SEOUL, Aug. 3 (Korea Bizwire) — LG Energy Solution Ltd. said Wednesday it will run its global production sites only on renewable energy starting in 2025 as part of efforts to achieve the goals for sustainable growth. All battery production facilities in South Korea, North America, Europe and China will operate on 100 percent renewable [...]
SEOUL, July 27 (Korea Bizwire) — LG Energy Solution Ltd. (LGES) said Wednesday it aims to boost annual sales by more than threefold and achieve double-digit operating profit margins in the next five years through active foreign expansion and by securing stable supply. Unveiling the mid-to long-term strategies, the South Korean battery maker said it [...]
SEOUL, July 26 (Korea Bizwire) — LG Energy Solution Ltd. (LGES) said Tuesday it has signed a joint venture agreement with a Chinese mining company to build a battery recycling plant to secure raw materials for lithium-ion battery components. The joint venture deal with Zhejiang Huayou Cobalt Co. will commit the two companies to build [...]
SEOUL, July 22 (Korea Bizwire) — LG Energy Solution, South Korea’s leading electric vehicle battery maker, said Friday it will supply more battery packs to Ford Motor Co. as the U.S. carmaker ramps up its global production of electric vehicles. LG Energy Solution will initially double the battery production line allotted for Ford Motor at [...]
SEOUL, July 7 (Korea Bizwire) — South Korean battery maker LG Energy Solution Ltd. said Thursday it expects its second-quarter operating profit to shrink sharply from a year earlier due to global supply disruptions and China’s COVID-19 lockdowns. The company estimated operating income for the April-June period at 195.6 billion won (US$150.5 million), down 73 [...]
SEOUL, July 6 (Korea Bizwire) – LG Energy Solution Ltd. (LGES) will supply its electric vehicle batteries to Japanese commercial vehicle maker Isuzu Motors Ltd. in a deal likely amounting to at least 1 trillion won (US$762.4 million), a news report said Wednesday. LGES will produce cylindrical batteries for Isuzu’s EV version of its flagship [...]
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 [...]