[Featured Stock] Electric Vehicle Battery Stocks Rebound... SK Innovation Up 2%
[Asia Economy Reporter Ji Yeon-jin] Electric vehicle battery-related stocks are collectively rebounding on the 24th.
As of 10:25 AM, LG Chem is trading at 788,000 KRW, up 13,000 KRW (1.68%) compared to the previous day. The company's opening price started lower but rebounded within 3 minutes after the market opened.
At the same time, Samsung SDI is trading at 635,000 KRW, up 11,000 KRW (1.76%) from the previous day, and SK Innovation is trading at 206,000 KRW, up 4,000 KRW (1.98%).
These electric vehicle battery stocks sharply declined after Germany's Volkswagen announced on the 15th (local time) a battery replacement for electric vehicles. At that time, Volkswagen announced it would change the battery model applied to its electric vehicles and increase in-house production.
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However, the securities industry views this news as a short-term negative factor. Byung-hwa Han, a researcher at Eugene Investment & Securities, said, "Electric vehicle sales are expected to increase about 11 times and battery demand 19 times over the next 10 years," adding, "If the electric vehicle market were already large enough, intensified competition would be negative, but that is not the case now, and the growth rate will be the fastest over the next 10 years."
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