South Korean analysts point out the production of batteries for electric vehicles as one of the local economy boosters,reports. It is true that three of the world's largest producers originate from South Korea. They also happen to be the local top three companies in the field as well. These are LG Chem, SK Innovation, and Samsung SDI. In 2018, these three companies have secured 110 trillion won ($96 billion) from global EV producers and this figure will increase for 2019 as sales are expected to double to 4 million units compared to 2018.LG Chem's EV battery business is the first to declare a profit from this business. This happened for Q4 in 2018. LG entered this segment in 2000. SK Innovation is already implementing its plans to build facilities in Hungary, China and the US, all worth around 3 trillion won. It is part of its plan to become the No. 3 battery maker by 2025. LG Chem will invest 3.3 trillion on in China and will build a second EV battery plant in Europe. Samsung SDI is investing 1.7 trillion won to expand its battery plant in Xi’an, China.The Chinese companies being the main competitor (CATL and BYD hold 34.9% of the world EV batteries market) have not gained the trust of overseas EV manufacturers and rely mainly on the local market. Further, the Chinese government is reducing EV subsidies and plans to remove them completely next year. This will make South Korean companies more competitive. With virtual no production of EV batteries from European and US companies, South Koreans market players must seize the momentum and take out the most of it. Source

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...

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

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...

Hyundai and SK Innovation agree to cooperate in the field of EV batteries including leasing Two months ago, the chiefs of Hyundai and SK Innovation met to discuss possible cooperation in the EV market. Obviously, the two companies have reached a level of agreement. More specifically, they have agreed to cooperate in the development of a sustainable ecosystem for EV batteries, which includes battery sales solutions, battery management service and battery reuse, and recycling. To enable cooperation, both...

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...

SK Innovation will work with Nobel laureate Prof. John B Goodenough on solid-state batteries SK Innovation announced that it will work together with the Nobel laureate Prof. John B Goodenough from the University of Texas in Austin on researching solid-state electrolytes for lithium-metal batteries. The goal is to achieve a product with increased energy density for longer range, more compact battery size, and improved battery safety. The company is convinced that this collaboration will contribute greatly to...

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...

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...

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...

BMW will receive EV batteries from EVE Energy EVE Energy is a joint venture partner of SK Innovation in China. Under the joint venture, the two companies are building the Blue Sky United Energy plant for EV batteries in Yancheng. It is projected to have an annual production rate of 20-25GWh. Recently, EVE Energy company has announced that it will supply EV batteries to BMW. For BMW Brilliance - the automakers' joint venture in China, batteries will come from...

SK Innovation started the construction of its second EV battery plant in the USA Various Korean media report that the SK Innovation has started the construction of its second EV battery plant in the USA. The site is located in Jackson County, Georgia. The initially planned inauguration event was canceled due to the state of an emergency caused by the Covid-19 spreading. The annual production capacity of the second factory will be around 11.7GWh. Combined with the capacity of the first factory...

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...

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...