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Tesla considers a stake in LG Chem batteries

Large  Small Date:2020-09-30  From:electrive
Note: Tesla is considering taking a stake in LG Energy Solution, LG Chem’s planned battery subsidiary reports local media. Tesla has also signed a supply contract for lithium from the USA.
Tesla is considering taking a stake in LG Energy Solution, LG Chem’s planned battery subsidiary reports local media. Tesla has also signed a supply contract for lithium from the USA.

In South Korea, LG Chem is planning to transfer its battery division to an independent company called LG Energy Solution from December 2020. In addition to battery cells for electric cars, this will include batteries for smartphones and other mobile devices. As the Korea Times reports, citing sources from the banking sector, Tesla is planning to consider a stake of up to ten per cent in LG Energy Solution.

While a decision has not yet been made, one source used by the Korea Times confirmed the plans for the acquisition of up to ten per cent, another source familiar with the transactions expressed themselves with more reserve, saying: “It’s quite early to tell if Tesla has an actual plan to acquire a stake in LG Energy Solution. But given Tesla’s growing attempts at cost cuts and moves in producing round batteries, it does make sense that Tesla would explore an opportunity to buy a stake in LG Energy Solution.”

From Tesla’s point of view, the Californian company would benefit from a direct investment in securing their all-important battery supply chain. For Gigafactory 3 near Shanghai, Tesla purchases battery cells from LG Chem and CATL. In July this year, LG Chem announced that it intended to convert part of its battery cell production in South Korea for the manufacture of Tesla batteries. According to Reuters, the capacity at LG Chem’s plant in Nanjing, China that has been supplying Tesla’s Shanghai Gigafactory up to now is no longer sufficient.

During Tesla’s Battery Day presentation, Elon Musk said that despite plans for its own battery cells, the still company expects to have to purchase even larger volumes in future than today from its existing or other battery cell partners.
 
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