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☆ Toyota pledges $8 billion more for US battery plant to rev up EV push
▼ + stars: | 2023-10-31 | by ( Nathan Gomes | ) www.reuters.com time to read: +2 min

A Toyota logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/David 'Dee' Delgado/File Photo Acquire Licensing RightsOct 31 (Reuters) - Toyota Motor (7203.T) said on Tuesday it would boost investment by $8 billion and add about 3,000 jobs at its electric-vehicle battery manufacturing plant in North Carolina, accelerating the Japanese automaker's push to electrify its lineup. Toyota's North Carolina facility is set to begin operations in 2025 and will be the company's first automotive battery plant globally. It will have six battery production lines, four supporting hybrid vehicles such as the Prius, and two additional lines to support battery EVs. NORTH CAROLINA HUBNorth Carolina is emerging as a leading hub for electric vehicle and battery manufacturing, with new investments planned by companies ranging from Redwood Materials to Vietnam's Vinfast .

Persons: David, Dee, Delgado, Tesla, North Carolina Governor Roy Cooper, Nathan Gomes, Savio D'Souza, Devika Organizations: New York, REUTERS, Toyota, Ford, General Motors, United Auto Workers union, Tesla, Samsung SDI Co, Panasonic, Chrysler, Stellantis, Materials, North, North Carolina Governor, Thomson Locations: Manhattan , New York City, U.S, North Carolina, Detroit, NORTH CAROLINA, United States, Bengaluru

Stellantis and SDI said their second joint battery factory in Indiana is scheduled to open in 2027, and could employ 1,400 workers. The two companies would have a combined annual production capacity of 67 gigawatt hours (GWh) at the Indiana production site, Samsung SDI said in a statement. The first joint plant is set to start production in the first quarter of 2025. For Stellantis, a second U.S. battery plant would help the company comply with U.S. Inflation Reduction Act domestic content rules that govern federal EV subsidies. Last month, Samsung SDI said it plans to invest 2.7 trillion won ($2.01 billion) to build its second joint battery plant with Stellantis.

Persons: Shawn Fain, Fain, Stellantis, Ram, Alfa Romeo, 1,340.6500, Heekyong Yang, Sharon Singleton Organizations: South Korea's Samsung SDI Co, United Auto Workers, Detroit Three, SDI, Samsung SDI, Chrysler, Jeep, UAW, General Motors, Ford, EV, GM, U.S, Peugeot, Citroen, Opel, Thomson Locations: SEOUL, South, KS, Kokomo , IN, Indiana, Toledo , Ohio, United States, Kokomo, Lordstown , Ohio, U.S, Europe

☆ Samsung SDI to invest $2 bln to build second joint battery plant in US with Stellantis
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Sept 27 (Reuters) - South Korea's Samsung SDI Co Ltd (006400.KS) said on Wednesday it plans to invest 2.7 trillion won ($2.00 billion) to build a second joint electric vehicle (EV) battery plant with Stellantis NV (STLAM.MI) in the United States. The South Korean battery maker said in a regulatory filing that it plans to execute the investment starting next April to November 2027. In July, the two companies said their joint-venture plant in the United States will have an annual production capacity of 34 gigawatt hours (GWh), with a target to start production in 2027. ($1 = 1,351.3700 won)Reporting by Heekyong Yang; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: 1,351.3700, Heekyong Yang, Kim Coghill Organizations: Korea's Samsung SDI Co, Stellantis NV, South Korean, Thomson Locations: SEOUL, KS, United States

[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).

☆ LG Energy Solution Q1 profit more than doubles, in line with forecast
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

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.

☆ South Korea announces $15 bln investment in advanced battery technologies
▼ + stars: | 2023-04-20 | by ( Heekyong Yang | ) www.reuters.com time to read: +3 min

[1/2] An employee walks past the logo of LG Energy Solution at its office building in Seoul, South Korea, November 23, 2021. "The joint investment will allow South Korea to start commercial production of solid state batteries ahead of others," the ministry said in a statement. South Korea is home to three of the world's five biggest electric vehicle (EV) battery makers --LG Energy Solution Ltd (LGES) (373220.KS), Samsung SDI Co Ltd (006400.KS) and SK On. EV battery makers are racing to develop new battery technologies that promise longer driving range, higher energy density and better safety than the conventional lithium-ion batteries. The industry ministry said South Korea aimed to quadruple domestic production capacity of cathode materials and triple exports of battery production-related equipment with the investment.

☆ South Korea to offer $5.3 bln in financing to support battery investment in North America
▼ + stars: | 2023-04-07 | by ( Heekyong Yang | ) www.reuters.com time to read: +2 min

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.

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.

☆ Samsung ar putea construi în SUA o uzină de producere a bateriilor destinate automobilelor electrice
▼ + stars: | 2021-07-08 | by ( Publika.Md - Aici Sunt Știrile | ) www.publika.md time to read: +2 min

Grupul sud-coreean Samsung SDI Co Ltd ar putea construi în SUA o uzină care produce baterii destinate automobilelor electrice, pentru a sprijini trecerea industriei la electrificare, relatează economica.net. Acestea au precizat că Samsung SDI nu a decis încă dacă va demara construcţia fabricii din SUA ca o societate mixtă cu producătorii auto sau va fi o unitate de producţie independentă. Samsung SDI are uzine care produc baterii pentru automobilele electrice în Coreea de Sud, China şi Ungaria, pentru clienţi ca BMW, Ford, Volvo şi Volkswagen. Rivalele Samsung SDI din Coreea de Sud, LG Energy Solution şi SK Innovation Co Ltd, au anunţat separat planuri de produce de baterii în SUA. În aprilie, Rivian informa că Samsung SDI va furniza baterii pentru vehiculele sale.

Organizations: coreean Samsung SDI, Samsung, Samsung Electronics Co, Ford, Samsung SDI, clienţii, BMW, Volvo, Volkswagen, Rivalele Samsung, LG Energy, SK Innovation Co Locations: coreean, SUA, Stellantis, Amazon, Statele Unite, Mexic, Canada, american, America de Nord, Coreea de Sud, China, Ungaria, Europa

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