Tesla Battery Day Announcements Make Suppliers Bleed At The Stock Market

Tesla Inc (NASDAQ: TSLA) battery supplier shares slumped in morning trade on Asian markets Wednesday after the automaker’s CEO Elon Musk revealed a plan to halve the cost of batteries and make them at its own factories.What Happened: Korea’s LG Chem Ltd (OTC: LGCLF) fell 4.5% in the morning hours in Seoul, while Panasonic Corp (OTC: PCRFY) shares fell 4% in Tokyo and China’s CATL fell by as much as 4% in Shenzhen, Reuters reported.Growth of battery makers in China, South Korea, and Japan may be stunted in the long-term as Musk’s comments at the company’s battery day are reportedly …read more

Source:: Yahoo Finance