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South Korea's Hyundai Motor Group and LG Energy Solution said on Friday they will invest 5.7 trillion won ($4.3 billion) in a battery cell plant in the United States, with an aim to begin operations in 2025. The two companies will set up a 50:50 joint venture within this year to build the plant with an annual capacity of 30 gigawatt-hours near Hyundai Motor Group's dedicated electric vehicle (EV) and battery plant under construction in Georgia, they said in separate statements....
Hyundai Motor, LG Energy Solution to invest $4.3 bn in US battery plant
LG Energy Solution Ltd. (LGES) said it has signed an investment agreement with an Australian lithium developer in an effort to bolster the sourcing of the critical mineral used in electric vehicle (EV) batteries. Under the agreement signed with Green Technology Metals Ltd., LGES will acquire an approximately 7.89 percent stake in the Australian company and have access to 25 percent of its annual output of lithium ore concentrate for the next five years, the Seoul-based battery maker said i...
LG Energy invests in Australian mining firm for lithium supply
The global electric vehicle (EV) battery market is forecast to post rapid growth to $616 billion in 2035, a market tracker said on Wednesday, with the China-based production likely to sharply shrink amid the EV-related policy revamps in the US and Europe. The projection marks a fivefold increase from $121 billion estimated for this year, according to a report released by SNE Research, a Seoul-based energy market tracker. Demand for EV battery production is expected to reach 5.3 terrawat...
Global Electric Vehicle battery market to grow fivefold to $616 bn in 2035
LG Energy Solution Ltd (LGES) said on Friday it will invest 7.2 trillion won ($5.56 billion) to build what will be its second standalone battery manufacturing site in the United States, sticking to its earlier plan after a period of reconsideration. LGES will spend 4.2 trillion won to build a cylindrical battery plant in Queen Creek, Arizona, that targets an annual production capacity of 27 gigawatt hours, equivalent to powering 350,000 all-electric cars, the company said in a release. ...
LG Energy to invest $5.5 bn to build new battery plants in US
Seoul, Oct 26 LG Energy Solution Ltd (LGES) said on Wednesday it shifted to the black in the third quarter from a year earlier on the back of robust demand in electric vehicle (EV) batteries and a weaker Korean won currency. The battery maker said it will continue its focus on North America, a fast-growing EV market, and step up to build stable supply chains for raw materials to meet the requirements in the new US policy on EV and green energy. Net profit came to 187.7 billion won...
LG Energy swings to profit on strong EV battery demand
South Korean battery maker LG Energy Solution is set to supply batteries to Mahindra & Mahindra's first electric sports utility vehicle (SUV), a source familiar with the matter said on Monday. The batteries will power the Indian automaker's XUV400 SUVs, likely scheduled for delivery between the fourth quarter and January, the source said. The source, who did not confirm the size of the supply deal, declined to be identified as the plans were not yet public. Before L...
S.Korea`s LG Energy Solution to supply batteries to India`s Mahindra -source
SK Innovation, South Korea's refinery-to-battery maker, is back in the driver's seat to propel its electric vehicle battery business with stake sales and a planned listing of its subsidiary as its recent settlement with LG Energy Solution Ltd. cleared prolonged business uncertainties. The subsidiary of the nation's No. 3 conglomerate, SK Group, reached a $1.8 billion settlement with its bigger home rival LG Energy Solution Ltd to end a two-year legal battle for the EV battery b...
SK Innovation shifts into full gear for EV battery biz
WASHINGTON - South Korean battery makers LG Energy Solution and SK Innovation Co agreed on Sunday to settle disputes over electric-vehicle (EV) battery technology, avoiding a potential setback for U.S. EV ambitions. The settlement after marathon talks by affiliates of two of South Korea's biggest conglomerates was announced just hours before a Sunday night deadline for President Joe Biden's administration to decide whether to take the rare step of reversing a U.S. Internationa...
South Korean battery makers agree $1.8 billion settlement, aiding Joe Biden`s EV push
Two Korean battery makers -- LG Energy Solution Ltd and SK Innovation -- have reached a settlement in a trade secrets dispute in the US, company officials said on Sunday, hours before a deadline for an import ban on SK. The US International Trade Commission (ITC) in February sided with LG in a trade secret case and issued a 10-year import ban on SK, while temporarily allowing shipments of battery components for Ford and Volkswagen to give them time to find new suppliers. Their settlemen...
LG, SK reach last-minute settlement in US battery dispute
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