051910.KS - LG Chem, Ltd.
| Previous Close | 295,000.00 |
| Open | 298,500.00 |
| Bid | 298,000.00 x 0 |
| Ask | 299,000.00 x 0 |
| Day's Range | 297,500.00 - 300,000.00 |
| 52 Week Range | 286,500.00 - 385,000.00 |
| Volume | 158,826 |
| Avg. Volume | 185,020 |
| Market Cap | 24.177T |
| Beta (3Y Monthly) | 0.90 |
| PE Ratio (TTM) | N/A |
| EPS (TTM) | N/A |
| Earnings Date | Jan 28, 2020 - Feb 3, 2020 |
| Forward Dividend & Yield | 6,000.00 (2.04%) |
| Ex-Dividend Date | 2018-12-27 |
| 1y Target Est | 453,379.00 |
- Barrons.com
A 60% Tumble for Sage Therapeutics, and Two More Numbers to Know
Another biotech company, (ACAD) (ACAD), also saw its stock jump 14%. There is sure to be more big biotech news coming up. It makes sense for GM to pair up with LG Chem (051910.Korea), rather than go it alone.
- Reuters
UPDATE 8-GM, LG Chem to build $2.3 bln electric vehicle battery plant in Ohio
General Motors Co and South Korea's LG Chem said on Thursday they will invest $2.3 billion to build an electric vehicle battery cell joint venture plant in Ohio, creating one of the world's largest battery facilities. The plant, to be built near GM's closed assembly plant in Lordstown in northeast Ohio, will employ more than 1,100 people, the companies said.
- MarketWatch
GM, Korea’s LG Chem to build electric-vehicle battery factory in Ohio
General Motors and Korea’s LG Chem have formed a joint venture to build an electric vehicle battery cell factory near Lordstown, Ohio, east of Cleveland.
- Barrons.com
GM and LG Pair Up for Electric Vehicles. Here’s What That Means For Tesla.
Competition is heating up. Alliances are forming in the nascent electric-car wars and the new joint ventures demonstrate that stalwart car companies are preparing for an all-electric future.
- Bloomberg
GM, LG Chem to Build $2.3 Billion Battery Plant in Ohio
(Bloomberg) -- General Motors Co. and its battery partner, South Korea’s LG Chem Ltd., said they will jointly invest $2.3 billion in a new electric-vehicle battery plant to be built in Lordstown, Ohio, the same city where the automaker controversially idled and then sold a 53-year-old compact-car factory.The two companies plan to hire 1,100 workers, about the same number that were laid off when the Lordstown assembly plant that used to make the Chevrolet Cruze compact was idled in March. GM then sold the assembly plant to an electric pickup-truck startup called Lordstown Motors Corp.GM said that the new plant will lower battery costs as the automaker prepares to launch a global family of electric cars, SUVs and pickups in the next couple of years. The factory will make battery cells for GM’s next-generation electric vehicles, including the truck it plans to build in Detroit starting in 2021.“With this investment, Ohio and its highly capable workforce will play a key role in our journey toward a world with zero emissions,” GM Chief Executive Officer Mary Barra said in a statement. “Combining our manufacturing expertise with LG Chem’s leading battery-cell technology will help accelerate our pursuit of an all-electric future.”For workers idled in Lordstown, the joint-venture plant is a mixed blessing. The company will make jobs available to those workers, but pay significantly less than the $32 an hour top wage that GM Assembly workers receive.The United Auto Workers would have to organize the plant like any new facility, Barra said. It is not part of GM’s master agreement with the union, which would make it a union plant governed by the national contract.“That’s up to the members, the workforce, because it’s a new facility,” Barra said.When Lordstown assembly stopped production in March, 1,200 workers were laid off. Many were transferred to other plants but some workers decided to leave GM and stay in their hometown.Lordstown Motors plans to build its Endurance pickup in the idle assembly plant, but the company is still raising money from investors to get the project moving.The battery plant will be a massive venture. GM and LG Chem said that the plant will have annual capacity to make 30 gigawatt hours of battery cells, compared to 20 gigawatt hours at Tesla Inc.’s Gigafactory in Nevada.GM and LG Chem have a long history together. The South Korean company supplies battery technology for the Chevrolet Bolt EV already. In a filing at home Thursday, LG Chem said it would invest about $900 million in its U.S. unit for the joint effort.Barra said GM is on a journey to get costs below $100 per kilowatt hour, to get electric vehicle costs close to that of gasoline powered cars. She also said that GM’s next-generation of EVs will be desirable, profitable and affordable.“Our intent is to grow and lead in electric vehicles,” Barra said.(Updates with CEO comment in the sixth paragraph. An earlier version corrected a name in second paragraph to Lordstown Motors Corp.)To contact the reporter on this story: David Welch in Southfield at dwelch12@bloomberg.netTo contact the editors responsible for this story: Chester Dawson at cdawson54@bloomberg.net, Kevin MillerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- TechCrunch
GM, LG Chem to invest $2.3 billion in EV battery joint venture
GM chairman and CEO Mary Barra said Thursday morning that the automaker is forming a joint venture with LG Chem to mass produce battery cells for its electric vehicles, a portfolio that will include a new battery-electric truck coming in the fall of 2021. The two companies said they will invest up to a total of $2.3 billion into the new joint venture and will establish a battery cell assembly plant on a greenfield manufacturing site in the Lordstown area of Northeast Ohio that will create more than 1,100 new jobs. GM has used LG Chem as a lithium-ion and electronics supplier for at least a decade.
