LG Chem will split off its battery business to secure cash for its future projects

17 September 2020, 04:22:02

LG Chem will split off its battery business to secure cash for its future projectsVarious Korean media report that LG Chem plans on splitting off its battery business. A board meeting is expected to happen today to approve this move. As a result, LG Chem will form a new wholly-owned subsidiary for the EV battery business within the first half of 2021. LG Corp will own LG Chem, and LG Chem will wholly own the newly formed battery company.

"For LG Chem to digest battery orders, it needs to increase its production capacity, which will cost billions of dollars. To deliver required funds, going public and getting investments is the surest way," an industry official said.

"LG Chem is categorized as a chemical company in the stock market. When the battery business division is grouped together with other businesses such as the petrochemical business, it's difficult to allocate investments. It's better for LG Chem to split off if it wants the battery business division to be recognized," another industry official said.

LG Chem did not confirm such a meeting will be held.Source

Related news

News related to LG Chem

LG Chem has increased the supply of NCM811 batteries

According to data from the Chinese market tracker Gaogang Industry Institute, cited by The Elec, LG Chem has increased the supply of NCM811 batteries. From January to July this year, the company has accumulated 2.5 GWh in the supply of NCM811 batteries. This increase is due mainly to the supply of 21700 batteries for the Tesla Model 3 in China. The Gaogang Industry Institute also notes that CATL is expanding its...

14 October 2020

CATL catches up with LG Chem in EV battery market for 2020

According to the latest report by SNE Research, LG Chem holds the first place in the global EV battery market according to GWh shipped in the January-August period of 2020. The Korean giant holds 15.9% of the market. However, CATL is quickly catching up with 15.5% market share. They are followed by Panasonic with 12.4%, Samsung with 4.1%, and BYD with 3.7%. During the January-August period of 2020, the total amount...

10 October 2020

LG Chem will make five different battery models for GM in 2022

South Korean news outlet The Elec reports that LG Chem will make five different Ultium battery models for General Motors starting in 2022. They will be used on EVs from Cadillac, Chevrolet, GMC SUVs and pick-up trucks. These are nickel, cobalt, manganese and aluminum (NCMA) cells with an elongated design. Depending on the car, some of them will be even ultra-long. Long cells are those with more than 50 cm in length...

6 October 2020

LG Chem's battery business gets split off, indeed, and named LG Energy Solutions

We have already informed you that LG Chem plans on slitting off its battery business. The rumor has turned out to be true and today the company held that important board meeting during which the decision to do so was taken. LG Chem will establish a wholly-owned battery subsidiary dubbed LG Energy Solutions and shore up investments through a public listing in the future. The actual split off will take place on...

17 September 2020

LG Chem has completed its first overseas anode factory

LG Chem has completed its first overseas anode factory. Located in Wuxi, China, it is called Leyou New Energy materials and is the result of LG Chem's JV with Huayou Cobalt - China's top cobalt producer. LG Chem invested 272 billion won in the first half of 2020 and the total investment was 324 billion won. The plant will supply anode materials to LG Chem's battery factory in Nanjing set 180 km from Wuxi. In total...

16 September 2020

LG Chem is supplying NCM712 batteries to Volkswagen for the ID.4 and Renault for the ZOE

LG Chem is starting the production of new anode materials that will increase the range of EVs. These are found in the NCM711 batteries and according to "people familiar with the matter" who spole to The Elec on Monday, LG Chem's factory in Polan has already begun supplying Volkswagen for the ID.4 and Renault for the ZOE with such batteries. It is expected that the NCM712 batteries will replace the NCM622 ones in LG...

8 September 2020

The Ultium Cells battery plant in Lordstown, Ohio develops on schedule

Today marks the beginning of steel construction at the all-new Ultium Cells LLC battery cell manufacturing facility in Lordstown. Ultium Cells LLC is a joint venture that will mass-produce Ultium battery cells for electric vehicles and create more than 1,100 new jobs in Northeast Ohio. Since May 2020, ground has been broken and concrete footings have been poured at the facility. Steel construction at Ultium Cells...

30 July 2020

Report: Tesla will no longer use Panasonic batteries for its production in China

According to South Korean news outlet The Guru, Tesla will no longer use Panasonic batteries for its production in China. LG Chem and CATL will be the main suppliers for cylindrical cells for China-made Tesla models. In particular, as the deal with LG Chem expands, LG Chem is expected to emerge as the main supplier to take charge of battery volume for Tesla's Chinese electric vehicle models. This information comes...

28 July 2020

Tesla has reportedly asked LG Chem to provide data about the carbon emissions of its batteries production

South Korean media report that Tesla has asked LG Chem to prepare a report for all carbon dioxide emissions data related to battery production. For sure, acquiring this data is very time-consuming. It includes data from the production and delivery of raw materials to the production and delivery of the end product. This includes data from suppliers. And all this has to be verified. Reportedly, LG has started to...

