LG Chem says exploring joint ventures with 'couple' of automakers
2020-10-19 14:28:09 [Print]
LG Chem Ltd. CEO Hak Cheol Shin said last Friday that the company was in talks with a couple of automakers to set up battery manufacturing joint ventures.
The LG Chem CEO pointed to the joint ventures the battery maker has already established with General Motors Company and Geely Automobile Holdings Limited, adding, "we have ongoing discussions with a couple of other automakers."
Shin claimed that Tesla Inc, 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 disclosed that LG Chem is searching for a site for a new battery factory in Europe. 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 LG Chem CEO pointed to the joint ventures the battery maker has already established with General Motors Company and Geely Automobile Holdings Limited, adding, "we have ongoing discussions with a couple of other automakers."
Shin claimed that Tesla Inc, 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 disclosed that LG Chem is searching for a site for a new battery factory in Europe. European demand for EVs is reportedly benefiting the company as governments on the continent are using COVID-19 recovery funds to boost EV sales.
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