[Asia Economy Reporter Hyungsoo Park] CentralMotec's stock price has surpassed 30,000 won for the first time since its listing. The news that the stock price of the U.S. electric vehicle manufacturer Tesla exceeded $500 per share for the first time ever on the 13th (local time) appears to have influenced the stock price. Tesla is known to receive a 100% exclusive supply of aluminum control arms from CentralMotec.
At 10:29 a.m. on the 16th, CentralMotec was trading at 29,650 won, up 12.1% from the previous day.
Overnight at the New York Stock Exchange (NYSE), Tesla's stock price closed at $524.86 per share, up 9.77% from the previous day. Based on the closing price, Tesla's market capitalization is $94.633 billion, larger than the combined market caps of General Motors and Ford.
One of the driving forces behind Tesla's stock price increase is interpreted as expectations for the Chinese market. Tesla also launched the Model 3 in China at the end of last year and increased production by more than 1,000 units per day. Recently, it began producing the Sport Utility Vehicle (SUV) Model Y at its first overseas factory, the Shanghai Gigafactory, actively targeting the Chinese market.
Tesla's popularity is soaring in the Chinese electric vehicle market. According to Chinese media, Tesla's Shanghai store sells 80 units per day. Customers have to wait about three months to receive their vehicles after ordering. With tax benefits and eco-friendly vehicle subsidies, the low-priced Model 3 can be purchased for under 300,000 yuan.
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