NEW YORK, July 14 (Korea Bizwire) — LG Energy Solution and General Motors’ battery joint venture, Ultium Cells, announced plans to retool their Spring Hill, Tennessee plant to mass-produce low-cost lithium iron phosphate (LFP) batteries, aiming to begin production by late 2027. Ultium Cells said the production line overhaul will start later this year, shifting [...]
SEOUL, April 1 (Korea Bizwire) — LG Energy Solution Ltd. (LGES), South Korea’s leading battery maker, said Tuesday it will acquire General Motors Co.’s entire stake in their joint venture (JV) battery plant in Michigan for 3 trillion won (US$2.04 billion). The planned acquisition of the Ultium Cells JV 3 plant in Lansing, Michigan, is [...]
SEOUL, Feb. 17 (Korea Bizwire) — If the Trump administration moves forward with tariffs on the automotive sector, South Korea and Japan are expected to be among the hardest-hit nations outside North America, according to industry analysts. A report from CNBC on February 13, citing consulting firm GlobalData, highlighted that South Korea and Japan accounted [...]
SEOUL, Dec. 4 (Korea Bizwire) – As concerns mount over a prolonged drop in electric vehicle demand and potential impacts of Donald Trump’s potential return to the White House, South Korea’s battery manufacturers are adapting their strategies amid growing industry turbulence marked by EV plant closures and bankruptcies worldwide. The country’s three major battery makers are [...]
SEOUL, Dec. 3 (Korea Bizwire) — LG Energy Solution Ltd. (LGES), South Korea’s leading battery maker, said Tuesday it is considering buying General Motors Co.’s stake in their joint venture battery plant in Michigan. “The company is considering acquiring the Ultium Cells JV 3 plant in Lansing, Michigan, to effectively operate its U.S. plants and [...]
SEOUL, Dec. 3 (Korea Bizwire) — South Korean battery maker LG Energy Solution Ltd. (LGES) said Tuesday it has signed a deal with General Motors Co. to develop prismatic battery cells. Under the agreement, the companies will jointly develop prismatic battery cell technology and affiliated battery materials or “chemistries.” Once developed, the prismatic battery cells [...]
SEOUL, Nov. 27 (Korea Bizwire) – A second Trump administration could reshape the global automotive industry into an oligopolistic structure, with only a few dominant players surviving based on their hybrid vehicle technology, U.S. production capacity, and ability to benefit from sanctions against China, industry analysts say. Industry analysts expect traditional automakers to face a survival-of-the-fittest [...]
SEOUL, Nov. 19 (Korea Bizwire) – The fortunes of South Korea’s three mid-sized automakers—GM Korea, KG Mobility, and Renault Korea—continue to hinge on the success of individual vehicle launches, with the pattern showing no signs of abating in 2024. The trend began with KG Mobility (formerly SsangYong Motor) riding high on its Torres SUV in 2022, [...]
SEOUL, Aug. 28 (Korea Bizwire) — Samsung SDI Co., a South Korean battery maker, said Wednesday it has signed a formal deal with global automaker General Motors Co. to jointly build electric vehicle (EV) batteries in the U.S. state of Indiana. Under the deal, the two companies will invest a combined US$3.5 billion to build [...]
SEOUL, Aug. 16 (Korea Bizwire) — Hyundai Motor Co. said Wednesday it has signed a deal to acquire General Motors Co.’s plant in India to strengthen its presence in the rapidly growing automobile market. The acquisition of GM’s Talegaon plant in the western state of Maharash is aimed at preemptively preparing to meet a rising [...]