EARLYThesis forming — early stage, needs conviction
Investment Thesis
Hyundai/Kia have become the unexpected winners of the EV transition outside China — IONIQ 5 and 6 hold strong US/EU positions and the Metaplant Georgia ramp will unlock IRA credits. Hybrid lineup also strong, providing the optionality Toyota has but most rivals lack. Korean activism (Korea Discount) provides governance tailwind.