SEOUL, July 3 (Korea Bizwire) — LG Energy Solution said Sunday its CEO Kwon Young-soo has left for Europe to check on its battery plant in Poland and meet with key partners there as the battery maker is striving to broaden its electric vehicle battery business. During the five-day trip, Kwon is scheduled to visit [...]
SEOUL, June 30 (Korea Bizwire) – South Korean battery maker LG Energy Solution Ltd. (LGES) said Thursday it has signed a non-binding agreement with a U.S. mining company for the supply of two kinds of lithium products used in electric vehicle (EV) lithium-ion batteries. Under the memorandum of understanding, Compass Minerals, a Kansas-based provider of [...]
SEOUL, June 29 (Korea Bizwire) — LG Energy Solution Ltd. (LGES) has decided to reconsider its 1.7 trillion-won (US$1.31 billion) plan to build a new battery plant in the U.S. state of Arizona, as global inflation and a sharp fall of the Korean currency are expected to incur greater costs, company officials said Wednesday. “We [...]
SEOUL, June 13 (Korea Bizwire) — LG Energy Solution Ltd. (LGES) said Monday it will spend 730 billion won (US$567.8 million) on its domestic plant in South Korea to boost production of cylindrical battery cells used in electric vehicles. It will use 580 billion won of the earmarked amount to build a new production line [...]
SEOUL, June 2 (Korea Bizwire) — South Korean battery maker LG Energy Solution Ltd. (LGES) said Thursday its battery joint venture with multinational automaker Stellantis N.V. was named “NextStar Energy.” In March, LGES and Stellantis announced a plan to jointly establish an electric vehicle (EV) battery plant in Ontario, Canada, a deal worth 4.8 trillion [...]
SEOUL, May 25 (Korea Bizwire) — An electric vehicle powered by a battery from LG Energy Solution Ltd. set a new Guinness World Record title for the highest altitude achieved by an electric car. The Volkswagen ID.4 GTX succeeded in driving up the dormant Uturuncu volcano in Bolivia, reaching an altitude of 5,816 meters on [...]
SEOUL, April 27 (Korea Bizwire) — LG Energy Solution Ltd. said Wednesday its first-quarter net income nearly halved from a year earlier amid the prolonged global chip supply disruptions. Net income came to 226.6 billion won (US$179.5 million) in the January-March period, compared with a net profit of 433.6 billion won the previous year, South [...]
SEOUL, April 6 (Korea Bizwire) — LG Energy Solution Ltd.(LGES) said Wednesday the U.S. auto safety agency’s probe into its batteries is a “follow-up procedure” to the recent recalls of electric vehicles made with LG products, stressing that it does not involve any additional issues. The U.S. National Highway Traffic Safety Administration (NHTSA) said Tuesday [...]
SEOUL, March 28 (Korea Bizwire) — Battery maker LG Energy Solution Ltd. (LGES) has been the most shorted South Korean stock since Russia launched its invasion of Ukraine. According to the Korea Stock Exchange, the amount of short sale transactions of LGES totaled 921.7 billion won (US$753 million) during the period from March 11, when [...]
SEOUL, March 24 (Korea Bizwire) — South Korean battery maker LG Energy Solution Ltd. (LGES) said Thursday it is spending 1.7 trillion won (US$1.39 billion) to build its second standalone electric vehicle (EV) battery plant in the U.S. state of Arizona as it pushes for a further global market expansion. LGES also unveiled a plan [...]