Tesla's stock price has surpassed the $400 mark, leading to strong performance from domestic stocks considered part of the Tesla value chain.
EcoproBM shares were traded at 135,100 won on the KOSDAQ market at 9:37 a.m. on the 11th. This represents a 3.13% increase (4,100 won) from the previous day. EcoproBM supplies secondary battery materials to Tesla.
At the same time, the stock prices of HL ManDou and LG Innotek, which supply parts to Tesla, also rose by over 3%. Polaris Seowon, known for supplying secondary battery cooling parts to Tesla, saw its stock price surge by more than 15%.
Tesla's stock price jumped overnight, boosting investor sentiment towards related stocks. Tesla shares finished at $400.99 on the New York Stock Exchange on the 10th (local time). The price reached 409.73 during intraday trading, setting a new high for the past year. Tesla is on the verge of surpassing its all-time closing price high of $409.97, recorded in November 2021.
In a positive turn, General Motors (GM) decided to halt funding for its autonomous driving subsidiary, Cruise's, robo-taxi business, amid high expectations for Tesla's robo-taxi, Cybercab. The market viewed this as effectively a withdrawal from the business by Tesla's competitors.