[Featured Stock] Polaris Sewon Rises on News of Hyundai Motor's 2 Trillion KRW Electric Vehicle New Plant Construction
Polaris Seawon is showing strength. The government's announcement to expand domestic tax support for electric vehicles and Hyundai Motor's plan to invest 2 trillion won to build an electric vehicle-only factory in Ulsan appear to have positively influenced the stock price.
As of 11:04 AM on the 10th, Polaris Seawon is trading at 2,355 won, up 2.61% from the previous day.
On the 9th, the Ministry of Economy and Finance announced the legislative notice of the amendment to the Enforcement Decree and Enforcement Rules of the Restriction of Special Taxation Act, which includes electric vehicle production facilities under "facilities commercializing national strategic technologies." The amendment is expected to be implemented in early June after a Cabinet meeting at the end of this month.
The targeted facilities are those commercializing technologies in future mobility fields such as high-efficiency electric vehicle drive systems, electric vehicle power conversion and charging systems, and hydrogen fields including clean hydrogen production. Large and medium-sized enterprises will receive a tax credit rate of up to 15%, while small and medium-sized enterprises will receive 25%.
On the same day, Hyundai Motor Group also announced plans to invest 2 trillion won to start construction of an electric vehicle-only factory at Hyundai Motor's Ulsan plant. Hyundai Motor Group had previously stated it would invest 24 trillion won in the domestic electric vehicle sector by 2030, including establishing new electric vehicle lines at electric vehicle factories. The groundbreaking is expected to take place in the fourth quarter.
Hot Picks Today
"Is This Serious? Should I Go Back to Korea?"... New U.S. Internship Guidelines Put International Students on Edge
- "My Salary Stays the Same, But Food Costs Keep Rising"... Hesitating to Cook Squid Stir-Fry and Grilled Mackerel
- President Lee Appoints Lee Hyungil as Economic Deputy Prime Minister, Kim Seungwon as Justice Minister, and Kang Shincheol as Defense Minister
- "Are Smokers Prisoners?"... Controversy Erupts Over 'Caged Smoking Area' in Downtown Taipei
- Ban on Pre-Learning Before Elementary School Entry Causes Uproar: As Parents Are Told to Focus on Chores, Sports, and Reading, Even 'This' Is Now Privatized [China.zip]
Polaris Seawon is a specialized company in automotive air conditioning system parts. Through its clients, it supplies air conditioning parts to automobile manufacturers such as Hyundai Motor, Kia, GM, Ford, Tesla, Lucid Motors, and Rivian. It also supplies parts for Hyundai Motor's first sedan-type electric vehicle, the 'Ioniq 6,' which began full-scale sales in September last year.
© The Asia Business Daily. All rights reserved. Unauthorized AI training and use prohibited.
