South Korean EV battery stocks plunge as Trump's plan to kill EV tax credit weighs

Posco Future M

15/11/2024 24:36

** Shares of South Korean electric vehicle battery-related
stocks fall following a Reuters news report that President-elect
Donald Trump's transition team is planning to kill the $7,500
consumer tax credit for EV purchases as part of broader
tax-reform legislation
    ** Shares of South Korean battery maker LG Energy Solution
(LGES)  373220.KS  fall as much as 10% and those of battery
material maker EcoPro BM  247540.KQ  drop as much as 10.9% in
morning trade 
    ** Reuters reported on Thursday that Trump's transition team
is planning to remove the $7,500 consumer tax credit for EV
under the Inflation Reduction Act, citing two sources with
direct knowledge of the matter 
    ** Shares of Tesla  TSLA.O  ended nearly 6% lower at
$311.18, while shares of smaller EV rivals Rivian  RIVN.O 
closed down 14% at $10.31; Lucid  LCID.O , another EV maker,
tumbled 5% to $2.08
    ** South Korean battery makers, which have multiple EV
battery factories operating in the U.S., are now bracing for a
potential roll back of President Joe Biden's signature clean
energy policy and looser emissions regulations
    ** The broader market KOSPI  .KS11  was trading down 0.4% as
of 0024 GMT 


 (Reporting by Heekyong Yang)
 ((Heekyong.Yang@thomsonreuters.com))