[Featured Stock] Myungshin Industry Rises on Highlighted Parts Supply to 'Tesla on the Run'

[Asia Economy Reporter Lee Seon-ae] Myungshin Industry's stock price is on the rise.

As of 9:20 AM on the 26th, Myungshin Industry is trading at 30,950 KRW, up 4.74% from the previous trading day. Early in the session, it surged to 32,350 KRW.

This is interpreted as a result of attention on Myungshin Industry, which supplies parts to Tesla, as Tesla's stock price surpassed $1,000 for the first time.

On the 25th (local time), Tesla closed at $1,024.86 on the New York Stock Exchange, up 12.66% from the previous day. Its market capitalization swelled to $1.01 trillion (1,183 trillion KRW). Strong Q3 earnings and the news that rental car company Hertz will purchase 100,000 Tesla sedans acted as positive factors.

Additionally, news that Myungshin Industry's Gunsan plant, which is preparing for global electric vehicle contract manufacturing, will sign a vehicle contract manufacturing agreement with the Chinese electric vehicle startup Faraday Future is also a positive factor. Myungshin plans to complete the contract with Faraday Future regarding the volume and timing of electric vehicle contract manufacturing by the end of the year. If contract manufacturing proceeds, Myungshin is expected to produce Faraday Future's electric vehicle model 'FF91' and supply it to the United States and other regions.

Meanwhile, Hi Investment & Securities recently issued a new report on Myungshin Industry, describing it as a 'parts company with improving Q3 operating profit margin,' and gave a buy rating with a target price of 38,000 KRW.

This content was produced with the assistance of AI translation services.