• Monday, 21 June 2021
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Tesla Battery Supplier Jumps to Record as Green Stocks Rally

Tesla Battery Supplier Jumps to Record as Green Stocks Rally

Shares of the world’s largest electric-vehicle battery maker hit an all-time high Thursday in the wake of a flurry of news that spurred bullish prospects for the industry.

 

Contemporary Amperex Technology Co., a Tesla Inc. supplier, jumped as much as 8.6% in Shenzhen, taking its gains from a low in March to more than 50%. CATL led advances in not just in EVs but green energy-related stocks as well. A BloombergNEF outlook report and China’s moves to boost the sector including People’s Bank of China Governor Yi Gang pledging increased support spurred the gains.

 

Investor appetite is growing for the Chinese company that’s been a beneficiary of a worldwide push toward curbing carbon emissions. BloombergNEF analysts expect global annual passenger EV sales rising to 14 million in 2025 from 3.1 million in 2020 and lithium-battery demand growing rapidly to approach 4.5TWh annually by 2035.

 

This year “marks the first major increase to our EV adoption outlook in the last five years,” driven by factors like rising policy support, accelerated investments and rising consumer adoption, BloombergNEF analysts wrote in a report. “Meeting this demand requires unprecedented but achievable increases in materials, components and cell production.”

 

Chinese firms reported better-than-expected EV sales last month. Reuters reported that Apple Inc. is in early talks with CATL and BYD Co. about battery supply for its electric vehicle. Electric vehicle maker BYD, which traded Thursday without the right to receive the next dividend, jumped about 6% in Hong Kong, while solar module maker LONGi Green Energy Technology Co. rose as much as 7.8%. Battery material suppliers, Guangzhou Tinci Materials Technology Co. gained as much as 7.1% and Tianqi Lithium Corp. surged 3.6%.

 

Source: Yahoo/finance

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