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☆ Qraft rolls out latest AI-driven ETF with South Korea's LG
▼ + stars: | 2023-11-07 | by ( Suzanne Mcgee | ) www.reuters.com time to read: +2 min

Nov 7 (Reuters) - Qraft Technologies on Tuesday launched its fifth exchange-traded fund (ETF) that relies on artificial intelligence to select holdings, continuing its expansion of the niche AI ETF market. The LG Qraft AI-Powered U.S. Large-Cap Core ETF will combine Qraft's existing AI models with additional AI-powered forecasting tools developed by LG (003550.KS), the South Korean electronics conglomerate. LG AI Research, a division of LG, has been applying artificial intelligence to everything from supply and demand forecasting to raw materials purchasing decisions. Qraft is a financial technology firm based in Seoul, South Korea that has developed and launched a suite of AI-powered ETFs traded on U.S. exchanges. LG AI Research's 260-person engineering team adds large language modeling tools, he said, referring to artificial intelligence tools that are trained to recognize, understand and analyze text.

Persons: Francis Oh, Suzanne McGee, Michelle Price, Rod Nickel Organizations: Technologies, LG, Research, Asia Pacific, Morningstar Direct, Management, Thomson Locations: Seoul, South Korea

☆ 'An iPhone moment': Bernstein names global stocks to play the 'rapid growth' in battery tech
▼ + stars: | 2023-10-27 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

They said that over 200TWh of batteries will be required for the energy transition both in electric vehicles and energy storage. That breakthrough could arrive by 2027 with the commercialization of SSB batteries, Bernstein said. The firm added that they are set to have higher energy density, fast-charging capabilities and be "much safer" than liquid batteries. Batteries with higher energy density are required to reduce battery costs and increase the range of electric vehicles, Bernstein said. The asset management firm said established battery makers are likely to be the winners.

Persons: Bernstein, Neil Beveridge, CATL, — CNBC's Michael Bloom Organizations: South, LG Chem, Samsung SDI, CATL, Korean Locations: Korean

Oct 25 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Upbeat U.S. economic data often fuels Fed rate hike expectations, dragging stocks and other asset markets lower. In Asia on Wednesday, South Korea's LG Display is expected to show a fall in quarterly revenue when it reports results. On the economic data front, annual consumer inflation in Australia is expected to slow to 5.3% in the third quarter from 6.0% in the April-June period. The Australian dollar liked what it heard, bucked the global trend of widespread weakness against the U.S. dollar, and goes into the inflation data on the front foot around $0.6360.

Persons: Jamie McGeever, Michele Bullock, Lan Foan, Xi Jinping, Josie Kao Organizations: Microsoft, Google, South, LG, Apple, Reserve Bank of Australia, U.S ., South Korea LG, Thomson, Reuters Locations: U.S, Asia, Australia, China, Beijing, South Korea

"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

☆ 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

☆ LG Chem partners with Huayou Group to build joint LFP cathode plant in Morocco
▼ + stars: | 2023-09-24 | by ( Heekyong Yang | ) www.reuters.com time to read: +3 min

The logo of LG Chem is seen at its office building in Seoul, South Korea, October 16, 2020. REUTERS/Kim Hong-Ji/File Photo Acquire Licensing RightsSummaryCompanies LG Chem to build joint LFP cathode plant in Morocco with China's YoushanCompany to enter LFP cathode business for the first timeCompany partners with Huayou Group to build 4 facilities in Morocco and IndonesiaSEOUL, Sept 24 (Reuters) - South Korea's LG Chem Ltd (051910.KS) said on Sunday it has entered into partnership with China's Huayou Group's subsidiary Youshan to build a joint electric vehicle (EV) battery material plant in Morocco in an effort to diversify its portfolio. LG Chem said LFP cathodes produced at the Morocco plant will be supplied to the North American market and receive subsidies from the U.S. Inflation Reduction Act (IRA) as Morocco is a free-trade partner with the United States. LG Chem and Youshan would need to adjust their respective equity share in compliance with the U.S. Treasury Department's guideline of a "foreign entity of concern," a provision aimed at China, LG Chem said in the statement. The size of LG Chem's investments for its four facilities with Huayou Group has not been finalised yet.

