|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||614,000.00 - 642,000.00|
|52 Week Range||230,000.00 - 785,000.00|
|Beta (5Y Monthly)||1.03|
|PE Ratio (TTM)||N/A|
|Earnings Date||Oct 21, 2020|
|Forward Dividend & Yield||2,000.00 (0.31%)|
|Ex-Dividend Date||Dec 27, 2019|
|1y Target Est||453,379.00|
LG Chem <051910.KS>, the world's top electric vehicle (EV) battery maker, is in talks with a "couple" of automakers to create joint ventures to produce automotive batteries, Chief Executive Officer Hak Cheol Shin told Reuters on Friday. LG Chem is already moving ahead with battery joint ventures with GM <GM.N> and Geely <0175.HK> and hopes to expand to other car makers, Shin said, without elaborating.
LG Chem Ltd. CEO Hak Cheol Shin told Reuters Friday that the company was in talks with a "couple" of automakers to set up battery manufacturing joint ventures.What Happened: Shin didn't provide further details or name the companies LG Chem is in discussions with.The LG Chem CEO pointed to the joint ventures the battery maker has already established with General Motors Company (NYSE: GM) and Geely Automobile Holdings Limited (OTC: GELYF), adding, "we have ongoing discussions with a couple of other automakers."Shin claimed that Tesla Inc (NASDAQ: TSLA), which is one of its key customers, is not one of the companies it is in discussions with -- for the joint ventures. The Korean firm supplies batteries for Model 3 sedans built at Tesla's China Gigafactory, which Shin described as a "good partnership," and hoped could be expanded further.Shin told Reuters that LG Chem is searching for a site for a new battery factory in Europe.Why It Matters: LG Chem emerged as the largest electric vehicle battery supplier in the first half of 2020, SNE research said in August. The company gained from a spike in demand for Tesla's Model 3 vehicles in China and Renault SA's (OTC: RNLSY) Zoe model.This month, the Seoul-headquartered company preannounced a 159% profit growth to $785.33 million for the third quarter.LG Chem expects its revenue to more than double at $25.3 billion in five years, Shin told Bloomberg in August. European demand for EVs is reportedly benefiting the company as governments on the continent are using COVID-19 recovery funds to boost EV sales.The Elon Musk-led Tesla is reportedly seeking to acquire a stake in LG Chem so as to secure a new supply of batteries.See more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * Toyota, Panasonic To Establish New Hybrid EV Battery Production Line In Japan * Tesla Inks 5-Year Supply Deal With Australian Miner To Satisfy Growing Hunger For Lithium(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
LG Chem, the world's top electric vehicle (EV) battery maker, is in talks with a "couple" of automakers to create joint ventures to produce automotive batteries, Chief Executive Officer Hak Cheol Shin told Reuters on Friday. LG Chem is already moving ahead with battery joint ventures with GM and Geely and hopes to expand to other carmakers, Shin said, without elaborating. "Our joint ventures with Geely and GM have been already announced, and we have ongoing discussions with a couple of other automakers," he said.