Chinese lithium battery stocks rally as Tesla decides to set up ‘dreadnought’ factory in Shanghai
Zhang Shidong
Shares of Chinese companies that make products from battery testing equipment to electrolytes jumped in mainland trading after Tesla said it will build its first car plant outside the US in Shanghai.
Fujian Nebula Electronics, which supplies testing equipment to lithium battery producers, jumped by the 10 per cent daily limit to 29.25 yuan in Shenzhen, with trading volumes surging 3.6 times its 30-day average.
Guangzhou Tinci Materials Technology, an electrolyte producer, surged 9.2 per cent to 44.50 yuan and Shenzhen Senior Technology Material, a maker of coating membrane for lithium batteries, advanced 7.5 per cent to 38.12 yuan.
China goes all out to secure lithium, cobalt supplies – key to dominating the world electric car market
The news, which came from Tesla’s shareholder meeting on Tuesday, provided a buffer to Chinese electric car-related stocks that have been rattled this year by the government’s decision to raise the bar for subsidising purchases of new-energy vehicles.
A gauge tracking Chinese lithium battery-linked stocks has declined 12 per cent this year, according to data compiled by Great Wisdom.
Traders bet that Tesla’s expansion into China will boost demand for items from lithium to battery accessories and therefore reverse the bearish trend on the stocks.
Tesla’s factory will be located in an industrial zone in Shanghai’s Lingang area, according to earlier media reports. Shanghai Lingang Holdings, which owns the industrial estate, added 3.7 per cent to 22.84 yuan.
Elon Musk will stay on as Tesla chairman despite attempted coup by investors after annual meeting vote
According to a CNBC report quoting Tesla chairman and CEO Elon Musk, the “dreadnought” plant will be capable of producing both batteries and assembling cars in the same location.
Other stocks linked to lithium battery manufacturing also rose. Shenzhen Capchem Technology, which makes electrolytes for the batteries, gained 7.3 per cent to 23.91 yuan and Shanghai Putailai New Energy Technology, a supplier of coating membrane, added 6.7 per cent to 60.55 yuan. Jiangxi Ganfeng Lithium, a producer of the metal, added 2.1 per cent to 43.30 yuan.
http://www.scmp.com/business/china-...ithium-battery-stocks-rally-tesla-decides-set
- Forums
- ASX - By Stock
- Lithium & The Future
Chinese lithium battery stocks rally as Tesla decides to set up...
-
-
- There are more pages in this discussion • 5,201 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add 1MC (ASX) to my watchlist
|
|||||
Last
0.3¢ |
Change
0.001(20.0%) |
Mkt cap ! $18.53M |
Open | High | Low | Value | Volume |
0.3¢ | 0.3¢ | 0.3¢ | $3.621K | 1.257M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
121 | 181496973 | 0.2¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
0.3¢ | 20055545 | 43 |
Last trade - 15.53pm 04/07/2024 (20 minute delay) ? |
Featured News
1MC (ASX) Chart |
Day chart unavailable