Krafton shares rose more than 13% in early trading on news it will work with Socar to commercialize autonomous driving services.
According to the Korea Exchange, Krafton was trading at 302,000 won as of 10:01 a.m. on the 4th, up 37,000 won, or 13.96%, from the previous session.
Krafton said on April 30 that it will participate in Socar’s plan to establish a 150 billion won autonomous driving company, Apex Mobility. The new entity is expected to be set up this month.
Krafton will first invest 65 billion won by joining Socar’s paid-in capital increase. Once the offering is completed, Krafton will become a major shareholder of Socar. Krafton also plans a separate investment in the new company.
Socar is accumulating vehicle-related data through a fleet management system, or FMS, installed in its shared cars, and is described as holding the largest volume of driving data in South Korea.
Separately, Krafton’s first-quarter results, previously announced by the company, were tallied as showing a sharp improvement. On the 4th, Korea Investment & Securities, NH Investment & Securities, Hanwha Investment & Securities and Eugene Investment & Securities raised their target price for Krafton to 400,000 won, while Hana Securities set its target at 460,000 won.
* This article has been translated by AI.
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