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Bloomberg
Tesla Inc’s efforts to lure Chinese customers is giving its suppliers a boost in the world’s biggest electric-vehicle market.
Shares of Changzhou Almaden Stock Co surged to more than a two-year high on Monday, after it said in a filing to the Shenzhen stock exchange that it has supplied solar glass to the electric car manufacturer since 2019.
Appliances parts maker Zhejiang Sanhua Intelligent Controls Co, another Tesla supplier, saw its shares rise by the daily limit during the trading day and close at a record high. Stocks of other suppliers including Ningbo Tuopu Group Co and Ningbo Joyson Electronic Corp also rose to near the daily limit or to multi-year highs.
Deliveries of China-made Tesla Model 3’s to Chinese customers officially start Tuesday. The California-based company cut the starting price of its China-built Model 3 sedans by 9% and also reported a new record for quarterly global deliveries of 112,000 units in last 3 months of 2019.