Hyperdrive
Tesla’s Big Order Win Boosts Asia EV Stocks, Lithium Makers
- BYD’s plan to spinoff semiconductor unit also aids sentiment
- 100,000 Tesla order is vaulting EVs further into mainstream
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Asian electric vehicle-related stocks jumped on Tuesday after a blockbuster order for Tesla Inc. and a spinoff at BYD Co. stoked optimism about the sector.
Chinese EV maker BYD rose as much as 7.2% in Hong Kong to a record after saying the local bourse approved its plans to spin off a semiconductor unit, while Tesla supplier Contemporary Amperex Technology Co. climbed as much as 4.5% before giving up its advance.