Hyundai shares surge on EV plan

Hyundai shares surged 16% on Monday (August 10) and ended at their highest close in three years.

It comes after the South Korean automaker said it would create a family of Ioniq-brand electric vehicles.

In Monday's announcement, Hyundai said it believed the move would help it capture 10% of global EV sales inside five years.

Starting early next year, Hyundai said they will introduce three all-electric models under the Ioniq brand.

The carmaker aims to be the third-largest EV maker by 2025.

Last month, Hyundai group leader Euisun Chung said the firm and its affiliate Kia aim to sell 1 million battery-driven EVs in 2025.

Shares in Kia also rose Monday.

One analyst from SK Securities said it reflects investor hopes that the auto industry will outperform compared to other industries.