Tesla’s Non-Chinese Battery Makers Outperform on US Tax Breaks
- Panasonic up 45% this year, LG Energy +36% while CATL is down
- CATL batteries may still be eligible for full credit: Citi
This article is for subscribers only.
With Tesla Inc. shares climbing back to a seven-month high amid a string of positive news, Asia investors are focusing on its all-important battery suppliers, especially those outside China.
Panasonic Holdings Corp. and LG Energy Solution Ltd. are likely to benefit the most from tax credits under the Inflation Reduction Act, Citigroup Inc. analyst Kota Ezawa wrote in a report. One of the main goals of the IRA is to make the US less reliant on China, which dominates the EV battery supply chain.