Latest news with #LGEnergySolutionLtd
Hans India
3 days ago
- Automotive
- Hans India
Major battery makers see steady drop in plant operation rates in S. Korea
Seoul: Major battery makers reported a continued decrease in factory utilisation rates in the first half due to waning global demand for electric vehicles (EVs), data showed on Friday. In its semiannual report, industry leader LG Energy Solution Ltd. (LGES) said its production capacity stood at 20.1 trillion won (US$14.5 billion) in the first six months of this year, with an average plant capacity utilisation rate of 51.3 percent. The figure has steadily declined from 73.6 percent in 2022 to 69.3 percent in 2023 and 57.8 percent last year, reports Yonhap news agency. Samsung SDI Co.'s operation rate of plants for small batteries fell to 44 percent in the January-June period from 58 percent last year, according to the company's semiannual report. Although the report does not disclose rates for its plants for medium-sized and large batteries, their utilization rates are also assumed to have declined. SK On Co.'s operation rate, in contrast, rebounded to 52.2 percent in the first half from 43.6 percent last year, which had marked a steep drop from 87.7 percent in 2023. The sluggish performance of Korean battery companies can be attributed to the prolonged EV chasm, which is expected to continue throughout this year. Earlier this year, LGES Chief Executive Officer (CEO) Kim Dong-myung said global battery demand will likely hit the lowest point in the first half before the market rebounds as early as 2026. Despite these unfavourable circumstances, Korean companies continued efforts to find new growth engines by expanding investment in research and development (R&D). In the first half, LGES spent 620.4 billion won in R&D, accounting for 5.2 percent of the combined revenue during the period. The company spent 4.2 percent of its sales on R&D last year and 3.1 percent in 2023. Samsung SDI invested 704.4 billion won, or 11.1 percent of sales, in R&D during the same period, up from 7.8 percent in 2024. But SK On only spent 0.52 percent of its sales, or 148 billion won, on R&D in the January-June period.
Yahoo
31-07-2025
- Automotive
- Yahoo
LGES signs major overseas LFP contract
LG Energy Solution Ltd (LGES) has signed a KRW 5.9 trillion (US$ 4.3 billion) contract to supply lithium-ion phosphate (LFP) batteries to an overseas vehicle manufacturer, according to local reports. The South Korean electric vehicle (EV) battery manufacturer announced the news in a recent regulatory filing. The filing states that LGES has signed an agreement to supply LFP batteries to an unnamed overseas vehicle manufacturer over a three-year period, starting in August 2027, subject to change depending on the outcome of further discussions with the client. This is a major supply agreement for LGES, particularly as it involves supplying its recently introduced LFP batteries, which have lower manufacturing costs and improved safety, albeit with lower energy density and shorter driving ranges, compared with its nickel cobalt manganese (NCM) batteries that are more widely used today. Market analysts have speculated that the client is Tesla, after the US battery electric vehicle (BEV) manufacturer recently stated that it was seeking a new source of LFP batteries outside China, following the US import tariff hikes earlier this year. LGES operates three standalone EV battery cell manufacturing plants in the US, including two in Michigan and one in Arizona. It has a further two battery manufacturing plants under its Ultium Cells joint venture with General Motors and battery manufacturing joint ventures with Honda and Hyundai – in the US states of Ohio and Georgia. respectively. It also has a plant in Michigan that makes LFP batteries for energy storage systems (ESS). "LGES signs major overseas LFP contract" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20-06-2025
- Automotive
- Yahoo
LGES, Toyota Tsusho in US battery recycling JV
