Asian suppliers' stocks slump on Tesla's aggressive plan to make cheaper batteries

Shares of Asian battery suppliers fell on Wednesday after Tesla Inc unveiled a plan to halve the cost of its electric vehicle batteries and bring more production of the key auto component in-house. The fortunes of battery makers in South Korea, Japan and China are linked to Tesla, the EV market leader, supplying its factories in Nevada and Shanghai. Tesla CEO Elon Musk on Tuesday outlined a plan at the company’s closely watched “Battery Day” to aggressively boost production of its own batteries and cut battery costs as it looks to deliver affordable electric cars. …read more

Source:: Yahoo Finance