CATL Delays Announcement of U.S. Investment Plans

Chinese EV battery manufacturers, including CATL, have postponed the announcement of their U.S. investment plans in protest of U.S. House Speaker Nancy Pelosi's visit to Taiwan.

Following U.S. House Speaker Nancy Pelosi's visit to Taiwan, Chinese EV battery manufacturers have postponed the announcement of their U.S. investment plans, boosting the stock prices of South Korean EV battery manufacturers’ stock prices.

Specifically, LG Energy Solution gained 4.8 percent on Aug. 3 with foreign investors recording a net buy of 98.9 billion won. Samsung SDI and SK Innovation rose 2.5 percent and 2.8 percent, respectively.

The rises also have to do with the fact that the U.S. Senate is about to pass the Inflation Reduction Act, which includes various plans for EV industry growth. According to the bill, the U.S. government will provide a subsidy of US$7,500 per EV in the form of tax deduction. The bill is expected to increase EV sales and battery companies’ profits.

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