SEOUL, May 19 (Korea Bizwire) — LG Energy Solution Ltd. (LGES) said Friday it has signed an investment agreement with an Australian lithium developer in an effort to bolster the sourcing of the critical mineral used in electric vehicle (EV) batteries. Under the agreement signed with Green Technology Metals Ltd., LGES will acquire an approximately [...]
SEOUL, May 16 (Korea Bizwire) — LG Energy Solution Ltd. (LGES) said Tuesday the construction of an electric vehicle (EV) battery plant in Canada with Stellantis N.V. has been halted, amid apparent haggling between the Canadian federal and provincial governments over who should pay more incentives. The announcement confirms earlier reports by foreign media outlets [...]
SEOUL, April 26 (Korea Bizwire) — Major South Korean battery components maker POSCO Future M Co. said Wednesday it has won a 30.3 trillion-won (US$22.6 billion) order to supply cathodes for LG Energy Solution Ltd., the country’s top battery maker. The deal calls for POSCO Future M to provide LG Energy Solution with high-nickel cathodes [...]
SEOUL, April 26 (Korea Bizwire) — LG Energy Solution Ltd. said Wednesday its first-quarter net profit more than doubled from a year earlier, in line with the earlier earnings forecast, on strong electric vehicles (EV) demand in North America and benefits from a new U.S. law on EV subsidies. Net profit for the three months [...]
SEOUL, April 25 (Korea Bizwire) — LG Energy Solution Ltd. said Tuesday it is investing 600 billion won (US$450 million) to build a “mother” production line in its main battery manufacturing complex in the country’s south, as it ramps up production capabilities to meet surging global demand. The mother production line will serve as a [...]
SEOUL, April 10 (Korea Bizwire) — LG Energy Solution Ltd. (LGES), South Korea’s top battery maker, said Sunday that its leadership team had embarked on a trip to the U.S. with the aim of recruiting exceptionally skilled professionals from around the world. The company on Saturday (local time) held its Battery Tech Conference (BTC), a [...]
SEOUL, April 7 (Korea Bizwire) — Samsung Electronics Co. and LG Electronics Inc. have announced their preliminary first-quarter results, and the outcome is a mixed bag. Samsung Electronics suffered a record earnings shock with its operating profit plummeting to a historic low, not only in comparison to LG Electronics but also to LG Energy Solution [...]
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 [...]