- Autoblog
GM, LG Chem announce EV battery joint venture in Lordstown, Ohio
SEOUL/WASHINGTON — General Motors and South Korea's LG Chem said on Thursday they would invest up to $2.3 billion in by 2023 to set up an electric vehicle battery joint venture in Lordstown, Ohio. GM issued an announcement Thursday. An LG Chem spokesman confirmed an earlier Reuters report on the joint venture, but declined to give details.
- TheStreet.com
GM, LG Chem Form $2.3B Electric-Vehicle-Battery Venture in Ohio
The venture, expected to create more than 1,100 jobs, is designed to speed GM's introduction of new electric vehicles
- Benzinga
GM And LG Chem To Launch EV Battery Factory In Ohio: Sources
General Motors Company (NYSE: GM) could form a joint venture with South Korean chemical company LG Chem Ltd. to manufacture electric vehicle batteries in Ohio, unnamed sources said to Reuters. Reliable sources told Reuters that General Motors and LG Chem are all set to announce a 50:50 joint venture on Thursday.
- Reuters
GM, LG Chem to build $2.3 billion electric vehicle battery plant in Ohio
General Motors Co and South Korea's LG Chem said on Thursday they will invest $2.3 billion to build an electric vehicle battery cell joint venture plant in Ohio, creating one of the world's largest battery facilities. The plant, to be built near GM's closed assembly plant in Lordstown in northeast Ohio, will employ more than 1,100 people, the companies said.
- Financial Times
GM and LG Chem to invest $2.3bn in US battery plant venture
General Motors and South Korea’s LG Chem plan to invest a combined $2.3bn in a joint venture to build a new battery plant in the US, as the automaker prepares to ramp up production of electric vehicles. The companies announced on Thursday they will break ground in the middle of next year in the Lordstown area in north-east Ohio, near the location of a vehicle assembly plant GM has idled. The equally-owned venture also calls for the group to jointly develop new battery technologies with the goal of cutting costs.
- Reuters
INSIGHT-Feuding Korean firms risk disrupting electric car battery supplies
In 2018, South Korea's SK Innovation beat its larger, local rival LG Chem to a multibillion dollar deal to supply German carmaker Volkswagen with electric vehicle batteries in the United States. With great fanfare, SK Innovation (SKI) broke ground in March on a $1.7 billion factory in Commerce, Georgia, about 200 km from VW's Chattanooga plant, which will be the automaker's electric vehicle hub in the United States.
- Reuters
Feuding Korean firms risk disrupting electric car battery supplies
In 2018, South Korea's SK Innovation beat its larger, local rival LG Chem to a multibillion dollar deal to supply German carmaker Volkswagen with electric vehicle batteries in the United States. With great fanfare, SK Innovation (SKI) broke ground in March on a $1.7 billion (£1.3 billion) factory in Commerce, Georgia, about 200 km from VW's Chattanooga plant, which will be the automaker's electric vehicle hub in the United States. LG Chem (LGC) had other ideas.
- Reuters
Coal-reliant Poland's e-car push clouded by EU emissions row
WARSAW/PRAGUE (Reuters) - Poland is betting on electric batteries to turbocharge its economy, but its dependency on coal could challenge its strategy as the EU seeks to champion European manufacturers that promote clean energy. Eastern Europe's biggest economy is already a center for auto parts makers such as Michelin, Valeo and Denso. As carmakers shift to electric vehicles, spurred by efforts to combat climate change, Warsaw is counting on lithium battery production to carve out a niche in the auto industry's 'green energy' generation manufacturing.
