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Search resuls for: "South Korea's LG Energy"


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"Our strike is working, but we’re not there yet," UAW President Shawn Fain said in a livestreamed update on negotiations with the three automakers. Threatening to strike against GM's Arlington, Texas, plant that makes cash-cow SUVs like the Cadillac Escalade spurred GM to agree that EV battery factories would become union plants with UAW contracts, Fain said. GM is building three Ultium joint-venture battery plants with South Korea's LG Energy Solution (373220.KS). GM is building a fourth U.S. battery plant with Samsung SDI (006400.KS) in Indiana. Fain also said on Friday that the UAW could still strike against highly profitable pickup truck plants if progress stalls.
Persons: Rebecca Cook, General Motors, we’re, Shawn Fain, GM's, Fain, Sam Fiorani, Ultium, Harley Shaiken, Jim Farley, Ford, Stellantis, Mark Stewart, Tesla, Elon, we've, walkouts, Joe White, David Shepardson, Abhirup Roy, Dan Burns, Ben Klayman, Abhijith, David Gaffen, Peter Henderson, Nick Zieminski, Matthew Lewis Organizations: United Auto Workers, General Motors Lansing Delta, Michigan U.S, REUTERS, Detroit Three, UAW GM, UAW, GM, Ford, Detroit, General, Ford Motor, Chrysler, EV, AutoForecast Solutions, Korea's LG Energy, Democratic U.S, Samsung SDI, University of California, LG, Samsung, American, Reuters Graphics Reuters, Thomson Locations: Delta Township, Michigan, DETROIT, GM's Arlington , Texas, U.S, Ohio, Indiana, Berkeley, Milan, Detroit, Washington
The deal will support Toyota's expanding battery EV line-up, which includes a new model that will be assembled at a manufacturing plant in Kentucky — its largest globally — starting in 2025. LG Energy Solution also supplies other automotive giants such as America's General Motors , South Korea's Hyundai, and Japan's Honda . Less than five months ago, LG Energy Solution said it will build a $4.3 billion EV battery plant in the U.S. with Hyundai, in a bid to leverage tax credits. LG Energy Solution will invest about 4 trillion Korean won ($3 billion) "to establish new production lines for battery cells and modules exclusively for Toyota, with completion slated for 2025." Chinese competitionLG Energy Solution is currently the world's third-largest EV battery producer after Chinese EV player BYD, according to data from South Korean energy market research firm SNE Research.
Persons: Youngsoo Kwon, Kwon, Toyota's, Japan's Organizations: Korea's LG Energy, Toyota, LG Energy, CNBC, America's, Motors, Hyundai, Japan's Honda, U.S, Lexus, LG, EV, BYD, SNE Research Locations: U.S, Kentucky, Toyota's Tokyo
SEOUL, July 27 (Reuters) - South Korea's LG Energy Solution Ltd (373220.KS) on Thursday posted a 136% jump in quarterly profit, helped by rising demand for electric vehicle (EV) batteries. The company, which supplies General Motors Co (GM.N), Tesla Inc (TSLA.O), and others, reported an operating profit of 461 billion won ($362.68 million) for the April-June period, versus 196 billion won a year earlier. That compared with the company's estimate of 612 billion won announced earlier this month and an average analyst forecast of 641 billion won compiled by Refinitiv SmartEstimate. LGES said it had reflected one-off cost of 151 billion won for General Motors' Bolt electric vehicle recall. Revenue for the quarter rose 73% to 8.8 trillion won, LG Energy said in a regulatory filing.
Persons: Refinitiv SmartEstimate, LGES, 1,271.1000, Heekyong Yang, Jihoon Lee, Shri Navaratnam Organizations: Korea's LG Energy Solution, General Motors Co, Tesla Inc, General Motors, Revenue, LG Energy, Thomson Locations: SEOUL
The company, which supplies General Motors Co (GM.N), Tesla Inc (TSLA.O) and others, warned it faces weaker EV demand in Europe and China than previously expected. The U.S. is the only market where demand forecasts have not been cut, the company said. LGES reported an operating profit of 461 billion won ($363 million) for the April-June period, up from 196 billion won a year earlier, but that was far below the company's estimate of 612 billion won and an average analyst forecast of 641 billion won compiled by Refinitiv SmartEstimate. "LGES' comment on sluggish EV demand in Europe, where it has major customers like Volkswagen and Renault, seems to be affecting the company's share price," said Kang Dong-jin, an analyst at Hyundai Motor Securities. Revenue for the quarter rose 73% to 8.8 trillion won, LG Energy said in a regulatory filing.
