The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Netflix apologizes for filming 'Single's Inferno 3' in marine sanctuary

  • 3

    In-N-Out Burger pop-up store attracts record crowd

  • 5

    Calls grow for female flight attendants to ditch skirts for pants

  • 7

    Transgender cyclist looks to spark debate in historic appearance

  • 9

    Suspect in grisly Busan murder sent to prosecutors for further probe

  • 11

    Pyongyang seeks to portray rocket as science effort by admitting failure: experts

  • 13

    Small business owners urge stricter rules on migrant workers switching jobs

  • 15

    From hardcore action to heart-throbbing romance, series to hit in June

  • 17

    Nexon case reignites controversy over high level of inheritance tax

  • 19

    JYP to expand partnership with US music label

  • 2

    BTS' RM named honorary ambassador of war-remains excavation agency

  • 4

    'BLACKPINK the Game' showcases group's unique charm

  • 6

    EXO's Baekhyun, Xiumin and Chen in dispute with SM over contract issue

  • 8

    Hamburger franchises having trouble in M&A market

  • 10

    Man gets five-year jail term for K-pop concert ticket fraud

  • 12

    Hallyu inspires Thailand to mull ways to export its culture

  • 14

    Police send girlfriend murder suspect to prosecution

  • 16

    Stray Kids drops 3rd LP with 'unique, enjoyable' lead track

  • 18

    Pandas at Everland become tourist magnet

  • 20

    S. Korea succeeds in L-SAM missile interception test for 3rd time

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
Sat, June 3, 2023 | 21:41
Companies
LG Energy Solution to push ahead with plans for EV battery plant in Arizona
Posted : 2023-03-24 17:21
Updated : 2023-03-24 16:59
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
This March 24 photo provided by LG Energy Solution shows LG Energy Solution Ltd. CEO Kwon Young-soo speaking during a shareholders meeting in Seoul.
This March 24 photo provided by LG Energy Solution shows LG Energy Solution Ltd. CEO Kwon Young-soo speaking during a shareholders meeting in Seoul.

LG Energy Solution (LGES) said Friday it will push ahead with its plan to build a battery manufacturing facility in the U.S. state of Arizona, reversing its earlier announcement that it was having second thoughts due to rising costs.

LGES said in a filing the decision was finalized at a board meeting, citing "the need to respond to the electric vehicle demand in America."

The disclosure came hours after LGES CEO Kwon Young-soo said the company will make a final decision soon on the proposed Arizona plant, including the possibility of supplying Tesla Inc. from the proposed manufacturing facility.

"We're thinking deeply about it and will make a decision soon, possibly before the first half," Kwon told reporters after a shareholders meeting.

LGES, the world's second-largest battery maker after China's CATL, said in March last year it will spend 1.7 trillion won (US$1.31 billion) to build what will be its second standalone factory in Arizona, but withdrew the plan a few months later, citing a spike in costs amid runaway global inflation.

In an earnings call in January this year, the company said the plan will proceed as originally planned. Speculation has arisen that the Arizona factory will be built to supply Tesla for its vehicles in the U.S. market.

LGES supplies its batteries to Tesla in China.

Kwon said negotiations have been going smoothly with Toyota Motor Corp. over a potential partnership, including the possibility of a joint venture, Kwon added, without elaborating.

Asked about the lithium iron phosphate (LFP) batteries, Kwon said LGES expects to produce them at scale for electric vehicles starting 2025.

Korean battery makers, mainly focused on the higher end of the EV battery market, are in a race to develop the cheaper LFP cells to meet the growing demand from global automakers seeking to diversify cell types.

LFP batteries have increasingly gained traction due to cheaper costs than high-nickel based cells, but their lower energy density remains a challenge.

LGES, the world's second-largest battery manufacturer after China's CATL, presented its LFP battery solution for energy storage systems (ESS) at a Seoul battery show last week.

"We'll have a part of (the LFP cells) for the ESS come out this year, and those for the (electric) vehicles will come around in 2025," Kwon said.

Friday's shareholders meeting was LGES' first such session following the blockbuster initial public offering in January last year that helped the company raise 10.2 trillion won (US$7.9 billion). LGES was carved out from LG Chemistry in late 2020. (Yonhap)



 
wooribank
Top 10 Stories
1Roland Garros 2023 Roland Garros 2023
2Airlines fiercely compete to acquire additional aircraft Airlines fiercely compete to acquire additional aircraft
3Seoul imposes sanctions on North Korean hacking group for role in space launch Seoul imposes sanctions on North Korean hacking group for role in space launch
4KAERI distances itself from Oxford professor's claim on Fukushima water KAERI distances itself from Oxford professor's claim on Fukushima water
5More banks offer daily interest payments on deposits More banks offer daily interest payments on deposits
6LG Chem joins Korean firms strengthening ties with Japan LG Chem joins Korean firms strengthening ties with Japan
7POSCO, GM expand joint EV battery materials investment in North America POSCO, GM expand joint EV battery materials investment in North America
8HMM tasked with preventing sale of Hyundai LNG to foreign firm HMM tasked with preventing sale of Hyundai LNG to foreign firm
9Indo-Pacific region highlighted as important for Korean economy's future Indo-Pacific region highlighted as important for Korean economy's future
10Hyundai Elevator launches AI, IoT-powered maintenance service Hyundai Elevator launches AI, IoT-powered maintenance service
Top 5 Entertainment News
1'HyeMiLeeYeChaePa' producer Lee Tae-kyung hopeful of second season 'HyeMiLeeYeChaePa' producer Lee Tae-kyung hopeful of second season
2How artist Michael Rakowitz resurrects lost past of Iraq through food packaging How artist Michael Rakowitz resurrects lost past of Iraq through food packaging
3[INTERVIEW] 'One Day Off' star Lee Na-young, director on creating subtle, feel-good series INTERVIEW'One Day Off' star Lee Na-young, director on creating subtle, feel-good series
4From hardcore action to heart-throbbing romance, series to hit in June From hardcore action to heart-throbbing romance, series to hit in June
5[INTERVIEW] Lee Jun-hyuk unrecognizable in 'The Roundup: No Way Out' INTERVIEWLee Jun-hyuk unrecognizable in 'The Roundup: No Way Out'
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group