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Hyundai Motor's stocks set to gain further on upbeat forecast

All News 07:34 August 08, 2020

SEOUL, Aug. 8 (Yonhap) -- Shares in Hyundai Motor Co. are set to further build up gains after a climb for five consecutive sessions on expectations that its new models set to debut in the United States later this year will help improve sales, analysts said.

Hyundai shares jumped 16 percent in the first week of August to close at 147,000 won (US$124) Friday, far outperforming the broader KOSPI's 4.5 percent gain.

Robust domestic sales and better performance compared to its global peers in terms of sales in major markets, such as Europe and the U.S., gave a boost to Hyundai's stock prices, according to the analysts.

They said Hyundai stocks have more room for upside move on competitive new models and strong domestic demand for its vehicles.

"Hyundai's electric vehicle sales are on the rise in Europe, and the carmaker plans to launch new models, such as the GV80 sport utility vehicle, the G80 sedan, and the Tucson SUV, in the U.S. market later this year. It will support Hyundai stocks," Kwon Soon-woo, an analyst at SK Securities Co., said.

In July, Hyundai's overall sales fell 13 percent to 313,097 vehicles from 357,862 units a year earlier. But its U.S. sales rose 1 percent to 57,677 units from 57,340 during the same period.

From January to July, Hyundai sold a total of 1,920,444 autos, down 23 percent from 2,484,169 in the same period of last year.

The current Genesis lineup is composed of the G70, G80 and G90 sedans and the GV80 SUV. Hyundai plans to add the GV70 SUV and an all-electric car under the independent Genesis brand by 2021.

To help boost sales, the maker of the Sonata sedan and the Santa Fe SUV plans to launch the all-new GV70 SUV in the domestic market later this year.

This file photo, provided by Hyundai Motor, shows the Genesis GV80 SUV. (PHOTO NOT FOR SALE)(Yonhap)


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