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China bus battery subsidy ban causes share slump for Korean suppliers

Wed, 02/03/2016 - 14:21 -- paul Crompton
China bus battery subsidy ban causes share slump for Korean suppliers

Korean battery giants Samsung SDI and LG Chem saw shares slump by 10% and 7.1% respectively on news that Beijing will remove subsidies for nickel manganese cobalt (NMC) batteries for electric buses.

“There has not been enough safety verification or product development for new energy electric passenger vehicles,” said China’s Ministry of Equipment Industry Secretary Zhang Xiangmu, who added China had begun research into the chemistry late and could ‘not be sure’ about NMC batteries.

The decision has surprised some.

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