SEOUL, Dec. 17 (Korea Bizwire) — Ford Motor Co. has canceled a 9.6 trillion-won (US$7.4 billion) battery supply contract with LG Energy Solution, a rare rupture in one of the world’s largest EV supply chains that is heightening alarm over the sector’s deepening slowdown. LG Energy Solution disclosed Wednesday that Ford had terminated the agreement, which [...]
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, March 26 (Korea Bizwire) — LG Energy Solution Ltd. (LGES), South Korea’s leading battery maker, said Wednesday it has signed a five-year deal with a Taiwanese company to supply batteries for residential energy storage systems (ESSs) in the United States. LGES will provide Delta Electronics, Inc. with lithium iron phosphate (LFP) batteries for the [...]
SEOUL, March 25 (Korea Bizwire) — LG Energy Solution Ltd. (LGES), South Korea’s leading battery maker, said Tuesday it has signed a deal to begin supplying batteries next year for energy storage systems (ESSs) to be built in Poland. LGES will supply lithium iron phosphate (LFP) batteries for the 1-gigawatt-hour (GWh) ESS facility set to [...]
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, 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, March 4 (Korea Bizwire) — Hyundai Motor Co. said Thursday it has agreed with LG Energy Solutions Ltd. on their cost sharing ratio for the replacement of LG-made batteries in three Hyundai EV models. Hyundai Motor will take up 30 percent of the replacement costs, with LG Energy making up for 70 percent, a [...]