SEOUL, April 7 (Korea Bizwire) — LG Energy Solution Ltd. (LGES) said Friday it estimated its operating profit to have grown more than twofold in the first quarter from a year earlier, boosted by the effects of U.S. government subsidies under a new law that promotes electric vehicle (EV) purchases. Operating income reached 633.2 billion [...]
SEOUL, April 5 (Korea Bizwire) — LG Energy Solution Ltd. (LGES), the top South Korean electric vehicle (EV) battery maker, said Wednesday it has clinched a preliminary agreement with a Chinese lithium producer for collaboration in the supply of lithium hydroxide in Morocco, as part of stepped-up efforts to source the key battery material. LGES, [...]
SEOUL, March 24 (Korea Bizwire) – LG Energy Solution Ltd. (LGES) said Friday it will invest 7.2 trillion won (US$5.56 billion) to build what will be its second standalone battery manufacturing site in the United States, sticking to its earlier plan after a period of reconsideration. LGES will spend 4.2 trillion won to build a [...]
SEOUL, March 9 (Korea Bizwire) — LG Energy Solution Ltd. said Thursday it will showcase electric vehicles made by Ford Motor Co. and Lucid Air that use its batteries at an upcoming battery show next week, among other exhibits on its new battery service businesses. Ford Mustang Mach-E crossover SUV, a popular Ford EV model [...]
SEOUL, March 1 (Korea Bizwire) — South Korea’s LG Energy Solution Ltd. (LGES) said Wednesday its joint venture with Honda Motor Co. has begun construction of a car battery plant in the United States with an aim to start production in late 2025. The 51:49 joint company, set up between LGES and Honda Motor in [...]
SEOUL, Feb. 22 (Korea Bizwire) — LG Energy Solution Ltd. (LGES), South Korea’s top battery maker, said Wednesday it has signed a non-binding agreement with Ford Motor Co. and Turkey’s Koc Holding A.S. to push for a joint venture to build an electric vehicle (EV) battery plant in Turkey. The announcement came two weeks after [...]
SEOUL, Feb. 2 (Korea Bizwire) — LG Energy Solution Ltd. (LGES) said Thursday it has signed a long-term agreement to supply battery modules for heavy-duty electric vehicles (EVs) to a U.S.-based power system provider. LGES will supply 19 gigawatt-hour battery modules to Freudenberg E-Power Systems (FEPS), a Michigan-based developer of battery packs for heavy-duty EVs, [...]
SEOUL, Jan. 27 (Korea Bizwire) – LG Energy Solution Ltd. (LGES) said Friday it is aiming for a revenue target increase in the range of 25-30 percent for 2023 from last year, as it posted record earnings last year on the back of solid growth in the global electric vehicle (EV) market. That amounts to [...]
SEOUL, Jan. 16 (Korea Bizwire) — South Korea’s leading electric vehicle (EV) battery maker, LG Energy Solution Ltd. (LGES), and defense-focused Hanwha Group said Monday they have joined hands to establish battery production facilities for the energy storage system (ESS) in the United States and develop batteries for air mobility and other future growth engines. [...]
SEOUL, Jan. 13 (Korea Bizwire) — LG Energy Solution Ltd. (LGES) said Friday its joint U.S. electric vehicle (EV) battery venture with Japan’s Honda Motor Co. has officially set sail, taking a step further in the advance into the American market. The launch of L-H Battery Co. Inc., the venture’s official name, came about five [...]