According to Yonhap News, the stock prices of Tesla and electric vehicle-related companies in Asian countries also gained momentum on the 26th as the US electric vehicle company Tesla surpassed $1 trillion in market capitalization.
Japan’s Panasonic, a battery supplier to Tesla, finished trading at 1,527 yen per share, up 5.64% on the Tokyo Stock Exchange on the same day.
Tesla supplier Wuhutoken, listed on the Shenzhen Stock Exchange, also jumped 13.66%.
Electric vehicle and battery related stocks that are not directly related to Tesla also showed an upward trend.
Chinese electric vehicle maker BYD rose 2.38% in the Hong Kong stock market, while Chinese lithium suppliers such as Tianchi Lithium (+2.44%) and Ganfeng Lithium (+1.00%) also rose.
LG Chem in Korea(+1.10%), Samsung SDI(+1.77%), SK innovation(+0.19%) and SK Innovation’s battery separator subsidiary SK IE Technology(+2.27%) also rose.
However, China’s CATL, the world’s largest electric vehicle battery supplier, which supplies lithium iron phosphate (LFP) batteries to Tesla, closed down 2.27%.
Tesla’s large-scale orders show that electric vehicles are becoming mainstream, and the entire electric vehicle ecosystem, including electric vehicle manufacturers, battery makers, and charging network operators, is emerging, Bloomberg News observed.
On the 25th (local time) on the news that car rental company Hertz decided to purchase 100,000 Tesla’s entry-level sedan ‘Model 3’, Tesla stock surged 12.66% to close at $1,248.86 in the New York Stock Exchange.
With this, Tesla entered the $1 trillion club along with Apple, Microsoft (MS), Amazon and Google parent company Alphabet with a market capitalization of $1.27 trillion (about 1199 trillion won).
Kim Myung-soo [email protected]