Car Parts Stocks Hit Record High, Market Cap Increased by 600 Billion in One Day

NASDAQ-listed Garrett Motion Inc. (NASDAQ: GTX) closed at $31.65 on May 13, up 7.03%, pushing its market capitalization up by about $450 million (roughly ₩600 billion) to around $5.9 billion (approximately ₩8 trillion). In its first-quarter 2026 results announced at the end of April, the company reported revenue of $985 million and diluted EPS of $0.49, both above market consensus, and raised its full-year outlook. Earlier this month, after the share price peaked at an all-time high of $27.50, several brokerages downgraded their rating to “Hold” on valuation concerns and set target prices at $26. Garrett Motion, spun off from Honeywell and independently listed in 2018, supplies engine boosting and thermal management solutions—such as turbochargers and electric compressors—to global automakers. While building on its core internal-combustion turbo business, the company is pursuing growth and shareholder returns through electric-vehicle thermal-management and compression technologies, along with a $250 million share-repurchase program and expanded dividends.