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'Trump risk' weighs on Korea's car, EV battery markets as U.S. election looms

Korea's car and EV battery markets grapple with 'Trump risk' ahead of U.S. election, impacted by potential policy changes and tariff threats.

“Battery stocks traded weak as Trump’s approval rating dropped by a small margin,” Shinhan Securities analyst Lee Jae-won said that day. The price drops all reflect the fact that Trump's commitment to cut so-called clean energy projects poses a threat to Korean companies — all of which have already invested billions of dollars into EVs and batteries on the promise of tax incentives, experts say. “Even if Trump wins, he won't be able to completely scrap the IRA,” said Lee Ho-geun, an automotive engineering professor at Daeduk University.

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