SEOUL, Feb. 17 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical firm, said Friday it has invested US$75 million to acquire a stake in U.S.-based Piedmont Lithium Inc. for a stable supply of the key material for electric vehicle batteries. With the equity investment, LG Chem owns about 6 percent of Piedmont common [...]
SEOUL, Feb. 15 (Korea Bizwire) — South Korean battery maker SK On said Wednesday it is looking into the suspended production of Ford Motor Co.’s electric pickup truck equipped with its battery. Ford Motor has suspended production and shipment of the all-electric F150 Lightning pickup since early last week to address a potential battery issue, [...]
SEOUL, Feb. 10 (Korea Bizwire) — SK On Co., the battery-making unit under South Korea’s SK Group, is struggling after missing the opportune timing for its initial public offering (IPO), and accumulating operating losses. Investor resistance to the listing of subsidiaries through physical division has become rampant since the listing of LG Energy Solution Ltd., [...]
SEOUL, Feb. 8 (Korea Bizwire) — Three South Korean electric vehicle (EV) battery makers saw their global market share decline in 2022 from a year earlier amid robust growth of Chinese rivals, industry data showed Wednesday. The trio — LG Energy Solution Ltd., SK Innovation Co. and Samsung SDI Co. — held a combined 23.7 [...]
SEOUL, Feb. 2 (Korea Bizwire) — LG Energy Solution Ltd. (LGES) said Thursday it has signed a long-term agreement to supply battery modules for heavy-duty electric vehicles (EVs) to a U.S.-based power system provider. LGES will supply 19 gigawatt-hour battery modules to Freudenberg E-Power Systems (FEPS), a Michigan-based developer of battery packs for heavy-duty EVs, [...]
SEOUL, Jan. 30 (Korea Bizwire) — POSCO Chemical Co. said Monday it has signed a largest-ever long-term contract to supply a key component used in electric vehicle (EV) battery cells to Samsung SDI Co. POSCO Chemical will supply high-nickel cathodes, consisting of lithium, nickel, cobalt and aluminum, to Samsung SDI, for a 10-year period starting [...]
SEOUL, Jan. 30 (Korea Bizwire) — South Korean battery maker Samsung SDI Co. said Monday it posted record-high profit in 2022, driven by solid demand for electric vehicle (EV) batteries and energy storage systems (ESS). Operating income reached 1.8 trillion won (US$1.46 billion) last year, up 69.4 percent from the previous year’s 1.06 trillion won, [...]
SEOUL, Jan. 27 (Korea Bizwire) – LG Energy Solution Ltd. (LGES) said Friday it is aiming for a revenue target increase in the range of 25-30 percent for 2023 from last year, as it posted record earnings last year on the back of solid growth in the global electric vehicle (EV) market. That amounts to [...]
SEOUL, Jan. 27 (Korea Bizwire) — South Korean battery maker SK On Co. is set to open an IT facility in the U.S. state of Georgia later this month, according to Georgia governor’s office Friday, as part of its major investment in the region that includes the establishment of two electric vehicle (EV) battery plants. [...]
SEOUL, Jan. 19 (Korea Bizwire) — South Korean battery maker SK On Co. said Thursday it has joined hands with a U.S. company to jointly develop natural graphite anode materials used in electric vehicle (EV) batteries, in the latest move to diversify the supply of key battery components. Under the joint development agreement recently signed [...]