UPDATE 1-Tesla's battery supplier stocks surge on Panasonic's first Gigafactory profit [Reuters]
PANASONIC HLDS CP S/ADR (PCRFY)
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Source: Reuters
UPDATE 1-Tesla's battery supplier stocks surge on Panasonic's first Gigafactory profit (Recast with share prices for other battery suppliers; adds analyst quotes, LG Chem forecast, context) By Makiko Yamazaki and Hyunjoo Jin TOKYO/SEOUL, Feb 4 (Reuters) - Shares of Asian companies in Tesla Inc’s battery supply chain surged on Tuesday after Panasonic Corp’s report on the first profit at its battery venture with Tesla boosted investor confidence in the U.S. electric vehicle (EV) maker. Panasonic’s first quarterly profit from its $1.6 billion investment in Tesla’s so-called Gigafactory in Nevada gives another vindication for Tesla founder Elon Musk’s bet on EVs against established automaking heavyweights including General Motors Co. “When you look back, say two to three years ago, there were doubts about whether the EV era would arrive,” said analyst Kang Dong-jin at Hyundai Investment & Securities in Seoul. “But now there is more viability about the sector thanks to Tesla’s strong sales
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