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    A000270   KR7000270009

KIA CORPORATION

(A000270)
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End-of-day quote Korea Stock Exchange  -  05-18
82100.00 KRW   -2.84%
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South Korea carmaker Kia's shares jump 14.5% on Apple EV tie-up report

02/03/2021 | 12:11am EDT
FILE PHOTO: The logo of Kia Motors is seen on a wheel at the India Auto Expo 2020

SEOUL (Reuters) - South Korea's Kia Corp shares surged to their highest in over two decades on Wednesday after a local media report said the carmaker will sign a 4 trillion won ($3.59 billion) deal with Apple Inc to build electric vehicles.

Shares in Kia, an affiliate of Hyundai Motor Co, jumped as much as 14.5% to hit its highest since 1997 at 102,000 won on Wednesday.

The rally came after South Korea's online news outlet DongA.com reported that Apple would invest $3.6 billion in Kia as they collaborate to produce Apple's electric vehicles in Kia's Georgia plant, without citing any sources. The report said the deal would be signed on Feb. 17.

Apple will aim to produce 100,000 vehicles annually by 2024 at the Kia plant, the report said, aiming to expand that annual capacity to 400,000 at a later stage.

Apple and Hyundai declined to comment when contacted by Reuters.

Kia shares surged nearly 20% on Jan. 20 after a media report said its parent Hyundai Motor Group had decided Kia would be in charge of proposed cooperation with Apple on electric cars.

Kia at the time said it was reviewing cooperation on self-driving electric cars with multiple foreign firms, without mentioning the report linking it to a project with Apple.

Reuters reported last week that Hyundai Motor Group has "tentatively decided" that it would want Kia to partner with Apple, citing a Hyundai insider.

Shares in Hyundai Motor were up 1.7%, while affiliates Hyundai Mobis Co Ltd and Hyundai Glovis Co Ltd rose 3.3% and 6.7% respectively as of 0319 GMT, outperforming the 0.1% gain in South Korea's broader stock market KOSPI.

(Reporting by Heekyong Yang; Editing by Ana Nicolaci da Costa)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. -2.46% 137.35 Delayed Quote.-20.70%
HYUNDAI CORPORATION -3.86% 18700 End-of-day quote.11.31%
HYUNDAI GLOVIS CO., LTD. -3.82% 201500 End-of-day quote.19.94%
HYUNDAI MOBIS CO.,LTD -3.23% 195000 End-of-day quote.-23.38%
HYUNDAI MOTOR COMPANY -1.89% 182000 End-of-day quote.-12.92%
KIA CORPORATION -2.84% 82100 End-of-day quote.-0.12%
KOSPI COMPOSITE INDEX -1.53% 2588.63 Real-time Quote.-11.68%
All news about KIA CORPORATION
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05/18Hyundai Motor Group plans to invest $16.5 bln in S.Korea EV business
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Analyst Recommendations on KIA CORPORATION
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Financials
Sales 2022 79 465 B 62,7 B 62,7 B
Net income 2022 5 412 B 4,27 B 4,27 B
Net cash 2022 8 060 B 6,36 B 6,36 B
P/E ratio 2022 6,15x
Yield 2022 3,76%
Capitalization 32 916 B 25 983 M 25 983 M
EV / Sales 2022 0,31x
EV / Sales 2023 0,26x
Nbr of Employees -
Free-Float 62,1%
Chart KIA CORPORATION
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Technical analysis trends KIA CORPORATION
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 26
Last Close Price 82 100,00 KRW
Average target price 113 576,92 KRW
Spread / Average Target 38,3%
EPS Revisions
Managers and Directors
Ho-Sung Song President, Co-Chief Executive Officer & Director
Jun-Young Choi Co-Chief Executive Officer, Director & VP
Woo-Jung Joo Director, VP & Head-Finance
Eui-Sun Chung Chairman
Sang-Koo Nam Independent Director
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