Hyundai Motor Group, KAI Sign Deal to Develop Advanced Air Mobility Solutions; Kia Adds 5%, KAI 3%

MT Newswires Live05-11 11:20

Hyundai Motor Group, the parent of Hyundai Motor (KRX:005380) and Kia (KRX:000270), and Korea Aerospace Industries (KRX:047810) signed a memorandum of understanding to develop future advanced air mobility solutions, according to a Sunday release.

Under the deal, Hyundai Motor Group and KAI will combine their expertise in electric powertrains and aircraft design to develop and commercially produce next-generation air mobility aircraft. The agreement will also cover supply chains, certification, and global customer networks, apart from technology and talent sharing.

Shares of Hyundai Motor added over 2%, Kia over 5%, and Korea Aerospace Industries added nearly 3% in Monday morning trade.

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