South Korean battery manufacturer LG Energy Solution Ltd (LGES) and Japan's Toyota Tsusho Corporation announced that they have agreed to establish a battery recycling joint venture in the US. The new company, to be called Green Metals Battery Innovations LLC, will focus mainly on recycling electric vehicle (EV) batteries. Under the agreement signed by LG Energy Solution Michigan and Toyota Tsusho America, the two partners will build and operate a pre-processing plant in Winston-Salem, in the US state of North Carolina. The facility, scheduled to go into operation in 2026, will carry out pre-processing operations to recover black mass containing raw metals such as nickel, cobalt, and lithium, by dismantling and shredding battery production scrap. The black mass will later undergo a separate post-processing stage to extract the valuable raw materials, thus establishing a 'battery-to-battery' closed-loop recycling system whereby the recycled materials are used to produce new batteries. The plant will rely initially on scrap materials generated by LGES in the production of EV batteries for Toyota Motor Corporation. The facility will have an annual processing capacity of 13,500 tons of scrap — equivalent to over 40,000 EV batteries. Chang Beom Kang, CSO of LGES, said in a statement: 'This joint venture will not only help secure a stable supply of key battery materials but also enhance the competitiveness of our recycling business in North America. We are fully committed to leading the recycling market through innovative and differentiated technologies.' Masaharu Katayama, COO of Toyota Tsusho, added: 'We are proud to partner with LGES to advance the battery recycling infrastructure in North America. This joint venture is a significant step toward realizing a circular economy for batteries, which is essential for building a sustainable mobility society.' "LGES, Toyota Tsusho in US battery recycling JV" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-06-2025
- Automotive
- Yahoo
LGES signs battery deal with Chery
South Korean electric vehicle (EV) battery manufacturer LG Energy Solution Ltd (LGES) revealed it has signed a deal to supply battery cells to the Chinese state-owned automaker Chery Automobile Company. LGES confirmed that it has agreed to supply Chery with 8 gigawatt-hours (GWh) of its 46-series cylindrical battery cells over a period of six years from 2026, enough to power over 120,000 battery electric vehicles (BEVs). The value of the contract was not disclosed, but it is estimated to be worth over KRW 1 trillion (US$ 734 million). LGES' newly-developed 46-series cylindrical batteries are larger and have a higher power output than its existing 2170-series batteries, and will be fitted to Chery's flagship BEV models. The nickel-cobalt-manganese (NCM) 46-series cells also offer higher energy density and better charging efficiency than many batteries on the market today. The two companies have also indicated that they plan to expand their partnership to include additional Chery BEV models. LGES' CEO, Kim Dong-myung, told reporters 'this deal marks a pivotal step in scaling up global adoption of our new 46-series batteries and securing a dominant market leadership.' "LGES signs battery deal with Chery" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
29-04-2025
- Automotive
- Yahoo
LGES in battery recycling JV in France
South Korean electric vehicle (EV) battery manufacturer LG Energy Solution Ltd (LGES) announced it has signed an agreement to establish a battery recycling joint venture with French scrap metal recycler Derichebourg SA (DBG). This will be LGES' first involvement in battery recycling in Europe, as the company looks to expand its 'closed-loopresource circulation system' into Europe The two companies plan to establish a 50:50 joint venture in France and build a recycling plant in Bruyères-sur-Oise, in the country's northern region of Val-d'Oise. Construction of the facility is scheduled to be completed in 2026, with operations set to begin in 2027. The 'state-of-the-art facility' facility will specialize in pre-processing, including discharging, dismantling and shredding end-of-life batteries and will also process scrap-waste generated during battery production. It will have a processing capacity of over 20,000 tons of waste batteries per year when fully operational. The black mass extracted by the pre-processing facility will undergo further post-processing, to recover key battery raw materials such as lithium, nickel, and cobalt, which will then be re-used by LGES in battery production at its battery plant in Poland. Derichebourg will collect end-of-life batteries from France and surrounding countries. The company operates over 200 collection sites in France and over 285 sites worldwide. LGES' chief strategy officer, Chang Beom Kang, said in a statement: 'This collaboration enables us to secure a stable and cost-competitive supply of recycled battery materials from the advanced processing of end-of-life batteries and battery scrap. This initiative will also significantly enhance the value we deliver to customers in the recycling sector.' "LGES in battery recycling JV in France" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
