Battery shares slump as Biden drops out of presidential race with climate law skeptic Trump

Industry

Published: 22 Jul. 2024, 11:24

Battery shares slump as Biden drops out of presidential race with climate law skeptic Trump

President Joe Biden dropped out of the 2024 race for the White House on Sunday. [AP/YONHAP]

Shares of Korean battery-making and related companies are trading weak Monday morning as U.S. President Joe Biden dropped out of the upcoming presidential race against Donald Trump, who remains skeptical of climate laws that offer massive tax credits to domestic firms.

LG Energy Solution is trading at 333,500 won ($240) as of 10:30 a.m. Monday, down 3.5 percent from the previous trading day, while Samsung SDI is trading 3.2 percent down at 346,000 won.

SK Innovation, a company that owns battery maker SK On, is trading at 109,800 won, down 2 percent.

Posco Future M, a battery materials maker, is trading at 246,500 won, down 4.1 percent.

EcoPro Materials, another battery material company, is trading 5.8 percent down at 91,300 won, while EcoPro BM is trading 4.5 percent lower at 185,300 won.

Trump initially said he would scrap the Inflation Reduction Act, pushed by Joe Biden, calling it a "new green scam."

The law offers large-scale tax credits to Korean battery makers for their manufacturing plants in the United States and up to $7,500 to EVs assembled in North America.

BY SARAH CHEA [chea.sarah@joongang.co.kr]