Kia Corp’s first all-electric vehicle EV6 will run on tires of Korean makers Kumho Tire Co. and Nexen Tire Corp. and Hyundai Motor also likely follow suit to fit its EV Ioniq 5 as backup.

Kia has selected four tire suppliers for its much-hypes EV6 model – Michelin for 21-inch GT version, Continental for 20-inch, Nexen Tire for 19-inch and Kumho Tire for 19-inch, according to industry sources on Thursday.

Given the heated interest in Kia EV6 with pre-orders topping 20,000 on the first day, Kumho Tire and Nexen Tire, whose 19-inch tires will be fitted on the standard trim of the EV6, are expected to enjoy a stable earnings growth from the latest contracts.

Hyundai Motor Co. also is said to be mulling local tires for future orders for its Ioniq 5, the first model rolling out from this month powered by the group’s exclusive EV platform E-GMP.

Hyundai Motor, which has partnered with Michelin since 2017, earlier signed an exclusive tire supply deal for 19-inch and 20-inch tires with the German brand. But since demand for the Ioniq 5 has exceeded expectations, the auto giant may buy more from Kumho Tire and Nexen Tire.

Kumho Tire shares were trading 1.38 percent higher to 4,035 won ($3.65) in Seoul at 10:09 a.m. Friday, while Nexen Tire shares fell 0.33 percent to 8,970 won.

By Park Yun-gu and Lee Ha-yeon

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