By Kwanwoo JunPosco Future M rallied Monday, leading the gains in South Korean battery-material stocks, after the U.S. introduced strict new rules targeting Chinese rivals. Shares of the South Korean supplier of cathode and other key battery materials climbed 11% to close at 348,000 won ($268.76), outperforming the benchmark Kospi's 0.4% gain for the day. The Biden administration on Friday issued new guidance that will restrict Chinese materials in electric-vehicle batteries available for U.S. tax credits. That will allow South Korean competitors to strengthen further their dominance in the U.S. EV battery supply chain, he said. The new FEOC rules will take effect in 2024 for finished battery products and in 2025 for battery minerals.

Source: Wall Street Journal December 04, 2023 14:54 UTC