stocks to boost prices

Autos 14:53 March 24, 2020

SEOUL, March 24 (Yonhap) -- Hyundai Motor Group's heir apparent on Tuesday bought 4.5 billion won (US$3.6 million) worth of stocks in mainstay Hyundai Motor Co. to prop up the carmaker's declining prices and show his commitment to its performance amid the spread of the new coronavirus.

Hyundai Motor Executive Vice Chairman Chung Euisun purchased 65,464 shares of Hyundai Motor at 68,567 won per share, the company said in a regulatory filing.

On Monday, Chung bought 19 billion won worth of stocks in Hyundai Motor and auto parts affiliate Hyundai Mobis Co. to support their prices as the businesses have been hit hard by the growing impact of the coronavirus outbreak.

Shares in Hyundai Motor had risen 6.7 percent to 73,500 won as of 2:40 p.m. reflecting the broader KOSPI's 6.7 percent gain. The rebound comes after Hyundai plunged 40 percent this month through Monday amid growing fears over COVID-19.

Hyundai has temporarily suspended operations at its plants in the United States, India and Brazil due to the virus-caused supply disruptions and lower demand.

Hyundai Motor Group Executive Vice Chairman Chung Euisun (Yonhap)


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