Persons: bln, Lee Chang, LGES, Refinitiv SmartEstimate, Jang Seungkwon, Kang Dong, 1,271.1000, Heekyong Yang, Jihoon Lee, Hyunsu Yim, Shri Navaratnam, Sonali Paul Organizations: GM Bolt, Korea's LG Energy Solution, General Motors, General Motors Co, Tesla Inc, sil, Volkswagen, Renault, Hyundai Motor Securities, Revenue, LG Energy, Thomson Locations: SEOUL, Europe, China, U.S
Stellantis said the second U.S. battery plant will be the sixth to support the company's goals. "The second plant will accelerate our market penetration into the U.S.," Samsung SDI CEO Yoon-ho Choi said in the statement. In May 2022, Stellantis and Samsung SDI said they would invest more than $2.5 billion to build their first joint battery plant, to open in the first quarter of 2025 in Kokomo, Indiana. Stellantis is also building a joint-venture battery plant in Windsor, Ontario, in Canada with South Korea's LG Energy Solution (373220.KS). Samsung SDI shares extended gains after Monday's announcement, rising to as much as 4.1% versus a 0.8% increase in the benchmark KOSPI (.KS11).
Persons: Carlos Tavares, Stellantis, Ram, Alfa Romeo, Yoon, Choi, Ben Klayman, Heekyong Yang, Christopher Cushing Organizations: Samsung SDI, North, Peugeot, Jeep, Citroen, Opel, Samsung, South Korea's LG Energy, General Motors, United Auto Workers union, Stellantis, GM, Ford, Thomson Locations: Korean, U.S, Europe, Kokomo , Indiana, Indiana, Windsor , Ontario, Canada, Detroit, Seoul
HSBC identified key stocks in the supply chain that may benefit from Tesla's push into humanoid robots. Tesla launched its human-shaped robot, called "Tesla Bot," last September. But compared with its more seasoned counterpart, Boston Dynamics' Atlas, the Tesla Bot lacks advanced motion control capabilities, HSBC said. The table below shows the five buy-rated stocks expected to be in the supply chain for such robots, according to HSBC. These companies — Japan's Keyence, South Korea's LG Energy Solution, Chinese firms Inovance, Contemporary Amperex Technology (CATL), and Zhejiang Sanhua — are involved in different aspects of the supply chain for humanoid robots, HSBC said.
Persons: Tesla, HSBC's, Elon Musk, Helen Fang, Japan's, Dyson Organizations: HSBC, Boston Dynamics, South Korea's LG, Amperex Technology Locations: South, Zhejiang
[1/2] Ontario's Premier Doug Ford and Canada's Prime Minister Justin Trudeau answer questions from the media at the Stellantis Research and Development Centre in Windsor, Ontario, Canada May 2, 2022. ... Read moreTORONTO, May 19 (Reuters) - Ontario Premier Doug Ford said on Friday that his government will put more money on the table to help carmaker Stellantis (STLAM.MI) resume its battery plant in Canada. Stellantis on Monday stopped construction at a C$5 billion ($3.7 billion) electric-vehicle battery plant in Canada, which is being built in partnership with South Korea's LG Energy Solution (LGES) (373220.KS), saying Canada has not fulfilled the promises. read moreStellantis and LGES announced their battery plant investment in March last year, but tensions emerged when the United States in August passed the Inflation Reduction Act (IRA), a massive package of clean-tech incentives for companies. Canada's federal government has argued that the province of Ontario, where the battery plant is being built, should pay its share to resolve the dispute.
OTTAWA, May 16 (Reuters) - Canada has increased its planned support to carmaker Stellantis (STLAM.MI) to build a battery plant in Windsor, Ontario, the industry minister said on Tuesday, but it wants the Ontario provincial government to help pay for it. To break the "stalemate," it is important that Ontario "pay its fair share," Industry Minister Francois-Philippe Champagne told reporters at a news conference in Seoul. Stellantis on Monday stopped construction at a C$5 billion ($3.7 billion) electric-vehicle battery plant in Canada, which is being built in partnership with South Korea's LG Energy Solution (LGES) (373220.KS). Canada has not delivered what it already promised and there are no new talks under way, Stellantis spokesperson LouAnn Gosselin said. Prime Minister Justin Trudeau is also making an official visit to South Korea this week before heading to the G7 in Japan.
