South Korean Automaker Kia Overtakes Hyundai in Market Value for the First Time Since 2001
- Kia could be a faster mover in low-cost EV market: analyst
- It’s first time Kia surpassed Hyundai in more than two decades
Kia vehicles ready for shipping in Slovakia.
Photographer: Akos Stiller/BloombergThis article is for subscribers only.
Kia Corp. overtook Hyundai Motor Co. — the company that rescued it from bankruptcy more than 25 years ago — in market value as it ramps up production of budget electric cars.
Shares of the automaker rose 5% in Seoul at the close, boosting Kia’s market capitalization to 41.3 trillion won ($31 billion) and making it more valuable than Hyundai, whose value hit 41.1 trillion won after gaining 2.4%. Kia is now the country’s fifth most valued stock.