SEOUL, March 25 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical company, said Wednesday it has shuttered its electric vehicle battery plant in the United States due to the novel coronavirus pandemic. Samsung SDI Co., a South Korean manufacturer of electric vehicle and smartphone batteries, also said it has closed its battery pack [...]
SEOUL, March 3 (Korea Bizwire) — LG Chem Ltd., South Korea’s largest chemicals company, said Tuesday it has acquired a Turkish television assembly factory in Poland for US$31.4 million to expand its plant for electric vehicle (EV) batteries. LG Chem signed the deal with Turkish electronics and appliance maker Vestel last month, a company official [...]
SEOUL, Feb. 25 (Korea Bizwire) — LG Chem Ltd., South Korea’s largest chemicals company, said Tuesday it will supply batteries to American electric carmaker Lucid Motors by 2023. LG Chem said it has signed a deal to supply cylindrical batteries for the Lucid Air luxury sedan, which will be launched for mass production in the [...]
SEOUL, Feb. 16 (Korea Bizwire) — The U.S International Trade Commission (ITC) has made a preliminary ruling in favor of LG Chem Ltd. over its local rival SK Innovation Co. in their electric vehicle (EV) battery trade secret litigation, officials here said Sunday. “This preliminary ruling means that the ITC accepted LG Chem’s claims and [...]
SEOUL, Feb. 3 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemicals firm, said Monday that it swung to a loss in the fourth quarter from a year earlier due to one-off costs related to energy storage systems (ESS). The net loss stood at 56.8 billion won (US$47.5 million) in the three months that [...]
SEOUL, Dec. 6 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical company, said Friday it will establish a 50:50 joint venture with General Motors to build a battery cell assembly plant in the world’s most important automobile market amid a global push for zero emissions. LG Chem and GM said they will invest [...]
SEOUL, Dec. 5 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical company, said Thursday it will invest US$916 million in its U.S. affiliate for a plan to set up an electric vehicle (EV) battery manufacturing joint venture with General Motors in the United States. Earlier in the day, Reuters reported that the two [...]
SEOUL, Nov. 7 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical firm, on Thursday said it has set up a new petrochemical tech center to boost its competitiveness in the sector. LG Chem said its petrochemical tech center in Osan, some 50 kilometers south of Seoul, has been completed after investing 110 billion [...]
SEOUL, Oct. 13 (Korea Bizwire) — South Korean battery makers such as No. 1 player LG Chem Ltd. are likely to deliver weaker-than-expected earnings for the third quarter due to weak performance in their chemicals and battery business sectors, industry sources said Sunday. LG Chem, the country’s top chemical firm, is expected to have logged [...]
SEOUL, Oct. 7 (Korea Bizwire) — Shares of South Korea’s largest chemical firm, LG Chem, hit a 52-week low during Monday trading on the Seoul bourse following a grim third-quarter earnings outlook and concerns over its energy storage system (ESS), analysts here said Monday. LG Chem plunged 3.21 percent to touch a new 52-week low [...]