South Korean chemical company LG Chem has revealed its plans to increase its battery materials sales more than six-fold by 2030. The company’s new business strategy will expand its portfolio beyond cathode materials.
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The South Korean chemical company LG Chem is joining forces with the Chinese company Huayou Cobalt to build a factory for nickel, cobalt and manganese cathode precursor materials in South Korea.
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South Korean chemical company LG Chem has a clear message for its competitors: It wants to “dominate” the global market for advanced EV batteries and – if it has to – enforce its patent rights for cathode materials with a high nickel content in court.
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LG Chem has secured lithium from North America. The South Korean chemical company has signed offtake agreements with Piedmont Lithium for a total of 200,000 metric tons of spodumene concentrate (SC6). In addition, LG has also taken a financial stake in Piedmont.
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General Motors and LG Energy Solution are apparently not pursuing their plan for a fourth joint battery cell plant in the USA. GM could instead build the planned plant in Indiana with a new partner at its side.
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The South Korean chemical company LG Chem has invested 24 billion won (approx. 17.6 million euros) in Jae Young Tech, a battery recycling specialist also based in South Korea. However, the joint plans mainly relate to North America.
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The South Korean battery cell manufacturer LG Chem has announced the construction of the largest factory for the production of cathode materials for electric car batteries on American soil. This will be built in Clarksville in the state of Tennessee with an investment of 3.2 billion US dollars.
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Chevrolet had reduced the price of its Bolt EV by up to $6,000 in the US this summer. Jalopnik reports that owners who bought their Bolt before the price cut took effect are now also being offered said credit. However, existing owners should read the fine print carefully.
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The US manufacturer General Motors has signed agreements with LG Chem and Livent for the supply of battery materials. The company sees this as strengthening its goal of reaching one million units of electric vehicles in North America by the end of 2025.
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LG Chem has formed a joint venture with B&M, a subsidiary of the Chinese company Huayou Cobalt, to produce cathode materials. A second joint venture is to be set up with Kemco to manufacture precursors for cathodes.
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A South Korean consortium led by LG has signed an agreement with Indonesian state-owned companies for a project worth around nine billion US dollars. The project aims to build a complete value chain for electric vehicle batteries.
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The US Federal Highway and Vehicle Safety Administration is moving to investigate LG Energy Solution’s faulty battery cells that led to fires in electric cars and plug-in hybrids. The National Highway Traffic Safety Administration wants to ensure that all defective batteries have been recalled by car manufacturers.
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GM said it will restart production of its Chevrolet Bolt and Bolt EUV on April 4, as it continues to fix defective batteries as part of a global recall on the cars. This follows the idling of the Orion plant last summer, a production restart and another idle period last year.
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LG Chem will invest 475.4 billion won (about 354 million euros) in a cathode materials plant, according to the Korean Ministry of Trade. Construction of the plant with a planned annual capacity of 60,000 tonnes in the South Korean city of Gumi is to begin this month.
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The Canadian battery recycler Li-Cycle has concluded a still non-binding memorandum of understanding with South Korea’s LG Chem and its battery division LG Energy Solution for the supply of scrap from battery production and complete lithium-ion batteries for recycling as well as for the purchase of nickel.
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The chemical companies Toray Industries from Japan and LG Chem from South Korea have agreed to set up a joint venture for battery separator films in Hungary. The separator films for electric car batteries will then be purchased by LG Group in Europe and the USA.
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The long-running battery problems with the Chevrolet Bolt have finally been resolved, according to General Motors. Production of the batteries has resumed, according to the company. Battery modules to replace defective ones should be available from October.
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The faulty LG battery cells that led to major recalls for electric cars from GM and Hyundai originate from at least two Asian plants of the battery manufacturer, specifically in South Korea and China, according to new findings.
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Lithium supplier Vulcan Energy has signed a long-term supply contract with Korean battery manufacturer LG Energy Solution (LGES). What’s special: Vulcan Energy wants to extract its lithium from thermal water in the Upper Rhine Graben.
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LG Chem is aiming to invest 6 trillion won (4.4 billion euros or 5.2 billion dollars) in the expansion of its battery materials business for electric cars by 2025. In this context, the South Koreans have announced that, among other things, they want to build a new factory for cathode material in South Korea’s Gumi.
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LG Energy Solution will build a US$1.2 billion battery factory in the Indonesian city of Bekasi, east of Jakarta, together with the state-owned Indonesia Battery Corporation (IBC), according to a media report. The initial annual capacity is to be 10 GWh.
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South Korean battery cell manufacturers SK Innovation and LG Energy Solution have reached a settlement in their year-long legal dispute. Both companies agreed to stop all legal proceedings in the US and South Korea and to refrain from suing each other for the next ten years.
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Hyundai’s recall of the Kona EV due to allegedly faulty cells supplied by LG continues to be a bumpy road. Some owners told Reuters of delays and poor communication, adding fuel to a long story that yet awaits an adequate solution.
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SK Innovation is considering exiting its battery business in the US if President Joe Biden does not reverse the US Trade Commission’s ruling in the South Korean battery cell maker’s lawsuit in favour of SKI rival LG Chem by 11 April.
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It looks like Volkswagen will not rely on its South Korean suppliers LG Chem, and SK Innovation for the planned new standard battery cell format announced at the Power Day this Monday.
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The South Korean battery cell manufacturer LG Energy Solution has announced that it will invest more than 4.5 billion US dollars (just under 3.8 billion euros) by 2025 to expand its production capacities in the USA by 70 GWh to 110 GWh. At least two new factories are planned.
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The legal dispute between the two South Korean battery manufacturers LG Chem and SK Innovation in the USA has been decided – in favour of LG Chem or LG Energy Solution. The ruling also has consequences for Ford and Volkswagen.
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SQM (Sociedad Química and Minera de Chile) has entered into a long-term agreement to supply lithium products to LG Energy Solution, the recently independent battery division of LG Chem. The contract is expected to run through 2029.
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LG Chem has now officially completed the spin-off of its battery division. The new company is apparently also going to significantly increase the production of battery cells for Tesla, which will include Giga Berlin in Germany.
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LG Chem has completed the development of its Module Pack Integrated Platform (MPI). With the new platform, the battery specialist is pursuing a similar approach to CATL with its cell-to-pack battery whereby the cells are integrated directly into the battery pack instead of first being built into modules.
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