A Tesla logo is seen at its planned store in Hanam, South Korea, December 22,2016. REUTERS/Kim Hong-Ji/Files
SEOUL: The global frenzy for electric vehicles that has seen Tesla Inc’s stock surge threefold is now juicing the shares of a South Korean supplier that has become the world’s biggest maker of electric vehicle batteries.
South Korea’s LG Chem Ltd has surged more than 60% this year to a valuation of around US$30bil, becoming the sixth-largest stock on the benchmark Kospi index and leaving Hyundai Motor Co, the nation’s largest automaker, in the dust.
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