Business
Asian battery makers zapped by Tesla’s plans to slash costs – Aljazeera.com
Tesla CEO Elon Musk says company is planning on launching a $25,000 car – its cheapest yet – in about three years.
Tesla Inc.s Elon Musk cast a shadow of uncertainty over the sales prospects of his suppliers in Asia after unveiling a push to lower the cost of batteries for electric vehicles and underscoring the point by signaling that it will eventually start producing its own cells.
Shares of LG Chem Ltd. slid as much as 5.5% in Seoul, while Contemporary Amperex Technology Co. dropped 4.7% in Shenzhen and Panasonic Corp. dropped 4.3% in Tokyo. The worlds three top EV battery makers all supply Tesla, accord…
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