Chung Eui-sun, senior vice chairman of Hyundai Motor Group, has bought Hyundai Motor and Hyundai Mobis stocks worth 19 billion won to buttress their share prices.
Hyundai Motor Group announced on March 23 that Chung had purchased 139,000 shares of Hyundai Motor Co. and 72,552 shares of Hyundai Mobis. The group’s heir apparent boosted his stake in Hyundai Motor from 2.36 percent (5,017,000 shares) to 2.41 percent (5,156,000 shares) and his shareholding in Hyundai Mobis to 0.08 percent (73,000 shares).
“Chung bought the shares to demonstrate his commitment to responsible management in a situation where the stock market is in disarray due to the COVID-19 outbreak,” said an official of Hyundai Motor Group.
The global spread of the novel coronavirus is taking a heavy toll on Hyundai Motor and Hyundai Mobis. The global auto market is shrinking due to disruptions in parts procurement and production coupled with a drop in car purchasing power, negatively impacting Hyundai Motor and Hyundai Mobis.
Actually, Hyundai Motor's stock price once rose to 13,500 won but was halved to 68,900 won on March 23. Hyundai Mobis once topped 220,000 won but plunged more than 40 percent to 133,500 won.