[Special Stock] Battery Stocks Rally as Tesla Surges

As Morgan Stanley named Tesla its top pick, Tesla surged sharply, leading domestic secondary battery stocks to rise collectively from the start of trading.

At 9:59 a.m. on the 30th, EcoPro BM was trading at 187,400 KRW, up 5.16% (9,200 KRW) compared to the previous day. EcoPro Materials +3.73%, LG Energy Solution +2.28%, EcoPro +2.21%, EcoPro HN +2.07%, L&F +1.80%, and POSCO Future M +1.40% also rose in that order.

On the 29th (local time), Tesla closed at 232.10 USD, up 5.60% from the previous session. This followed Morgan Stanley analyst Adam Jonas recently naming Tesla as the top pick in the U.S. automotive sector, replacing Ford. He upgraded Tesla’s investment rating to 'Overweight' and raised the target price to 310 USD.

Adam Jonas analyzed, "Tesla lowered its breakeven point to a level capable of generating positive cash flow in the future through large-scale restructuring in the second quarter, aggressively reallocating resources, technology, personnel, and capital within the automotive division." He added, "As traditional internal combustion engine automakers withdraw their plans to expand electric vehicles, Tesla can occupy a 'much more dominant position' in the electric vehicle market."