- Reuters
Volvo Cars to trace battery cobalt using blockchain technology
Volvo Cars said on Wednesday it will make the cobalt used in its batteries globally traceable using blockchain technology, following an agreement with its two battery suppliers, China's CATL and South Korea's LG Chem. Volvo, owned by China's Geely Holding, has lined up deals with CATL and LG Chem covering the battery supply over the coming decade for next generation Volvo and Polestar models, including the recently launched electric model XC40 Recharge.
- Bloomberg
Tesla Reaches Preliminary Battery-Supply Deal With CATL
(Bloomberg) -- Tesla Inc. has reached a preliminary agreement to start using CATL as a battery supplier for cars made in China from as early as next year, and the companies are in talks to expand the relationship globally, according to people familiar with the matter.Following months of negotiations, the companies clinched a non-binding deal after Tesla Chief Executive Officer Elon Musk traveled to Shanghai in late August and met with CATL Chairman Zeng Yuqun for about 40 minutes, according to the people, who asked not to be named discussing private deliberations. Though a final agreement is expected to be signed by mid 2020, there is no guarantee that will happen, the people said.The batteries would go into Model 3 cars produced at Tesla’s factory near Shanghai, which is slated to begin operating this year. But the companies still need to iron out details such as how many batteries Tesla will purchase, and separate discussions are underway on a potential global supply contract, the people said. Tesla will use batteries from Panasonic Corp. and LG Chem Ltd. in China in the meantime, one of the people said.Securing enough domestic batteries -- the costliest part of an electric vehicle -- is crucial to Musk’s efforts to expand in the world’s biggest car market. Chinese supply would allow Palo Alto, California-based Tesla to rely less on imports, reducing any impact from tariffs that have fluctuated amid the U.S.-China trade war. It’s also likely to please Beijing, which has prioritized the building of a world-leading electric-vehicle ecosystem.CATL rose as much as 7.4% to 78.88 yuan in Shenzhen trading on Wednesday and the stock headed for its highest close since mid-September. Tesla was little changed Tuesday.Representatives for Tesla didn’t respond to requests for comment. LG Chem and CATL declined to comment, while Panasonic wasn’t immediately available to comment.For CATL, whose full name is Contemporary Amperex Technology Co. Ltd., a final agreement would bolster its profile as one of the world’s emerging battery-making powerhouses. The company, based in the southern province of Fujian, already supplies domestic EV startups including NIO Inc., as well as global carmakers Volkswagen AG and Daimler AG.Tesla has been building the Shanghai plant, its first outside the U.S., for the past nine months, with mass production targeted to start at year-end. The company is also building facilities to eventually make batteries, but in the meantime, it’s agreed to purchase them from LG Chem. The South Korean battery maker won’t have exclusive rights to be Tesla’s battery supplier, people familiar with the arrangement said in August.Should Tesla agree to a global agreement, CATL would become its second such battery partner after Osaka, Japan-based Panasonic.What Bloomberg Intelligence Says“It’s a competitive blow to Panasonic as Tesla was relying on the Japanese battery producer only. But it’s a boon for CATL and LG Chem.”\--Kevin Kim, automobiles analystTesla is likely to try having several strong suppliers, giving it negotiating power as they’ll compete and drive down battery prices, said Kevin Kim, an analyst at Bloomberg Intelligence in Hong Kong. Having several partners also helps Tesla diversify risks such as faulty batteries resulting in fires.NIO Jumps 37% After Pact With Intel on Driverless Car TechnologyBatteries make up the bulk of an electric vehicle’s cost, meaning long-term supply deals with top carmakers can easily reach billions of dollars. The price of a China-built Tesla Model 3 will start at about $50,000, cheaper than foes including NIO’s best-selling ES6.(Updates with comment from analyst in 10th paragraph)\--With assistance from Kyunghee Park, Kae Inoue, Dana Hull and Gabrielle Coppola.To contact Bloomberg News staff for this story: Haze Fan in Beijing at hfan40@bloomberg.net;Chunying Zhang in Shanghai at czhang714@bloomberg.netTo contact the editors responsible for this story: Young-Sam Cho at ycho2@bloomberg.net, ;Craig Trudell at ctrudell1@bloomberg.net, Ville Heiskanen, Will DaviesFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Reuters
LG Chem sees electric vehicles accounting for 15% of all car sales in 2024
South Korea's LG Chem, one of the leading electric vehicle (EV) battery makers, expects global sales of EVs to grow more than five-fold from 2018 levels to account for about 15% of global vehicle sales in 2024, it said on Thursday. LG Chem, which counts General Motors and Volkswagen among its customers, also forecast battery costs, which account for about one third of EV prices and serve as one of the biggest hurdles for the wider adoption of EVs, would fall to $100 per kilowatt hour in 2025 on average from $200 in 2015. Speaking at a conference in Seoul, LG Chem's battery chief Kim Jong-hyun said tighter regulations in Europe and China, especially from next year, and the rise of autonomous vehicles and ride-sharing services would serve as "catalysts for the explosive growth" of EVs.
