SEOUL, Sept. 17 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical company, said Thursday that it has decided to spin off its battery business in a move to further boost its leading position in the sector amid growing demand for electric vehicle (EV) batteries. The new entity — tentatively called LG Energy Solutions [...]
SEOUL, Sept. 16 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical company, will hold a board meeting this week to discuss a spinoff of its battery business, people familiar with the matter said Wednesday. LG Chem could finalize its decision on the issue in an emergency board meeting on Thursday, they said. The [...]
SEOUL, Sept. 8 (Korea Bizwire) — Hyundai Motor Group and electric vehicle (EV) battery maker SK Innovation Co. said Tuesday they will cooperate in the EV battery business for win-win synergies. The battery partnership comes as Hyundai and SK Innovation seek to foster future mobility solutions and EV batteries as new growth drivers, respectively. The [...]
SEOUL, Sept. 2 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical firm, became the largest supplier of electric vehicle (EV) batteries in the first seven months of this year, data showed Tuesday. Based on the global usage of EV batteries, LG Chem’s market share stood at 25.1 percent in the January-July period, compared [...]
SEOUL, Aug. 26 (Korea Bizwire) — Hyundai Mobis Co., South Korea’s biggest auto parts maker, said Wednesday it will invest 36 billion won (US$30 million) in expanding its output capacity of electric vehicle components. Hyundai Mobis has already invested more than 300 billion won in EV parts plants in the central city of Chungju — [...]
SEOUL, Aug. 17 (Korea Bizwire) — LG Chem Ltd., South Korea’s top chemicals firm, is seeing its electric vehicle (EV) battery business in full swing on the back of rising orders, industry sources said Monday. The company’s EV battery business posted 5.08 trillion won in sales in the first half of the year, accounting for [...]
SEOUL, Aug. 9 (Korea Bizwire) — South Korea’s environment ministry said Sunday that it will revamp a subsidy scheme for electric vehicles (EVs), with the current proposal centering on excluding high-priced EVs from the subsidy recipients. The country’s fat subsidies for EVs have been a major contributor to the popularity of eco-friendly cars. The overhaul [...]
SEOUL, Aug. 5 (Korea Bizwire) — POSCO Chemical Co., an affiliate of South Korea’s steel giant POSCO Group, said Wednesday it will expand production capacity of cathodes, a key component for electric vehicle (EV) batteries. POSCO Chemical said the move will boost its annual production capacity of cathodes to 70,000 tons by 2022, which is [...]
SEOUL, Aug. 3 (Korea Bizwire) – LG Chem Ltd., South Korea’s leading chemical firm, became the largest supplier of electric vehicle (EV) batteries in the first half of the year, data showed Monday. Based on the global usage of EV batteries, LG Chem’s market share stood at 24.6 percent in the January-June period, up from [...]
SEOUL, July 27 (Korea Bizwire) — U.S. electric carmaker Tesla Motors Inc. was found to have received a massive amount of government subsidies following a surge in electric vehicle (EV) sales in the South Korean market in the first half of this year. Experts argue that EV subsidies are falling into the hands of a [...]