Tesla up 20% after Panasonic posts 1st quarterly profit at battery business. LG Chem supplies EV batteries to Tesla, GM, Hyundai, Kia, Volkswagen, Renault, Volvo and Mercedes-Benz, amongst others. LG Energy Solutions will be born from an automotive battery unit with US$132 million (155.5 billion Won) in second-quarter operating profit on sales of 2.8 trillion Won, with a $128 billion backorder for EV batteries. My career began in daily newspapers and developed into editorship of two automotive. Tesla posted record quarterly deliveries in the third quarter. Energizer Holdings (ENR) Source: Shutterstock Their US … LG Chem, along with China’s CATL, supplies batteries for Tesla’s electric cars made in Shanghai. Photographer: Woohae Cho/Bloomberg. I’ve been based in Italy as a freelancer for more than a decade, covering the European car business, with a focus on product testing and product development for readers around the world. Photographer: Woohae Cho/Bloomberg, Photo: MediaNews Group/Bay Area News via Getty Images, EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change. In an arm wrestle for automotive battery supremacy with China’s Contemporary Amperex Technology (CATL), Samsung SDI and SK Innovation, LG Chem insisted it needed to spin off the battery business to raise money for an expected regulation-driven boom in electric cars. The petrochemical giant held a board meeting yesterday to confirm the move to spin the EV sector off as a separate, wholly owned company. USA's Tesla is the world's number 5 battery manufacturer and USA's number 1 battery manufacturer. Tesla battery supplier Catl says new design has one million-mile lifespan. I hold no short or long positions in the car industry, primarily because it could only compromise the integrity of my work, so my written positions are a condensation of available data mixed with about four full product cycles worth of experience. Find out more about how we use your information in our Privacy Policy and Cookie Policy. Tesla Battery Supplier LG Chem Says Exploring Joint Ventures With 'Couple' Of Automakers. Tesla will give stock to Panasonic in a giga factory deal. © 2020 Forbes Media LLC. I have been testing cars and writing about the car business for more than 25 years. Tesla supplier said it has a … A statement from LG Chem said LG Energy Solutions would be valued at 13 trillion won (US$11 billion) and it was expected to climb in valuation to more than 30 trillion ($25 billion) in the next four years. The firm is expected to release detailed earnings later this month. It has also developed batteries for the Lucid Air, with a claimed 517 miles of range. LG Chem, along with China's CATL, supplies batteries for Tesla's electric cars made in Shanghai. The Yonhap News Agency in Korea reported today that LG Chem, which also supplies the Volkswagen Group and General Motors, will create LG Energy Solutions by December 1 this year. Key Customers: Ferrari, Jaguar, Kia, Land Rover, Mercedes-Benz, Volkswagen. I have been testing cars and writing about the car business for more than 25 years. Tesla posted record quarterly deliveries in the third quarter. LG Chem's cylindrical batteries also power the new Lucid Air, with a claimed 517 miles of EV range. Photo: MARTIN BUREAU/AFP via Getty Images. The company did not elaborate on the reasons for its upbeat outlook but analysts attributed it to orders from Tesla and demand for petrochemicals products. We and our partners will store and/or access information on your device through the use of cookies and similar technologies, to display personalised ads and content, for ad and content measurement, audience insights and product development.
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