Hyundai Motor (005380:KS) Accelerates EV Plans, Earns JPMorgan Overweight Rating
JPMorgan reaffirmed its confidence in Hyundai Motor (OTC:) stock, maintaining an Overweight rating with a price target of KRW350,000.00. Hyundai Motor recently held its 2024 CEO Investor Day, announcing plans to launch 21 electric vehicle (EV) models by 2030 and expand its hybrid electric vehicle (HEV) system.
Hyundai Motor is set to introduce Extended Range Electric Vehicles (EREVs) in 2026 as part of a W120 trillion investment plan. The company also aims for a 10% increase in shareholder returns and has updated its Value-up program to approximately W4 trillion. Despite recent stock correction, JPMorgan views Hyundai Motor's updated targets positively.
InvestingPro Insights reveal Hyundai Motor's solid revenue growth and gross profit margin, suggesting undervaluation. The company's profitability and commitment to shareholders make it an attractive option for investors. Additional analysis is available for those interested in Hyundai Motor's financial health and market position.
In conclusion, Hyundai Motor's focus on EVs, investment plans, and strong financial metrics make it a compelling investment opportunity in the growing electric vehicle sector. Investors can benefit from the company's future growth potential and commitment to shareholder returns.