Secondary battery material company Pino recently reported on the 25th that the stock price of its largest shareholder, Zhongwei New Materials (CNGR), is on the rise due to the highlighted cooperation with Tesla.
CNGR's stock price has increased by about 37% over the past month and was trading at 40.37 yuan (approximately 7,830 KRW) as of the morning of the 25th. In particular, after Tesla's stock price surged in the U.S. market the previous day, the cooperation between the two companies was emphasized, leading to a rise of over 7% today as well.
Meanwhile, Tesla held a Cybertruck China tour at CNGR's production facility between the 18th and 22nd. Through this event, the two companies plan to further strengthen their cooperation and actively promote research and development as well as technology exchange.
CNGR is a key strategic supplier for Tesla, participating from the product research and development stage and directly supplying precursor materials for final cathode active materials.
A Pino representative stated, "As Tesla's stock price soars, CNGR's stock price is also showing strength due to the emphasized cooperation with Tesla," adding, "Through cooperation with our largest shareholder CNGR, we will actively expand our network not only with secondary battery companies but also with electric vehicle companies like Tesla."
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