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 [...]
SEOUL, Jan. 10 (Korea Bizwire) — LG Energy Solution Co., South Korea’s leading electric vehicle (EV) battery maker, said Tuesday it is “in talks” with Ford Motor Co. to build a battery plant in Turkey. The negotiation came as its local EV battery firm, SK On, said it is considering withdrawing a memorandum of understanding [...]
SEOUL, Jan. 9 (Korea Bizwire) — LG Energy Solution Ltd. (LGES), a South Korean major secondary battery maker, on Monday reported a weaker-than-expected operating profit for the fourth quarter of last year, though its 2022 income surpassed the 1 trillion won (US$801.92 million) mark for the first time. Operating profit for the October-December period jumped [...]
SEOUL, Dec. 19 (Korea Bizwire) — LG Energy Solution Ltd. said Monday it will spend 4 trillion won (US$3.07 billion) over the next five years to expand production and other facilities at its main domestic battery manufacturing complex in the country’s central region. The investment in the Ochang plant, located in Cheongju, North Chungcheong Province, [...]
SEOUL, Dec. 13 (Korea Bizwire) — LG Energy Solution Ltd. said Tuesday its joint venture with U.S. General Motors Co. has secured US$2.5 billion through a loan program approved by the U.S. government, funding that will help finance the construction of three electric vehicle battery plants in America. The U.S. Department of Energy (DOE) finalized [...]