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 [...]
SEOUL, March 17 (Korea Bizwire) — Major South Korean battery makers are showcasing their latest technologies and visions for future growth during an international battery exhibition in Seoul this week, the companies said Thursday. SK On Co., LG Energy Solution Ltd. and Samsung SDI Co. were among some 250 battery and battery parts manufacturers and [...]
SEOUL, Feb. 17 (Korea Bizwire) — LG Energy Solution Ltd. (LGES) said Thursday it has acquired a U.S.-based energy storage system (ESS) solutions provider as part of efforts to expand its portfolio into all-round energy management services LGES took over a 100 percent stake in NEC Energy Solutions Inc. from NEC Corp., its Japanese parent [...]
SEOUL, Feb. 8 (Korea Bizwire) — LG Energy Solution Ltd. said Tuesday it swung to the black in the fourth quarter from a year earlier on the back of strong electric vehicle (EV) battery sales. Net income came to 71.8 billion won (US$59.9 million) in the October-December period, compared with the 436.4 billion-won loss the [...]
SEOUL, Jan. 26 (Korea Bizwire) — LG Energy Solution Ltd. (LGES) and General Motors Co. unveiled a US$2.6 billion plan Wednesday to build a new electric vehicle (EV) battery plant in the United States in their latest move to gain an edge in the global EV market. The factory by Ultium Cells LLC, their U.S.-based [...]