SEOUL, Aug. 4 (Korea Bizwire) — SK Innovation Co. said Wednesday it turned to the black in the second quarter from a year earlier on robust lube oil and battery sales, and decided to spin off its battery business to further propel its growth. The energy and chemical subsidiary of the nation’s No. 3 conglomerate [...]
SEOUL, Aug. 2 (Korea Bizwire) — Korean battery firms are boosting investment in key materials to secure a stable electric vehicle (EV) battery supply chain and lower manufacturing costs in the face of intensifying global competition. Three Korean battery makers — LG Energy Solution Ltd., Samsung SDI Co. and SK Innovation Co. — have announced [...]
SEOUL, July 29 (Korea Bizwire) – LG Chem Ltd., South Korea’s leading chemical firm, said Thursday its second-quarter net profit rose to the highest level ever on strong electric vehicle (EV) battery and petrochemical sales. LG Chem’s net profit came to 1.6 trillion won (US$1.4 billion) in the April-June period, skyrocketing 289.5 percent from a [...]
SEOUL, July 29 (Korea Bizwire) — South Korea’s top chemical firm, LG Chem Ltd., said Thursday it will take over LG Electronics Inc.’s battery separator business at 525 billion won (US$458.5 million) to expand its battery material portfolio. LG Chem, the parent of battery maker LG Energy Solution Ltd., said it decided to acquire LG [...]
SEOUL, July 29 (Korea Bizwire) — South Korean automaker Hyundai Motor Group and battery maker LG Energy Solution Ltd. said Thursday they will form a US$1.1 billion joint venture to build an electric vehicle battery plant in Indonesia. Hyundai Motor Group and LG Energy signed a memorandum of understanding with the Indonesian government to build [...]
SEOUL, July 28 (Korea Bizwire) — LG Electronics Inc. said Wednesday it has completed its stock sales deal with Canadian auto parts maker Magna International Inc. over their electric vehicle (EV) powertrain joint venture. The South Korean tech giant announced that Magna has acquired a 49 percent stake in LG Magna e-Powertrain Co. for US$453 [...]
SEOUL, July 28 (Korea Bizwire) — POSCO, the world’s fifth-largest steelmaker by output, said Wednesday it will build a new nickel sulfate refinery to meet rising demand for electric vehicle (EV) batteries. The steel giant said the broader POSCO group will invest 230 billion won (US$199.5 million) to build the new refining infrastructure to produce [...]
SEOUL, July 28 (Korea Bizwire) – LG Display Co., a major display panel maker in South Korea, on Wednesday said it has swung to the black in the second quarter of the year on the back of rising LCD panel prices and improvements in the OLED display business. The world’s leading large-size OLED display maker [...]
SEOUL, July 27 (Korea Bizwire) — South Korean battery maker Samsung SDI Co. said Tuesday its second-quarter earnings jumped nearly sixfold on solid demand for electric vehicle (EV) battery products, hinting at a new battery factory in the United States in the near future to meet growing demand in the world’s most important automobile market. [...]
SEOUL, July 22 (Korea Bizwire) — POSCO, the world’s fifth-largest steelmaker by output, said Thursday that its second-quarter net profit surged 18 times from a year earlier on robust demand amid the global economic recovery from the COVID-19 pandemic. Net profit for the three months that ended in June soared to 1.81 trillion won (US$1.57 [...]