28 July 2020

Hyundai Motor and SK Innovation chiefs meet to discuss cooperation in the EV market

Yonhap and other South Korean news outlets report that the chiefs of Hyundai and SK Innovation have met to discuss future cooperation in the EV market. The Executive Vice Chairman of Hyundai Motor Group - Chung Euisun, and the Chairman of SK Group - Chey Tae-won have met to discuss cooperation on next-generation EV battery technologies, power management chips, and the battery-as-a-service (Baas) platform. The...

8 July 2020

GM will introduce more EVs in South Korea, continues close partnership with LG Chem

GM plans on introducing more electric vehicles in South Korea, reports Yonhap. Jesse Ortega, chief engineer at GM's Autonomous and Electric Vehicle Programs held an online briefing with Korean media dedicated to the topic. Earlier this month, GM launched in South Korea the 2020 Chevy Bolt EV. General Motors will present two new EV models this year - the Cadillac Lyriq SUV and the Hummer EV. The company said it will...

24 June 2020

Hyundai Motor and LG Chem chiefs meet to discuss EV batteries

Various South Korean news outlets announced today that the Executive Vice Chairman of Hyundai Motor Group, Chung Euisun, and the LG Group Chairman, Koo Kwang-mo, will meet next week to discuss electric vehicle battery business. According to industry sources, Chung will visit LG Chem's EV battery production site located in Cheongju, North Chungcheong Province, on Monday. LG Chem is already chosen to supply batteries...

19 June 2020

SK Innovation became the fifth largest EV battery supplier in April

In April 2020, SK Innovation entered the global Top 5 in the EV battery market for the first time. SK Innovation said that according to SNE Research, the company had a 3.5% market share by supplying 189.1 MWh of batteries. Samsung SDI was sixth with 3.4% market share by deploying 187.2 MWh in April. LG Chem was second with 18.2% market share and 988.1 MWh deployed. In the January-April period, LG Chem, Samsung SDI...

18 June 2020

LG Chem has become the second largest EV battery manufacturer in China thanks to the Tesla Model 3

Korean news outlet The Elec cites Battery China according to which, LG Chem has become the second largest EV battery manufacturer in China surpassing BYD. LG has deployed 2087 MWh of EV batteries from January to May this year. BYD has deployed 1943 MWh and has moved to the third place. This is due mainly to the supply of batteries for the Tesla Model 3 produced in China. LG Chem's Nanjing plant makes 21700...

11 June 2020

EV Specifications

Complete specifications of EVs, grouped according to their brand and year

AudiBMWBytonChevrolete.GOFIATFordHondaHyundaiJaguarKIAMazdaMercedes-BenzMGMININIONissanOpelPeugeotPolestarPorscheRenaultRivianSEATŠKODAsmartTeslaVolkswagenVolvo

Featured

Specifications of some of the most interesting and anticipated EVs.

2020 KIA e-Niro

2020 KIA e-Niro 4

Doors: 5, Seats: 5
Length: 172.2 in / 4375 mm
Width: 71.1 in / 1805 mm
Height: 61.4 in / 1560 mm
Curb weight: 3994.78 lb / 1812 kg
Electric motor: 150 kW @ 3800 - 8000 rpm, 395 Nm, Location: Front
Battery: 64 kWh, Voltage: 356 V

2022 Tesla Cybertruck

2022 Tesla Cybertruck Tri Motor AWD

Doors: 4, Seats: 6
Length: 231.7 in / 5885 mm
Width: 79.8 in / 2027 mm
Height: 75.0 in / 1905 mm
Location: Rear
Location: Front

2021 Ford Mustang Mach-E

2021 Ford Mustang Mach-E GT Performance Edition

Doors: 4, Seats: 5
Length: 186.0 in / 4724 mm
Width: 74.0 in / 1880 mm
Height: 63.0 in / 1600 mm
Location: Rear
Location: Front
Battery: 98.8 kWh

2021 Ford Mustang Mach-E

2021 Ford Mustang Mach-E First Edition

Doors: 4, Seats: 5
Length: 186.0 in / 4724 mm
Width: 74.0 in / 1880 mm
Height: 63.0 in / 1600 mm
Battery: 98.8 kWh

2020 Tesla Model X

2020 Tesla Model X Performance (SR)

Doors: 4, Seats: 5 / 6 / 7
Length: 198.3 in / 5037 mm
Width: 78.7 in / 1999 mm
Height: 66.0 in / 1676 mm
Curb weight: 5740.84 lb / 2604 kg
Electric motor #1: 375 kW @ 6150 rpm, 660 Nm, Location: Rear
Electric motor #2: 193 kW @ 6100 - 6800 rpm, 330 Nm, Location: Front
Battery: 100 kWh, Voltage: 350 V