Canadian minister 'confident' of Stellantis battery plant deal
  + stars: | 2023-05-16 | by ( ) www.reuters.com   time to read: +1 min
OTTAWA, May 16 (Reuters) - Canada's industry minister is optimistic about reaching a deal with carmaker Stellantis (STLAM.MI) over subsidies to build a battery plant in Windsor, Ontario, provided that the provincial government also offers some support, he said on Tuesday. Stellantis stopped construction at a C$5 billion ($3.7 billion) electric-vehicle battery plant in Canada, which is being built in partnership with South Korea's LG Energy Solution (LGES) (373220.KS), while in talks with the federal government. "I'm very confident that we will come to an agreement," Industry Minister Francois-Philippe Champagne told reporters at a press conference in Seoul. Talks with the company are ongoing, he said, adding that it was important that the Ontario provincial government "pay its fair share". Stellantis and LGES announced their battery plant investment last year, but tensions developed between the company and Canada after the country agreed in April to provide up to C$13 billion in subsidies and a C$700 million grant to lure German automaker Volkswagen AG (VOWG_p.DE) to build its North American battery plant in the country.
[1/2] A Stellantis assembly worker works on the interior of a Chrysler Pacifica at the Windsor Assembly Plant in Windsor, Ontario, Canada. "Effective immediately, all construction related to the battery module production on the Windsor site has stopped," the spokesperson said. A spokesperson for Canada's Innovation Minister Francois-Philippe Champagne did not immediately respond to a request for comment. The move comes days after the carmaker and South Korea's LG Energy Solution Ltd (373220.KS) (LGES) said they were implementing "contingency plans" related to a more-than C$5 billion ($3.74 billion) battery plant investment in Canada. ($1 = 1.3372 Canadian dollars)Reporting by Ismail Shakil in OttawaOur Standards: The Thomson Reuters Trust Principles.
Canadian Prime Minister Justin Trudeau wears safety glasses as he attends a tour of the Stellantis Windsor Assembly Plant in Windsor, Ontario, Canada. Automaker Stellantis has stopped all construction at a more-than C$5 billion ($3.74 billion) electric vehicles battery manufacturing plant in Windsor, Canada, over a disagreement with the federal government about subsidies, a spokesperson for the company said on Monday. "Effective immediately, all construction related to the battery module production on the Windsor site has stopped," the spokesperson said. The move comes days after the carmaker and South Korea's LG Energy Solution Ltd (373220.KS) said they were implementing "contingency plans" related to a more-than C$5 billion ($3.74 billion) battery plant investment in Canada. LGES and Stellantis announced their battery plant investment in the country last year, aiming for an annual production capacity in excess of 45 gigawatt hours (GWh) and expected to create an estimated 2,500 new jobs in the Windsor area.
[1/2] A Stellantis sign is seen outside the company's headquarters in Auburn Hills, Michigan, U.S., June 10, 2021. REUTERS/Rebecca Cook/File PhotoOTTAWA, May 12 (Reuters) - Automaker Stellantis (STLAM.MI) and South Korea's LG Energy Solution (373220.KS) (LGES) are implementing "contingency plans" related to a more-than C$5 billion ($3.7 billion) battery plant investment in Canada because the federal government has not delivered on its promises, a Stellantis spokesperson said on Friday. "As of today, the Canadian Government has not delivered on what was agreed to, therefore Stellantis and LG Energy Solution will immediately begin implementing their contingency plans," Stellantis said in a brief emailed statement, without elaborating. LGES and Stellantis announced the investment last year to establish a large-scale, domestic, electric vehicle battery manufacturing facility in Canada. Canada's deal with Volkswagen for a battery gigafactory, announced this year, is the biggest single investment ever in the country's electric-vehicle supply chain.
