Tesla stock has returned to its top spot in the South Korean trading space, making it South Korea’s top foreign stock once again.
Earlier this year, Nvidia replaced Tesla as South Korea’s top foreign stock. On May 30, Korea Securities Depository (KSD) data showed that local investors held $11.07 worth of Nvidia stock combined. Nvidia’s rise in South Korea’s stock market came after Elon Musk announced a potential collaboration between the chip company and xAI.
Tesla stock held the top spot in South Korea’s stock exchange for four years after dethroning Amazon in 2020. Recent KSD data reveals that South Korean investors held about $14.67 billion in TSLA stocks as of Thursday, July 4, 2024.
Nvidia remains a top foreign stock in South Korea, with local investing holding $13.34 billion shares.
South Korea plays a crucial role in Tesla’s future. South Korean battery supplier LG Energy Solution is preparing to start 4680 production in the country at its Ochang Factory.
Tesla recently posted two new job openings in South Korea. One of the posts called for a Senior Battery Process Engineer who would “rework and remanufacture” modules and battery packs. LG Energy Solution will eventually expand its 4680 battery production to the United States, where it is building a cell manufacturing facility in Arizona.
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