lg: Expanding EV subsidies in Europe and Tesla's stupefying rally have buoyed related stocks worldwide despite global economic concerns, according to The Japan Times. Fundamentals matter little, with Tesla just starting to show profit and EV truck-maker Nikola Corp. yet to produce its first semitruck. South Korea's LG Chem Ltd. has surged more than 62 percent this year to a valuation of more than 30 billion, becoming the sixth-largest stock on the benchmark Kospi index and leaving Hyundai Motor Co., the nation's largest automaker, in the dust. ; While LG supplies many automakers, including Hyundai, it's been particularly fueled by a deal to supply batteries to Tesla's China factory, which is pumping out Elon Musk's cars at a growing clip. We believe LG Chem is set to benefit the most in Europe with its high market share and positioning, said Jae Lee, chief executive officer at Timefolio Asset Management SG Pvt, a Singapore-based hedge fund that holds shares of the company. China's Contemporary Amperex Technology Co. RELATED STORIESWired for profit How an obscure Japanese auto supplier is riding out the pandemic LG Chem had 24 percent of the global EV battery market as of the end of May.
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