[Featured Stock] Woori Industry, Biden Push and Tesla Pull... Supplying PTC Heaters to Tesla, Rivian, and Byton

[Asia Economy Reporter Yoo Hyun-seok] Woori Industrial is showing strong performance. The news that American electric vehicle company Tesla is increasing employment in line with U.S. President Joe Biden's investment plan appears to have influenced the stock price.

On the 1st, at 11:59 AM, Woori Industrial was traded at 28,350 KRW, up 11.61% (2,950 KRW) compared to the previous trading day.

Elon Musk, CEO of Tesla, stated on the 31st of last month (local time), "Tesla's new factory in Austin, Texas needs to hire more than 10,000 additional employees by 2022." This figure is double the previous hiring target.

U.S. President Joe Biden announced a $2 trillion infrastructure investment plan. He also stated that at least 500,000 electric vehicle charging stations will be installed over the next 10 years. The market views this as positive news for electric vehicle companies such as Tesla. Due to expectations of investment in clean energy and electric vehicles, Tesla's stock surged 5%.

Woori Industrial's products are installed in PTC heaters used by global automakers and electric vehicle specialists such as Fiat Chrysler Automobiles (FCA), Tesla, Rivian, and Byton. The PTC heater serves as the main heating device in electric vehicles, heating the vehicle body through electric heating. Woori Industrial's PTC heater features a smart system that adjusts the load according to the electric vehicle battery consumption status. In addition to the PTC heater, Woori Industrial also supplies a coolant heater, a battery heating system that preheats the battery to improve efficiency.