Hyundai, Kia Gunning For Tesla With Low-Cost EVs, But Ross Gerber Says They Are 'Not As Good'
Portfolio Pulse from Benzinga Neuro
Hyundai Motor Co and Kia Corp are intensifying their electric vehicle (EV) efforts to compete with Tesla Inc, according to Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management. Despite being cheaper, Gerber believes these EVs are not as good as Tesla's offerings. The South Korean government is supporting Hyundai and Kia with new EV policies, while Tesla continues to face challenges, including concerns about a potential production slump.
April 02, 2024 | 1:45 am
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NEGATIVE IMPACT
Tesla faces increased competition from Hyundai and Kia in the EV market, amidst concerns about production slumps and potential price hikes.
The increased competition from Hyundai and Kia, combined with internal challenges such as potential production slumps and price hikes, could negatively impact Tesla's stock in the short term.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 90
NEUTRAL IMPACT
Hyundai is aggressively pushing into the EV market, supported by South Korean government policies, aiming to compete with Tesla.
Hyundai's intensified EV efforts and government support indicate a strong push into the EV market. However, concerns about the quality compared to Tesla might limit the positive impact on the stock.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Kia Corp is also making strides in the EV market alongside Hyundai, with the aim of challenging Tesla's dominance.
Kia's efforts in the EV market, similar to Hyundai's, show a concerted effort to challenge Tesla. However, the perception of lower quality might dampen investor enthusiasm.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80