On the 8th, at the beginning of trading, Hyundai Motor, Kia, and LG Energy Solution are declining. This is due to the aftermath of the detention of Korean workers at the Hyundai Motor Group-LG Energy Solution battery plant in Georgia, USA. However, since U.S. President Trump said there would be 'no impact on Korea-U.S. relations,' the decline is lessening.
As of 9:37 a.m. on this day, Hyundai Motor's stock is trading at 216,250 won, down 1.70% (3,750 won) from the previous trading day on the securities market.
At the same time, Kia is down 2.16% and LG Energy Solution is down 0.73% from the previous trading day.
This is interpreted as the impact of the detention of Korean workers that occurred on the 4th (local time) at the construction site of the Hyundai Motor Group-LG Energy Solution battery plant in Georgia, USA. The diplomatic authorities have identified that more than 300 Koreans were detained in this crackdown.
It has been assessed that there are no detained personnel from Hyundai Motor, while it is reported that 47 individuals (46 Korean nationals and 1 Indonesian national) from LG Energy Solution, and about 250 persons associated with the HL-GA battery company were detained.
However, on this day, President Trump is seen to be easing market tensions by sending a positive message regarding this crackdown. Hyundai Motor, Kia, and LG Energy Solution showed a decline of over 2% immediately after the opening but managed to reduce the drop.
On the 7th (local time), President Trump responded to a reporter's question, 'Do you think this situation will strain Korea-U.S. relations?' by saying, 'No, we have a very good relationship with Korea.' He added that he would be monitoring the situation following the crackdown.