Myungshin Industry, an automotive parts manufacturer, saw its shares rise by over 12% during trading on news of Tesla's electric sports car, the Roadster, demonstration.
According to the Korea Exchange, as of 1:27 PM, Myungshin Industry's stock was trading at 9,470 won, up 1,020 won (12.07%) from the previous trading day. At one point earlier in the day, the stock surged by more than 16%, reflecting a double-digit increase.
This surge in stock price is attributed to Tesla's recent release of a demonstration video for the Roadster, drawing attention to Myungshin Industry as part of the related supply chain. The anticipation surrounding Tesla's new vehicle development and production expansion appears to have sparked interest in the growth potential of existing partners.
Myungshin Industry produces automotive body parts and supplies components to Tesla's Texas Gigafactory through its U.S. subsidiary, Simwon. The company's connection to Tesla as a major client is cited as a key factor behind the stock price increase.
Performance metrics also indicate growth in the North American market. Myungshin Industry's U.S. subsidiary, Simwon North America, reported a 44% increase in revenue in the second quarter compared to the same period last year, driven by increased production from its clients. The company is reportedly pursuing business expansion based on its existing supply chain with Tesla.
Tesla conducted the Roadster demonstration on October 15 at the SpaceX testing facility in McGregor, Texas. Tesla CEO Elon Musk and Chief Designer Franz von Holzhausen were among those present to showcase the two-seater vehicle equipped with a gas thruster.
Additionally, Musk has stated that the Roadster is expected to enter mass production in 2028.
* This article has been translated by AI.
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