According to a senior executive from South Korea’s LG Energy Solution, the company plans on investing more than $4.5 billion in its U.S. battery production business over a span of four years; as part of that strategy, it plans on building at least two new plants. The investment will boost the U.S. battery production capacity…
Following Tesla’s unveiling of its plans to produce its own batteries in order to trim costs, shares of its two battery suppliers fell on Wednesday. Shares of South Korea’s LG Chem and Japan’s Panasonic have fallen with the news reaching the market. After initially opening higher, LG Chem’s shares was trading down by 3.1% while…
On Wednesday, Japanese news daily the Nikkei reported that Tesla and Panasonic are ending their partnership to produce solar cells following the Japanese electronics company ramping up efforts to divest unprofitable businesses. The development comes in the wake of Tesla diversifying away from Panasonic as its sole battery supplier for electronic vehicles after it brought…
On Monday, electric vehicle battery maker CATL stated, it has signed a battery supply agreement with U.S. electric vehicle giant Tesla. In a stock exchange filing, CATL disclosed, Tesla will determine the volume of battery purchases that it requires based on its needs, between July 2020 and June 2022. The agreement does not impose restrictions…
In a statement, South Korea’s LG Chem and General Motors Co disclosed, they plan on investing $2.3 billion to build an electric vehicle battery cell joint venture plant in Ohio, in what is stated to be one of the biggest battery facilities in the world. The plant, which will be built near GM’s closed assembly…
It is interesting to note that Tesla is not sourcing its batteries from China but has instead opted to import them from South Korea’s LG Chem to keep its Gigafactory in Shanghai running. On Friday, as per a Bloomberg report report citing sources familiar with the matter at hand, Tesla Inc has agreed to purchase…
Volkswagen is aiming big for the burgeoning electric car market. It is not only retooling 16 of its plants to produce electric cars, it is also pushing its battery partners to to invest heavily in battery cell manufacturing. In a significant development of strategic importance, Volkswagen is pushing its joint venture partners including SK Innovation…
Apple’s iPhone 9 is slated to be launched in 2018. On Friday, a Korean newspaper reported South Korean firm LG Chem, in an exclusive deal, is slated to provide batteries to Apple’s next flagship, iPhone 9, which is likely to be launched in 2018. The South Korea Economic Daily has reported citing an anonymous industry…
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