The world's largest auto market and the second-largest economy, China, said it will eventually ban the sale of fossil-fuel cars, boosting shares of Tesla (TSLA) and those of other companies that provide key materials for electric vehicles.
Stocks related to the production of lithium, which is used in batteries, are surging Monday after China's vice minister of industry and information technology said on Saturday that the government is preparing a timeline for the end of production of internal combustion engines.
Chemical company Albemarle (ALB) jumped 4.7% to close at a record high of 123.85 on the stock market today, breaking out from a flat base just beyond a 123.58 buy point.
The Global X Lithium & Battery Tech (LIT), a lithium-stock-related ETF, popped 4.8% to 35.96, the highest level in six years.
Chemical maker Sociedad Quimica y Minera de Chile (SQM) surged 7% to a four-year high of 51.81.
Tesla shares jumped 5.9% to 363.69. The EV maker also said it is expanding its network of Supercharger stations.
Mining giant Freeport-McMoRan (FCX) produces materials like copper and cobalt that are also critical to EVs. But its shares closed up just 1% Monday.
Other events coming up
The National Transportation Safety Board is scheduled to meet Tuesday to determine the cause of a fatal May 7, 2016, crash of a Tesla near Williston, Fla.
NTSB investigators recommend the driver's inattention to the road and a truck's failure to yield were the primary causes of the crash, sources told Bloomberg. But they also say Tesla's Autopilot feature was a contributing factor because it allowed the driver to go for long stretches without having to take control.
Meanwhile, the Frankfurt Motor Show is opening to the media this week and will feature a big EV push from top automakers.
On Monday, Volkswagen (VLKAY)'s CEO said the German auto giant will spend $24 billion to bring electric versions of all of its 300 models to market by 2030.
We just sent you an email. Please click the link in the email to confirm your subscription!
OKSubscriptions powered by Strikingly