My career began in daily newspapers and developed into editorship of two automotive magazines. One of Tesla’s key suppliers for its Chinese car plant and one of the major players in electric car (EV) innovation, South Korea’s LG Chem, is set to spin off its battery business. Tesla partners with LG Chem, CATL for battery supply. Don't think Tesla will spend much capital, if any, on the giga factory. Tesla will give stock to Panasonic in a giga factory deal. Revenue likely rose 9% to 7.5 trillion won from a year earlier, the company said. LG Chem supplies EV batteries to Tesla, GM, Hyundai, Kia, Volkswagen, Renault, Volvo and Mercedes-Benz, amongst others. LG Chem's cylindrical batteries also power the new Lucid Air, with a claimed 517 miles of EV range. Key Customers: Ferrari, Jaguar, Kia, Land Rover, Mercedes-Benz, Volkswagen. ... [+] Photo: MediaNews Group/Bay Area News via Getty Images. Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor, Sony PlayStation 5 vs Microsoft Xbox Series X & Xbox Series S: Comparing Prices, Variants & More, Kedar Jadhav Gets Brutally Trolled Again for Yet Another Slow Innings, Sidharth Shukla Steps Out of Bigg Boss 14 House, Pictures Go Viral on Social Media, Udit Narayan on Son's Wedding: I Told Aditya If Something Happens Later, Don't Blame the Parents, Salman Khan Finally Got a Response to His 2014 Tweet on Preity Zinta After KXIP's Super Over Win, Amrita Rao Confirms Pregnancy, Shares First Photo of Her Baby Bump, Neha Dhupia & Angad Bedi Enjoy Romantic Vacations In Maldives. An emergency meeting of the board of South Korea's LG Chem last night decided to spin off its EV ... [+] battery-making operation into a wholly owned subsidiary. LG Chem, along with China's CATL, supplies batteries for Tesla's electric cars made in Shanghai. Its battery business is profitable, with demand from European automakers rising along with their EV sales, and its cylindrical EV batteries are almost exclusively made for use in Chinese-built Teslas. 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. USA's Tesla is the world's number 5 battery manufacturer and USA's number 1 battery manufacturer. "We believe it is the right time to spin off as the electric vehicle battery business began to yield a sizable profit amid the rapid growth of the battery industry," the company said in a statement. Tesla up 20% after Panasonic posts 1st quarterly profit at battery business. Shivdeep Dhaliwal. © 2020 Forbes Media LLC. Tesla posted record quarterly deliveries in the third quarter. Key Customers: BMW, Mercedes-Benz, Honda, Smart, Toyota, Volkswagen. At gigafactory 1 in the USA, Tesla has a JV with Panasonic. My career began in daily newspapers and developed into editorship of two automotive. Tesla posted record quarterly deliveries in the third quarter. SEOUL: South Korea’s LG Chem Ltd, an electric vehicle (EV) battery supplier for Tesla, said on Monday its third-quarter operating profit likely jumped to a record high, beating analysts’ estimates. It said the battery arm was being spun off to fund its capital investment appetite, which will demand at least three trillion won ($2.5 billion) a year until 2024. I judge the good and bad in cars how they perform their intended functions at their price points for their target customers against all of their competitors. All Rights Reserved, This is a BETA experience. It is under particular threat from the China-based CATL, even though it has supplied 25.1 percent of the world EV battery market so far this year according to SNE Research analysis. LG Chem estimated that its operating profit jumped 159% to 902 billion won ($788.94 million) in the quarter ended September, above the 746 billion won analyst forecast by Refinitiv SmartEstimate. Having battery technology that is even further ahead of that offered by other automobile manufacturers could drive Tesla EV sales. 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. Find out more about how we use your information in our Privacy Policy and Cookie Policy. Information about your device and internet connection, including your IP address, Browsing and search activity while using Verizon Media websites and apps. Tesla China’s battery supplier Contemporary Amperex Technology Co. Ltd. (CATL) has released details about its million-mile battery. battery-making operation into a wholly owned subsidiary. Read full article. LG Chem supplies EV batteries to Tesla, GM, Hyundai, Kia, Volkswagen, Renault, Volvo and Mercedes-Benz, amongst others. The mass-produced Renault Zoe is also an LG Chem customer. You may opt-out by. It is public now Panasonic is making a substantial investment and strategic shift into battery production capacity and will bend over backward to keep the Tesla relationship going. LG Chem supplies cylindrical batteries for Tesla's Chinese factory, near Shanghai. Tesla Battery Supplier LG Chem Says Exploring Joint Ventures With 'Couple' Of Automakers. Tesla Battery Supplier LG Chem Forecasts Record Third-quarter Profit South Korea's LG Chem Ltd, an electric vehicle (EV) battery supplier for Tesla, said on Monday its thirdquarter operating profit likely jumped to a record high, beating analysts' estimates.

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