Samsung SDI’s headquarters in Yongin, Gyeonggi Province. [Courtesy of Samsung SDI]
Shares of Samsung SDI Co. hit a 52-week low early on Thursday amid concerns that demand for electric vehicles (EVs) is slowing down.
Samsung SDI shares traded at 378,000 won ($280) per share as of 9:38 a.m. on Thursday, down 0.4 percent from the previous trading day. The stock price dropped down to 367,500 won per share, down 3.03 percent from the previous trading day and a new 52-week low.
The battery materials manufacturer has seen a decline in share price since the very beginning of 2024, which is attributed to growing concerns about the slower growth in EV demand.
“Although the recent price decline might be excessive, concerns about the slowdown in demand for battery-powered cars persist and even Tesla Inc. cut its car prices in China and Germany earlier in 2024,” Shinhan Securities Co. analyst Chung Yong-jin said.
Chung lowered his target price on the battery materials manufacturer by 17 percent to 500,000 won per share from the previous one but maintained his “buy” recommendation for the stock.
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