Tesla’s FSD approval leads to surge in Korean tech stocks

[Photo by Yonhap]

The news that Tesla received approval to test its advanced full self-driving (FSD) system in Shanghai triggered a rally among related stocks in the South Korean market on Tuesday morning.

Several stocks on the Kosdaq market are experiencing significant gains as of 9:24 a.m. LiComm shares are trading at 4,245 won ($3.1), or up 23.58 percent. Other stocks showing strong performance include Ranix (up 13.86 percent), Mobile Appliance (up 8.70 percent), Infobank (up 3.83 percent), Motrex (up 3.18 percent), and Sekonix (up 3.58 percent).

Bloomberg reported earlier that Tesla received approval from authorities to test its FSD system on roads in Shanghai. This development led to Tesla’s stocks surging 5.3 percent at the New York Stock Exchange overnight.

Tesla has been offering its lower-level Autopilot driving assistance system in China. But the strict data regulations in China meant the company was unable to launch its FSD system, which is currently available in the United States.