SEOUL, April 28 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical firm, said Wednesday its first-quarter net profit rose to the highest level ever on strong electric vehicle (EV) battery sales, vowing to step up investment in the battery and related materials to further propel growth. LG Chem’s net profit came to 1.4 [...]
SEOUL, April 17 (Korea Bizwire) — South Korean battery maker LG Energy Solution Ltd. said Saturday its joint venture with American automaker General Motors Corp. will build a $2.3 billion electric vehicle (EV) battery factory in Tennessee. Ultium Cells, the joint venture between LG and GM, will build a second U.S. factory with an annual [...]
SEOUL, April 16 (Korea Bizwire) — South Korean battery maker LG Energy Solution Ltd. said Friday it will spend 1.06 trillion won (US$950 million) to build a battery factory in the United States with American automaker General Motors Corp. In a regulatory filing, LG Energy, wholly owned by LG Chem Ltd., said that it and [...]
SEOUL, April 15 (Korea Bizwire) — A joint venture between South Korean battery maker LG Energy Solution Ltd. and U.S. automaker General Motors Corp. will build its second battery factory in Tennessee to step up production, industry sources said Thursday. Ultium Cells, a joint venture between LG and GM, has picked a site in Tennessee [...]
SEOUL, April 12 (Korea Bizwire) — Shares of two Korean battery makers spiked Monday as they ended a two-year legal dispute over electric vehicle (EV) battery technology, which cleared uncertainty over their businesses. On Sunday, LG Chem-owned LG Energy Solution Ltd. and SK Innovation Co. reached a last-minute settlement in a bitter U.S. trade dispute, [...]
SEOUL, April 11 (Korea Bizwire) — Two Korean battery makers reached a long-awaited settlement on Sunday to resolve their bitter battery battle, clearing prolonged uncertainty in the face of toughening competition on multiple fronts amid the growing electric vehicle market. LG Energy Solution Ltd. and SK Innovation Co. said they have agreed to settle in [...]
SEOUL, April 5 (Korea Bizwire) — POSCO Chemical Co., an affiliate of South Korea’s steel giant POSCO Group, said Monday it will provide a key material for Ultium Cells’ rechargeable batteries for electric vehicles (EVs). POSCO Chemical said it will supply anodes, one part of lithium-ion batteries used in EVs, to Ultium Cells, a battery [...]
SEOUL, April 1 (Korea Bizwire) — The U.S. International Trade Commission (ITC) on Thursday made a preliminary ruling in favor of South Korea’s No. 2 battery maker SK Innovation Co. in a patent suit with its local rival LG Energy Solution Ltd., the latest twist in the bitter dispute between the two Korean battery makers. [...]
SEOUL, March 26 (Korea Bizwire) — SK Innovation Co. won’t accept LG Energy Solution Ltd.’s excessive demand to settle its battery lawsuit in the United States and will continue to make efforts to resolve legal issues, a senior company official said Friday. The refinery-and-battery unit of SK Group expressed regret over the U.S. International Trade [...]
SEOUL, March 12 (Korea Bizwire) — LG Energy Solution Ltd. said Friday it will invest 5 trillion won (US$4.5 billion) by 2025 to expand its battery production capacity in the United States to meet growing demand in the key market. The battery subsidiary wholly owned by LG Chem Ltd. said the investment will increase its [...]