[Infostock Daily= Reporter An Hoe Hyun] Mirae Asset Daewoo analyzed that Hyundai Motor has upgraded its electric car valuation by ranking third in electric car market share in Europe. The investment opinion remained 'BUY', and the target price was raised by 10% from 210,000 won to 230,000 won.
Mirae Asset Daewoo explained, "Although the profit estimate has not changed, the value of each business sector has been calculated separately as Hyundai Motor’s position in the electric car market has risen sharply as the electric car industry continues to grow rapidly."
In July, it recorded 11% market share with pure electric car in Europe for the first time. "The new car, which will be released next year, has no competitive model in its class," the company said, adding, "If demand is solid and sales are better than expected, BEP will be able to achieve by the end of 2022."
"Considering the effects of new cars to be released next year, it will be possible to increase the market share further. As Europe is implementing the most advanced eco-friendly car policy among major global regions, success in Europe is likely to lead to global success in the future," the company predicted.
Reporter An Hoe Hyun ahh@infostock.co.kr