Persons: Kim Hong, China's, LG Chem, LFP cathodes, Heekyong Yang, Shri Navaratnam Organizations: LG Chem, REUTERS, China's Youshan Company, Huayou Group, LG Chem Ltd, LG, North, U.S, U.S . Treasury, U.S . Treasury Department, Huayou, Thomson Locations: Seoul, South Korea, Morocco, Indonesia SEOUL, KS, United States, Korea, China, U.S, Indonesia

A sign at the approach road leads to Albemarle's lithium evaporation ponds at its facility in Silver Peak, Nevada, U.S., January 9, 2019. REUTERS/Ernest Scheyder/File Photo Acquire Licensing RightsSept 4 (Reuters) - Australia's Liontown Resources (LTR.AX) shares shot 11.5% higher after the lithium developer's board on Monday backed a refreshed A$6.6 billion ($4.26 billion) bid from Albemarle Corp (ALB.N), the world's biggest lithium producer. The news prompted Liontown shares to shoot up 11.5% to A$2.92, the highest since July 14. Liontown controls two major lithium deposits in Western Australia, including its flagship Kathleen Valley project slated for first production in mid-2024, which is among the world's largest and highest-grade hard rock lithium deposits. Albemarle's latest offer for Liontown was its fourth, having also proposed A$2.20 per share on Oct. 20 last year and A$2.35 per share earlier in March before its rejected A$2.50 a share offer was made public.

Persons: Ernest Scheyder, Liontown, Albemarle, Kathleen, Greenhill, Scott Murdoch, Poonam, Jamie Freed, Christopher Cushing Organizations: REUTERS, Albemarle Corp, Australia, Ford Motor, LG, Co, UBS, JPMorgan, Thomson Locations: Silver, , Nevada, U.S, Australian, Chile, Western Australia, South, Albemarle, Sydney

☆ LG Energy Solution Q2 profit jumps 136% on strong demand for EV batteries
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

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

LG Display expects "a rise in demand for panels" as stockpiles of display panels have fallen during the first half of the year, CFO Sung-hyun Kim said. The second-quarter result was in line with a forecast of an 889 billion won loss from 16 analysts polled by Refinitiv SmartEstimate, weighted toward analysts that are more consistently accurate. Factory run-rates for organic light-emitting diode (OLED) displays used in high-end televisions remained relatively low due to weak sales in Europe, resulting in the poor performance in the second quarter, analysts said. Mobile display panel orders are concentrated in the second half of the year, ahead of the holiday season. However, the initial supply volume is unlikely to significantly impact the company's financials in the third quarter, analysts said.

Persons: Sung, Kim, Refinitiv SmartEstimate, Joyce Lee, Tom Hogue Organizations: LG, Apple Inc, Revenue, LG Display, Apple, Samsung Electronics, Reuters, Thomson Locations: SEOUL, KS, Europe

☆ Stellantis, Samsung SDI set plan to build second US battery plant
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +3 min

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

☆ Tesla's push into humanoid robots is set to benefit these 5 global stocks in the supply chain, HSBC says
▼ + stars: | 2023-07-13 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

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

☆ Samsung sues Chinese rival over alleged patent violation on iPhone displays
▼ + stars: | 2023-07-03 | by ( Hyunjoo Jin | Industry Insight | Corporate Attorneys Don T Want To Pay Law Firms For Chatgpt When They Could Use It Themselves | ) www.reuters.com time to read: +2 min

SAN FRANCISCO, July 3 (Reuters) - South Korea's Samsung Display has filed a lawsuit against BOE Technology (000725.SZ), accusing the Chinese rival of infringing five of its patents for displays used in mobile devices including Apple's (AAPL.O) iPhone 12. Samsung Display, a unit of Samsung Electronics (005930.KS), asked a federal jury in Texas to award damages for the infringement of patents regarding organic light emitting diode (OLED) displays supplied by BOE. Samsung also seeks an injunction from the court to halt the import and sale of the affected displays. Apple has been using OLED displays on some of its Apple Watch and iPhone models, including the latest iPhone 14. The OLED display market is dominated by Samsung Display, with BOE narrowing the gap, overtaking South Korea's LG Display (034220.KS) as the No.

