LG Energy Solution has withdrawn its plans to build a joint venture battery plant in Turkiye with U.S.-based Ford and Turkiye-based Koc Group. Instead, the company will produce battery cells at an existing idle facility and supply them to Ford.LG Energy Solution announced on Nov. 11 that it is withd
The Korean business community has been strongly opposing the Yellow Envelope Bill (an amendment to Article 2-3 of the Trade Union Act), saying it will disrupt Korea’s labor relations and industrial ecosystems. But the majority Democratic Party passed the bill in a plenary session of the National Ass
A race is heating up to innovate production methods among global automakers as price becomes a key competitive factor amid slowing growth in the electric vehicle market.Tesla CEO Elon Musk recently visited the company’s plant in Germany and declared that the company will build 25,000-euro electric v
The growth of electric vehicles (EVs) changing the paradigm of the global automobile market has come to an abrupt halt. As a result, carmakers are showing mixed moves.General Motors (GM), Ford and Volkswagen, as well as the world’s No. 1 EV maker Tesla, have postponed or canceled their investment pl
LG Electronics is strategically aligning its electric vehicle (EV) components business, a sector it is nurturing as a future growth engine, with a focus on premium car manufacturers like Mercedes-Benz, BMW, Audi, and more, propelling the business in a promising trajectory.According to the Financial
The operating profit of Hyundai Motor Group’s 11 listed companies in the third quarter of this year increased by more than double compared to the same period last year.According to the Financial Supervisory Service’s electronic disclosure system on Nov. 1, the 11 listed companies within Hyundai Moto
Chinese companies’ share in the European electric vehicle (EV) battery market is sharply rising. Concurrently, Korean battery companies, which have been strong players in the European market, have seen their share on the decline, losing ground to their Chinese competitors.According to market researc
According to industry sources and foreign reports on Oct. 29, global automaker Ford Motor is set to reduce its initial US$12 billion investment plan for electric vehicle projects after recording approximately US$1.3 billion in losses in its electric vehicle division during the third quarter of this
The KOSPI index has fluctuated amid consecutive adverse developments, returning to its January levels. Compared to the annual high of 2,667.07 on Aug. 1, it has declined by 13.7 percent.On Oct. 26, the KOSPI index closed at 2,299.08, marking a 2.17 percent decline, while the KOSDAQ index concluded a
“All-solid-state batteries are different from conventional batteries in terms of materials and process methods, which poses many challenges for battery makers,” said Samsung SDI Vice President Michael Son in a conference call on the morning of Oct. 26. “In the fourth quarter, we will start supplying
LG Energy Solution has decided to utilize its new Arizona factory as the primary production hub for the cylindrical 46 Series battery. The company also unveiled detailed production plans for the budget-friendly product line, including the lithium-iron-phosphate (LFP) by 2026 and the lithium-manganes
Samsung SDI and Hyundai Motor Group have entered into an agreement for the supply of electric vehicle batteries for the first time. Following their collaboration in automotive electrical and electronics parts, including semiconductors, this expansion into the battery sector marks the broadening of t
Chinese battery companies, known for their strength in lithium iron phosphate (LFP) batteries, are leveraging ternary batteries, which are the mainstay products of Korean battery companies, to increase their market share in Europe.According to a report titled “Factors and Implications for Chinese Co
Japan’s Mitsubishi Motors has decided to exit the Chinese market as local Chinese car brands dominate the scene, tarnishing the reputation of automobile powerhouses like Germany and Japan.According to a report by Japan’s NHK Broadcasting on Oct. 19, sources have indicated that Mitsubishi Motors has
BMW is aggressively entering the Korean electric vehicle market with the establishment of electric vehicle charging infrastructure as a key strategy.According to BMW Korea on Oct. 14, the German automaker has installed 920 EV charging stations in Korea, starting with 120 EV chargers at E-Mart branch
Following LG Energy Solution’s recent massive electric vehicle battery supply contract with Toyota, the world’s top-selling automaker, LG Chem has also sealed a deal with Toyota to supply cathode materials, an essential component for secondary batteries.On Oct. 6, LG Chem announced that it had enter
The author is an analyst for NH Investment & Securities. He can be reached at neul.ha@nhqv.com -- Ed.There is no doubt about the direction of growth of the EV market. However, true structural growth for the industry can only commence after we have addressed the current lack of charging infrastructur
LG Energy Solution has secured a long-term agreement with Toyota, the world’s largest automaker, ensuring that it will now supply electric vehicle (EV) batteries to all of the top five global automakers, namely Toyota, Volkswagen, Renault-Nissan, Hyundai, and GM.On Oct. 5, LG Energy Solution announc
Last month, five domestic automakers sold 106,386 units in the domestic market, a 6.2% decrease compared to the same period last year. The dip in electric vehicle sales, combined with the lack of new model releases, resulted in decreased sales across Hyundai (excluding Kia), Korea GM, Renault Korea,
Samsung SDI will invest 2.65 trillion won (US$2.00 billion) in a second electric vehicle battery factory to be built in the United States with U.S. automaker Stellantis.Samsung SDI announced in a board meeting on Sept. 27 that it will invest 2.6556 trillion won in the StarPlus Energy Gigafactory 2,