LG Chem, a leading South Korean chemical company and one of the world’s largest manufacturers of traction batteries for electric vehicles, announced Thursday that it will spin off its battery business as a separate entity.
LG Chem believes that the new venture is able to strengthen its leadership in this market segment amid growing demand for batteries for electric vehicles. LG Chem said in a statement that the new company will begin operations on December 1, 2020.
The decision came after LG Chem’s Battery Business Division hit record 2.82 trillion won ($ 2.4 billion) in Q2 sales and operating income that surged to 155.5 billion won ($ 132 million). …
LG Chem said its battery business could perform even better in the third quarter thanks to increased shipments of batteries for electric vehicles in Europe and increased sales of cylindrical batteries.
LG Chem is a key supplier of electric vehicle batteries for car manufacturers such as GM, Ford, Renault, Volvo, Audi, Volkswagen and Daimler, as well as Hyundai Motor and Kia Motors Corp.
LG Chem also announced plans to increase production capacity to 100 GWh by the end of this year. This will enable the production of batteries for approximately 1.7 million electric vehicles per year. According to the company, the order book for batteries for electric vehicles is currently valued at more than 150 trillion won ($ 127 billion).
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