[1/2] Electric power transmission pylon miniatures and LG Energy Solution logo are seen in this illustration taken, December 9, 2022. LG Energy Solution (LGES) reported an operating profit of 633 billion won ($472.6 million) for the January-March period, up 145% from 259 billion won a year earlier. When asked about rival Chinese battery makers' efforts to enter the U.S. market, LGES Chief Financial Officer Lee Chang-sil said the company would maintain its competitive position in the U.S. LG Energy Solution's revenue for the quarter doubled to 8.7 trillion won, LG Energy said in a regulatory filing. Shares of LG Energy Solution (LGES), carved out of LG Chem Ltd (051910.KS) last year, rose as much as 2.4% in morning trade, outpacing a flat broader KOSPI market (.KS11).
SEOUL, April 26 (Reuters) - South Korea's LG Energy Solution (373220.KS) on Wednesday posted a 145% jump in quarterly profit, as the battery maker factored in subsidies from the U.S. Inflation Reduction Act and solid sales of electric vehicles (EVs) in U.S. and European markets. The company, which supplies Tesla Inc (TSLA.O), General Motors Co (GM.N) and others, reported an operating profit of 633 billion won ($472.6 million) for the January-March period, versus 259 billion won a year earlier. That compared with an average analyst forecast of 633 billion won compiled by Refinitiv SmartEstimate. Revenue for the quarter rose 101% to 8.7 trillion won, LG Energy said in a regulatory filing. Shares of LG Energy Solution was trading up 0.7%, versus benchmark KOSPI's (.KS11) 0.1% rise as of 0044 GMT.
SEOUL, April 7 (Reuters) - South Korea on Friday said it will provide 7 trillion won ($5.32 billion) in financial support for its battery makers seeking to invest in infrastructure in North America over the next five years to help firms cope with the U.S. Inflation Reduction Act. "Both the government and businessmen should cooperate to find solutions together to effectively cope with situations changing rapidly after the Inflation Reduction Act," Trade Minister Lee Chang-yang said while presiding over a meeting with major battery cell makers and materials firms. In November, South Korea launched the government-backed battery alliance to better source key metals dominated by China to bolster battery supply chain stability. In March, LGES said it would resume a stalled U.S. battery project with a $5.6 billion investment in Arizona to qualify for federal incentives under the Inflation Reduction Act. ($1 = 1,316.2200 won)Reporting by Heekyong Yang; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.
SEOUL, March 24 (Reuters) - South Korea's LG Energy Solution Ltd (LGES) (373220.KS) said on Friday it would invest 7.2 trillion won ($5.58 billion) to build a battery factory in Arizona, reviving a project paused last year due to adverse economic conditions. Friday's announcement comes after LGES in January said it had been in "active discussion" with Tesla and electric vehicle startups to supply batteries from the proposed factory. Automakers and EV battery producers are racing to set up manufacturing in the United States to take advantage of federal subsidies that could generate up to $45 per kilowatt hour (kWh) to offset the costs of production. LGES, which supplies Tesla, General Motors Co (GM.N) and others, also has production sites in South Korea, China, Poland, Canada and Indonesia. Shares of LGES were trading down 1.6% versus a 0.4% fall in the benchmark KOSPI (.KS11) as of 0620 GMT.
WASHINGTON, March 14 (Reuters) - Honda Motor Co's U.S. unit said on Tuesday it would move production of its Accord sedan to Indiana in 2025 after assembling the model in Marysville, Ohio for more than 40 years, as part of its shift to electric vehicle (EV) production. Honda said last year it was separately investing $700 million to retool three Ohio plants for electric vehicle production by 2026, including Marysville. Marysville will begin preparing for EV production as early as January by consolidating its two production lines to one to enable it to begin building the EV infrastructure, the company said. Honda began assembling the Accord at its Marysville in November 1982, making it the first Japanese automaker to produce cars in the United States. Honda said Accord production will be transferred to its Indiana auto plant, which builds the Civic Hatchback and CR-V.Honda's transmission plant in Georgia will dedicate one production line to e-axle production - a key EV component - and its Anna, Ohio engine plant will shift production of some engine components to a Honda engine plant in Alabama to prepare for production of battery cases for EV models, the company said.
