South Korea’s auto giant Hyundai Motor Co. and its sibling Kia Corp. anticipate strong rebound this year with releases of much-anticipated new electric vehicles built on proprietary EV-dedicated E-GMP platform on top of a recovery in overseas demand.

According to data from 10 securities firms compiled by Yonhap Infomax on Tuesday, Hyundai Motor’s operating profit is estimated to reach 6.62 trillion won ($6.07 billion) this year, up 131.5 percent from estimates for full 2020. It is the largest figure since 2014 when it generated 7.55 trillion won in full-year operating profit.

Hyundai Motor’s operating profit has been on a downward trend from 6.36 trillion won in 2015, 5.19 trillion won in 2016, 4.57 trillion won in 2017, 2.42 trillion won in 2018, and 3.68 trillion won in 2019.

The recovering demand from overseas, brisk sales of luxury marque Genesis and new releases will help drive earnings growth this year, analysts say. Hyundai Ioniq 5 compact CUV, the first EV on self-developed E-GMP, also raises expectations for an expanded market share.

Kia Corp., who has dropped Motors off its nameplate to start anew as a mobility solution provider, is projected to earn record high 3.98 trillion won in operating profit this year, gaining 122.3 percent from estimates a year earlier.

Revenue for 2021 is also forecast to add 13 percent on year to total 66.39 trillion won thanks to rising demand of recreational vehicles and new releases as well as an increase in utilization at overseas plants.

Analysts now are revising up the stock price target of the two carmakers one after another.

Hyundai Motor’s stock price target was upped to average 285,000 won, and Kia to 85,888 won. Hyundai Motor shares closed 8.51 percent higher at 261,500 won in Seoul on Tuesday, uplifted by the news that the company is in talks with Apple for self-driving EV partnership. Kia shares also jumped 16.64 percent to finish at 83,400 won.

Meanwhile, Hyundai Motor is estimated to have earned a combined operating profit of 1.72 trillion won for the quarter ended December, up 47.58 percent from a year ago. Sales also are expected to have expanded 4.5 percent on year to total 29.08 trillion won.

Kia Motor’s operating profit for the October-December period is projected to have reached 1 trillion won after gaining 70.11 percent on year. Revenue is forecast to have risen 2.38 percent to total 16.49 trillion won during the period.

By Pulse

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