- Bloomberg
‘They Don’t Need Us Anymore’: Auto Workers Fear Electric Unrest
(Bloomberg) -- The milkman went missing thanks to the rise of refrigerators. Switchboard operators were done in by the dawn of direct dialing. And in the car industry, auto workers are deathly afraid the engine assembler will give way to battery builders.Dread over the prospect that plug-in cars -- which have fewer parts and require less labor to build -- will doom auto jobs helped spark the first United Auto Workers strike against General Motors Co. in over a decade. Ford Motor Co. and Fiat Chrysler Automobiles NV, which are rolling their own battery-powered models to market in the coming years, could face a similar fate if they’re unable to quell the UAW’s concerns that widespread adoption of EVs endangers the employment of 35,000 union members.“There’s a potential for our jobs to be gone -- they don’t need us anymore,” said Tim Walbolt, president of the UAW local representing workers at a Fiat Chrysler transmission components plant near Toledo, Ohio. “It scares us.”For all the buzz generated by Tesla Inc., the EV era is still in its infancy, with zero-emission autos having reached just 2% of global production. GM has extended the UAW an offer to get in on the ground floor, pitching a new battery plant staffed by dues-paying union members in an Ohio town jarred by job loss. But the overture came with a catch: GM wants to pay the workers less, and the facility is unlikely to need as many staff as an engine or transmission factory would.A recent study of electric-vehicle production in Europe by consultant AlixPartners found that it took 40% fewer hours to assemble an electric motor and battery than a traditional internal-combustion engine and transmission.“It’s a bad news story from a labor perspective,” said Mark Wakefield, the head of AlixPartners’s automotive practice. “You would just fundamentally need less people.”Perversely, GM also arguably has uncertainty on its side at the bargaining table. It’s going to want concessions to cushion itself against the risk that consumer adoption of electric autos remains slow. The carmaker isn’t fully utilizing the factory that builds the Chevrolet Bolt EV north of Detroit, and tepid demand for the plug-in hybrid Chevy Volt put the future of the factory that assembles it in nearby Hamtramck in doubt.Collision CourseThe collision with carmakers over electrification is one the UAW saw coming.“Electric, to me, is where the real risk is to our membership,” Jennifer Kelly, the union’s research director, said during a collective-bargaining conference in Detroit earlier this year.It’s almost certain to carry over from the UAW’s talks with GM to negotiations with Detroit’s other automakers. Ford has estimated electric cars will require 30% fewer hours of labor per vehicle and 50% less factory floor space.“Rationalization of the powertrain portfolio is certainly a huge opportunity for all of us as we start this transition,” Joe Hinrichs, Ford’s automotive president, told investors on an earnings call in April.Even Fiat Chrysler, a laggard with regard to electrification, has stoked fear at union halls linked to internal-combustion components plants, where rumors are flying that the company plans to outsource work to lower-paying suppliers.“We cannot help but feel like the left behind stepchildren of the UAW,” Mike Booth, the president of the union’s local in Marysville, Michigan, wrote in a letter to the labor group’s Chrysler council last month. He and other UAW leaders fear that German mega-supplier ZF Friedrichshafen AG, which took over operation of a Chrysler axle plant in 2008, will take work away from the automaker’s machining facility near Toledo and a transmission and castings complex in Kokomo, Indiana.A Fiat Chrysler spokeswoman categorically denied that another company is seeking to take work from the Toledo or Kokomo operations and called them critical to the automaker’s business. ZF will continue to work with the UAW in Marysville, and an arrangement in which Fiat Chrysler licenses technology from the supplier in Kokomo may be creating some confusion, a spokesman said. He declined to comment on Toledo.