Persons: BOE, Apple, OLED, Omdia, Choi Kwon, Hyunjoo Jin, Stephen Nellis, Matthew Lewis Organizations: FRANCISCO, Samsung, BOE Technology, Samsung Electronics, U.S, Apple, Apple Watch, South, LG, U.S . International Trade Commission, San, Thomson Locations: Texas, East Texas, South Korea, China, San Francisco

☆ Ontario to offer more money for Stellantis to resume battery plant
▼ + stars: | 2023-05-19 | by ( Sam Jabri-Pickett | ) www.reuters.com time to read: +2 min

[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.

☆ Canada has increased planned Stellantis battery factory support -minister
▼ + stars: | 2023-05-16 | by ( Steve Scherer | ) www.reuters.com time to read: +3 min

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.

☆ Exclusive: LG Display to supply OLED TV panels to Samsung Elec - sources
▼ + stars: | 2023-05-16 | by ( Heekyong Yang | ) www.reuters.com time to read: +2 min

Initial supplies to Samsung would likely be 77-inch and 83-inch white OLED (WOLED) TV panels. OLED panels cost nearly five times more than liquid-crystal display (LCD) panels. Analysts have speculated that LG Display was in talks to supply OLED TV panels to a new client. LG Display supplies OLED TV panels to LG Electronics and Sony. Samsung Electronics has its own display-making unit Samsung Display which focuses on OLED screens for mobile phones made by Apple and Samsung.

☆ Stellantis halts battery plant construction over dispute with Canadian govt
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +1 min

[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.

☆ Stellantis halts battery plant construction over dispute with Canadian government
▼ + stars: | 2023-05-15 | by ( ) www.cnbc.com time to read: +2 min

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.

☆ Stellantis, LGES implementing 'contingency plans' for battery plant in Canada
▼ + stars: | 2023-05-13 | by ( Ismail Shakil | ) www.reuters.com time to read: +3 min

[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.

Seoul, South Korea CNN —For years, South Korea’s biggest annual LGBTQ pride celebration has been held in the same grassy square in central Seoul, which fills up with performers and joyful participants decked out in rainbow costumes. Organizers for both the festival and the Christian concert applied to use the Seoul Plaza venue from June 30 to July 1, the Seoul Metropolitan Government said in a statement Thursday. The foundation is linked with the Christian broadcaster CTS, which has vocally opposed homosexuality and the pride festival, according to Reuters. The tension between South Korea’s LGBTQ community and their conservative, often Christian critics is clearly displayed at each pride festival, where both groups show up. At last year’s SQCF festival, opponents and religious groups gathered outside the venue, displaying protest messages on banners and shouting anti-LGBTQ slogans through loudspeakers.

☆ 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.

[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).

☆ 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.

☆ Indonesia lowers VAT on electric vehicles to 1%
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +1 min

A VAT cut was also applied to some electric buses, it said. Indonesia is stepping up efforts to lure investment into domestic production of EV batteries and EVs to utilise its rich reserves of nickel, which is processed for battery production. Officials have been trying to attract investment from electric car makers such as Tesla and China's BYD Auto. South Korea's LG and Hyundai have already started constructing plants to assemble batteries and EVs in the Southeast Asian country. Indonesia said last month it would allocate 7 trillion rupiah ($466.70 million) in state funds to subsidise electric motorcycle sales through 2024.

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