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Youngsoo Kwon - 1 Kwon - 1 Toyota's - 1 Japan's - 1 Leonhard Simon - 1 Luca de Meo - 1 ” de Meo - 1 ” “ - 1
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☆ Toyota, LG Energy Solution sign $3 billion battery supply deal in U.S. EV push
  + stars: | 2023-10-05 | by ( Sheila Chiang | ) www.cnbc.com   time to read: +2 min
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
☆ IAA Mobility: China's automakers take the world by storm with EV push
  + stars: | 2023-09-07 | by ( Laura He | ) edition.cnn.com   time to read: +8 min
Leonhard Simon/Getty ImagesEven before the show kicked off, Renault chief executive Luca de Meo was on French radio talking up the rapid advances made by Chinese EV makers. Competitors worry that Chinese brands may eventually dominate the global EV market. In Europe, the top destination for China’s car exports, sales of Chinese EVs are booming. Supply chain advantageA major factor contributing to the lower cost of Chinese EVs is the country’s dominance of the EV battery supply chain. However, geopolitical tensions could complicate Chinese EV firms’ global push.
Persons: Leonhard Simon, Luca de Meo, ” de Meo, ” “, ”, Dylan Khoo, Li Yunfei, Oliver Zipse, Khoo, It’s, — Hanna Ziady, Olesya Dmitracova Organizations: Hong Kong CNN, Visitors, Renault, Chinese EV, RTL Radio, China Association of Automobile Manufacturers, China Passenger Car Association, Union, UBS, Europe Auto, EV, New, Research, Deloitte, BMW, ABI Research, Jato Dynamics, “, China’s SAIC, MG, IAA, SNE Research Locations: China, Hong Kong, Munich, Germany, Chinese, Europe, Australia, Southeast Asia, Japan, Russia, New York, United States, France, British, United Kingdom, South Korean
☆ Hyundai explains how it plans to become one of the world's top three EV makers by 2030
  + stars: | 2023-05-11 | by ( Sheila Chiang | ) www.cnbc.com   time to read: +3 min
Hyundai Motor Group, whose brands include Hyundai, Kia and Genesis, nabbed sixth place in SNE Research's global EV sales ranking for 2022. It delivered 510,000 EV units last year, up 40.9% from 2021, according to SNE Research. We have another EV, Ioniq 7, the three-row largest SUV, in our pipeline for next year. Revenue climbed 24.7% year-on-year, from 30.3 trillion won to 37.78 trillion won. Domestically, Hyundai said it plans to invest 24 trillion won in South Korea's EV industry by 2030.
☆ BYD posts 11-fold jump in Q4 profit -filing
  + stars: | 2023-03-28 | by ( ) www.reuters.com   time to read: +2 min
SHANGHAI/BEIJING, March 28 (Reuters) - Chinese electric vehicle giant BYD Co Ltd (002594.SZ) reported an 11-fold increase in fourth-quarter profit as it extended its lead in the domestic market with a wide range of products. Net profit for October-December came in at 7.3 billion yuan ($1.06 billion) versus 602 million yuan a year earlier. For the whole of 2022, net profit increased 446% to 16.6 billion yuan, said the company, which is 12% owned by Warren Buffett's Berkshire Hathaway (BRKa.N). Its battery installation volume ranked the second globally in Janaury with 17.6% market share, exceeding LG Energy Solutions, according to SNE Research. ($1 = 6.8756 Chinese yuan renminbi)Reporting by Zhang Yan, Ella Cao and Meg Shen; editing by Jason Neely, Jonathan Oatis and Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.
☆ South Korean battery makers flag supply chain worries amid U.S. EV tax credit reform
  + stars: | 2022-11-09 | by ( Heekyong Yang David Shepardson | Heekyong Yang | David Shepardson | ) www.reuters.com   time to read: +3 min
REUTERS/Andrew KellySEOUL/WASHINGTON, Nov 9 (Reuters) - South Korean battery makers have urged the U.S. government to factor in realities of a complex supply chain for the industry and not hold the sector to "impossible requirements" ahead of the implementation of new U.S. EV tax credit rules. LG Energy Solution Ltd (LGES) (373220.KS), SK Innovation's (096770.KS) SK On and Samsung SDI Co Ltd (006400.KS) expressed their concerns about the electric vehicle tax credit rules in comments submitted to the U.S. Internal Revenue Service (IRS). LGES added in its comment that transforming the supply chain cannot occur "overnight" and urged the United States not to hold the industry to "impossible requirements and timelines". Such market distortions could create artificial costs and barriers along the supply chain," SK On said. Samsung SDI also urged the United States to implement rules that allow flexibility to meet supply chain requirements, adding that automotive supply chain contracts often last several years.
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