Shares of Kolon (KRX:002020) rose over 1% in recent trade on Wednesday after Hyundai Motor (KRX:005380) and Kia (KRX:000270) entered into a strategic partnership with its wholly-owned Kolon Spaceworks, investing 20 billion won to acquire a combined 11% stake to become its second-largest shareholder.
The partnership will focus on developing advanced materials for hydrogen storage containers, battery covers, and addressing environmental regulations such as the EU's end-of-life vehicles (ELV) directive, Pulse News reported Tuesday.
The collaboration will also include refining paint-free composite molding technology for future electric and hydrogen vehicle models, the report said.
Shares of Hyundai Motor rose more than 1% in recent trade on Wednesday, while those of Kia increased over 2%.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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