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Hyundai Motor Co. and its sibling Kia Corp. are said to join the green-theme debt pipeline with issuance of 300 billion won ($272.5 million) worth green bonds, each, in its own drive for environmental, social and corporate governance (ESG).
The two South Korean automakers are planning to sell 300 billion won, each, in green bonds next month, according to industry sources on Friday. The offering amount could be scaled up to 500-600 billion won if they confirm explosive demand from institutions during book-building session.
Hyundai and Kia will soon name underwriters to speed up the plan.
This would be the first ESG bond offering of the two companies. They are expected to use the new financing to expedite its green car push such as hydrogen cars and electric vehicles.
Hyundai Motor has set a goal to sell 560,000 EVs per year until 2025 to raise its global EV market share to 10 percent.
Kia earlier announced its mid- to long-term strategy Plan S, spurring efforts to increase its global EV market share to 6.6 percent.
[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]
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