The global frenzy for electric vehicles that has seen Tesla Inc.’s stock surge threefold is now juicing the shares of a South Korean supplier that has become the world’s biggest maker of electric vehicle batteries.
South Korea’s LG Chem Ltd. has surged more than 62 percent this year to a valuation of more than $30 billion, becoming the sixth-largest stock on the benchmark Kospi index and leaving Hyundai Motor Co., the nation’s largest automaker, in the dust.
While LG supplies many automakers, including Hyundai, it’s been particularly fueled by a deal to supply batteries to Tesla’s China factory, which is pumping out Elon Musk’s cars at a growing clip.