2020 Tesla Model S

2020 Tesla Model S Performance (SR)

Doors: 4, Seats: 5
Length: 196.0 in / 4978 mm
Width: 77.3 in / 1963 mm
Height: 56.5 in / 1435 mm
Curb weight: 4940.56 lb / 2241 kg
Electric motor #1: 375 kW @ 5900 rpm, 650 Nm, Location: Rear
Electric motor #2: 193 kW @ 6100 rpm, 330 Nm, Location: Front
Battery: 100 kWh, Voltage: 400 V

2020 Tesla Model 3

2020 Tesla Model 3 Performance AWD

Doors: 4, Seats: 5
Length: 184.8 in / 4694 mm
Width: 72.8 in / 1849 mm
Height: 56.8 in / 1443 mm
Curb weight: 4100.6 lb / 1860 kg
Electric motor #1: 211 kW, Location: Rear
Electric motor #2: 147 kW, Location: Front
Battery: 79.5 kWh, Voltage: 360 V

2020 MINI Cooper SE

2020 MINI Cooper SE Level III

Doors: 3, Seats: 4
Length: 151.4 in / 3845 mm
Width: 68.0 in / 1727 mm
Height: 56.4 in / 1432 mm
Curb weight: 3009.31 lb / 1365 kg
Electric motor: 135 kW, 270 Nm @ 100 - 1000 rpm, Location: Front
Battery: 32.6 kWh, Voltage: 350.4 V

2020 Polestar 2

2020 Polestar 2 Performance Package

Doors: 5, Seats: 5
Length: 181.4 in / 4607 mm
Height: 58.2 in / 1478 mm
Location: Rear
Location: Front
Battery: 78 kWh

2019 NIO ES6

2019 NIO ES6 Performance 84 kWh

Doors: 5, Seats: 5
Length: 190.9 in / 4850 mm
Width: 77.4 in / 1965 mm
Height: 68.1 in / 1731 mm
Electric motor #1: 240 kW, 420 Nm, Location: Rear
Electric motor #2: 160 kW, 305 Nm, Location: Front
Battery: 84 kWh

2020 Tesla Model Y

2020 Tesla Model Y Performance AWD

Doors: 4, Seats: 5 / 7
Length: 187.0 in / 4751 mm
Width: 75.6 in / 1921 mm
Height: 63.9 in / 1624 mm
Curb weight: 4415.86 lb / 2003 kg
Electric motor #1: 211 kW, Location: Rear
Electric motor #2: 147 kW, Location: Front
Battery: 74 kWh

2020 Tesla Model Y

2020 Tesla Model Y Long Range AWD

Doors: 4, Seats: 5 / 7
Length: 187.0 in / 4751 mm
Width: 75.6 in / 1921 mm
Height: 63.9 in / 1624 mm
Curb weight: 4415.86 lb / 2003 kg
Electric motor #1: 211 kW, Location: Rear
Electric motor #2: 147 kW, Location: Front
Battery: 74 kWh

2020 Tesla Model Y

2020 Tesla Model Y Long Range RWD

Doors: 4, Seats: 5 / 7
Length: 187.0 in / 4751 mm
Width: 75.6 in / 1921 mm
Height: 63.9 in / 1624 mm
Location: Rear

2020 Opel Corsa-e

2020 Opel Corsa-e First Edition

Doors: 5, Seats: 5
Length: 159.8 in / 4060 mm
Height: 56.5 in / 1435 mm
Curb weight: 3373.07 lb / 1530 kg
Electric motor: 100 kW, 260 Nm, Location: Front
Battery: 50 kWh

2020 Volkswagen ID.3

2020 Volkswagen ID.3 Pro S

Doors: 5, Seats: 4
Length: 167.8 in / 4261 mm
Width: 71.2 in / 1809 mm
Height: 61.1 in / 1552 mm
Electric motor: 150 kW, 310 Nm, Location: Rear
Battery: 77 kWh, Voltage: 408 V

2020 Volkswagen ID.3 1st

2020 Volkswagen ID.3 1st Max

Doors: 5, Seats: 5
Length: 167.8 in / 4261 mm
Width: 71.2 in / 1809 mm
Height: 61.1 in / 1552 mm
Curb weight: 3637.63 lb / 1650 kg
Electric motor: 150 kW, 310 Nm, Location: Rear
Battery: 58 kWh

2020 Porsche Taycan

2020 Porsche Taycan Turbo S

Doors: 4, Seats: 4
Length: 195.4 in / 4963 mm
Height: 54.3 in / 1378 mm
Curb weight: 5059.61 lb / 2295 kg
Electric motor #1: 160 kW, 300 Nm, Location: Front
Electric motor #2: 300 kW, Location: Rear
Battery: 93.4 kWh, Voltage: 800 V

2020 Porsche Taycan

2020 Porsche Taycan Turbo

Doors: 4, Seats: 4
Length: 195.4 in / 4963 mm
Height: 54.4 in / 1381 mm
Curb weight: 5081.66 lb / 2305 kg
Electric motor #1: 160 kW, 300 Nm, Location: Front
Electric motor #2: 300 kW, Location: Rear
Battery: 93.4 kWh, Voltage: 800 V