LG Chem in JV Talks With Automakers, Says CEO: Report

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  • LG Chem is already moving ahead with battery joint ventures with GM and Geely and hopes to expand to other carmakers.
  • The CEO also said that LG Chem, which has a factory in Poland, is also searching for a site for a new battery factory in Europe

partnershipAs per a report by Reuters, LG Chem’s chief executive officer Hak Cheol Shin told Reuters that the company is in talks with a “couple” of automakers to create joint ventures to produce automotive batteries. The report also added that Shin said that LG Chem is already moving ahead with battery joint ventures with GM and Geely and hopes to expand to other carmakers.

Joint ventures with Geely and GM

The report said that he said that the joint ventures with Geely and GM have been already announced and the company is having discussions with a couple of other automakers. Presently, the company supplies batteries from its Nanjing, China, factory for Model 3 vehicles built at Tesla’s Shanghai plant.

As per the report, Shin said that the company has started supplying to Tesla in earnest, and this is the beginning of a good partnership and they hope to expand the partnership. He added that the company is in in talks to expand cooperation with almost all automakers, and Tesla is one of them. Shin stated that Tesla is not one of the companies LG Chem is discussing joint ventures with. Shin also said that LG Chem, which has a factory in Poland, is also searching for a site for a new battery factory in Europe.

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