Investments in Indonesia's nickel industry
  + stars: | 2023-02-06 | by ( ) www.reuters.com   time to read: +4 min
Here are some of the major investment deals involving nickel in Indonesia:Jan. 2020: Indonesia bans exports of unprocessed nickel to attract investment in downstream processing. Dec. 2020: Indonesia's investment ministry signs an MOU with LG Energy Solution (373220.KS) on integrated EV battery investment with total investment of $9.8 billion. 2021: Indonesia establishes the Indonesia Battery Corporation (IBC), a joint venture of state owned enterprises to cooperate with foreign investors in developing an EV battery supply chain. Jan. 2022: Indonesia's Investment Ministry signs an MoU with Foxconn (2317.TW), Gogoro Inc, IBC and Indika Energy (INDY.JK) for investment in electric vehicle and battery development. Sept 2022: Vale Indonesia signs an agreement with Zhejiang Huayou to build a second plant to produce nickel MHP with 60,000 tonnes capacity.
Musk had made the remark in a video call with President Yoon Suk-yeol, adding that the company planned to step up cooperation with South Korea on supply chains, Yoon's office said. As Yoon was aware of Tesla's plans to build a factory in Asia in the future, his office said, Yoon asked Musk to build the factory in South Korea. In response, Musk said he considered South Korea to be one of the top candidates and would make the decision after reviewing investment conditions in other countries, including labour quality, technology level and production infrastructure. "We expect to buy components worth more than $10 billion from South Korean firms in 2023 as we significantly expand supply chain cooperation with South Korean companies," Yoon's office quoted Musk as saying. Yoon said in the discussion he would reform unreasonable regulations that hindered investment by global tech companies, according to Yoon's office.
It wants 3.8 billion pounds ($4.4 billion) to build a gigafactory in northern England but its plans are hanging by a thread as it struggles to lure enough investment. French battery startup Verkor, for example, announced on Wednesday that it had raised 250 million euros ($249 million) to fund a megafactory. The European Battery Alliance (EBA) acknowledges Asian firms, and Chinese companies in particular, are likely to increase their market share in the coming years, helped by their track record and offtake agreements. "Even if we have the production in Europe, it doesn't mean we have the know-how or the control," she said. The EU has approved 6.1 billion euros since 2019 in funding by member states for battery research and innovation while Britain has a 1 billion pound fund to support investments in EV supply chains.
Oct 20 (Reuters) - Australia's Syrah Resources Ltd (SYR.AX) said on Thursday it will evaluate supplying a key lithium-ion battery component to South Korea's LG Energy Solution Ltd (373220.KS), sending its shares to a more than four-year high. Graphite anodes' popularity has soared as companies race to secure supplies of battery materials used in electric vehicles amid a global push towards cleaner transportation and fuel. The company added that it was developing the facility as a natural graphite AAM supply alternative for U.S. battery supply chains, with production targeted to start in the September 2023 quarter. Shares of Syrah jumped as much as 17.6% to A$2.21, their highest level since October 2018. Last month, the South Korean battery maker inked cobalt and lithium supply deals with three Canadian miners.
DETROIT, Oct 18 (Reuters) - Stellantis (STLA.MI) will need four electric-vehicle battery plants in North America by 2030, the company's North American chief operating officer said on Tuesday. The automaker has already announced two joint-venture battery plants - one in Indiana and the other in Canada - and will need two more plants in the United States, Canada or Mexico, Mark Stewart said at a Reuters Events auto conference in Detroit. We will need four plants by 2030." Register now for FREE unlimited access to Reuters.com RegisterThe Indiana plant is a joint venture with South Korea's Samsung SDI (006400.KS), while the Canada plant will be built with South Korea's LG Energy Solution (373220.KS). Asked whether Stellantis was open to the workers at the joint-venture battery plants being represented by the United Auto workers union, Stewart said it was up to the workers but the company was open to the idea.
OTTAWA, Sept 23 (Reuters) - Canadian Prime Minister Justin Trudeau and South Korean President Yoon Suk-yeol on Friday agreed to deepen cooperation on critical minerals used in electric vehicles (EVs) batteries as both countries seek to cut emissions to fight climate change. "Canada, as a global leader in the production of minerals, and Korea, a major semiconductor and battery maker - each play crucial roles in global supply chains," Yoon said through an interpreter. China is currently by far the dominant global supplier of critical minerals used in EVs. Canada and South Korea are already cooperating in the sector, Trudeau pointed out. To that end, both countries agreed to develop a memorandum of understanding in the coming months to "support clean energy transition and energy security, including with respect to critical minerals".
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