‘Shrinking Bubble’In August, GM shut down a transmission plant outside Detroit, affecting more than 260 workers as part of a larger restructuring. That may foreshadow other closures as EV production ramps up. The supply chain is where the job risk is greatest, especially for workers employed making engines, transmissions and sub-components that aren’t needed in EVs.Consultant IHS Markit predicts the introduction of new gas-powered engine families will drop to zero in 2022, from nearly 70 in 2011, as automakers shift spending to electric propulsion. The market for a whole range of parts used in internal combustion vehicles -- such as axles, mufflers, fuel tanks and transmissions -- will shrink in a range from 6% to 20% by 2025, according to a study by Deloitte Consulting.“The value chain is shifting and companies and their unions are going to have to figure out how to change themselves or risk becoming part of a shrinking bubble,” said Neal Ganguli, head of the auto supply base group at Deloitte’s U.S. automotive practice.That’s a problem because engines and transmissions currently account for just under half of automaker manufacturing capacity, Credit Suisse auto analyst Dan Levy estimated in a Sept. 23 note to investors. As a result, automakers may face labor, social and political challenges as they transition to EVs, he wrote.‘Rough Time’GM’s EV factory in Lake Orion, Michigan, offers a window into what the UAW is worried about.While the plant is unionized, the automaker staffs it in part with lower-wage employees under a special contract. What’s more, 64% of the fully electric Bolt model’s content is made in Korea, including the battery.One of the biggest suppliers is Seoul-based LG Chem Ltd., which makes cells in South Korea and assembles packs for GM and Fiat Chrysler at a non-union plant in western Michigan with a starting wage for technicians of $16 an hour.That’s close to what Ford pays its entry-level temporary workers, but far below the $28 to $30 an hour for legacy UAW employees. Temp workers at Ford’s engine and transmission plants also can move up into legacy wage brackets, which isn’t the case at LG’s facility.“The move to electric could weaken the union further,” Joshua Murray, a labor expert and assistant professor of sociology at Vanderbilt University. “Certainly, the UAW is going to have to try to organize the battery plants, but I think they’ll have a rough time.”Imported BatteriesNo major automaker entirely outsources engines, in no small part thanks to displacement and horsepower being the source of marketing buzz and bragging rights for decades. EVs are a different story -- even Tesla relies heavily on Japan’s Panasonic Corp. in the making of its battery packs.Batteries -- the single most expensive part of an electric vehicle -- are almost exclusively manufactured overseas and mostly by companies relatively new to the automotive powertrain, such as China’s Contemporary Amperex Technology Co. Ltd. and South Korea’s SK Innovation Co.SK Innovation broke ground earlier this year on a new battery factory outside of Atlanta, which will employ some 2,000 non-union workers. And CEO Jun Kim thinks carmakers will have a tough time replicating what his company does.“There is a difference between the DNA of automakers and battery makers such as us,” Kim said in a March interview. “There are only a handful of battery suppliers that are capable of delivering high-quality products while guaranteeing cost competitiveness.”\--With assistance from David Welch.To contact the reporters on this story: Chester Dawson in Southfield at cdawson54@bloomberg.net;Keith Naughton in Southfield, Michigan at knaughton3@bloomberg.net;Gabrielle Coppola in New York at gcoppola@bloomberg.netTo contact the editor responsible for this story: Craig Trudell at ctrudell1@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Reuters
UPDATE 1-LG Display to replace its chief executive amid mounting losses
South Korea's LG Display Co Ltd on Monday said it has named LG Chem President Jeong Ho-young as its new chief executive officer. LG Display, a supplier to Apple, said in a statement that Chief Executive Han Sang-beom offered to step down over mounting losses. LG Display has been struggling with a global supply glut in liquid-crystal displays (LCDs) used in television sets, which has pushed down prices.
- Bloomberg
GM, LG Chem to Build $2.3 Billion Ohio Battery Plant
Dec.05 -- Mary Barra, chief executive officer at General Motors, and Hak-Cheol Shin, vice chairman and chief executive officer at LG Chem, discuss their $2.3 billion joint investment in a new electric-vehicle battery plant to be built in Lordstown, Ohio. They speak with Bloomberg’s David Westin on "Bloomberg Markets."
