Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. China
  4. Shenzhen Stock Exchange
  5. Contemporary Amperex Technology Co., Limited
  6. News
  7. Summary
    300750   CNE100003662

CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED

(300750)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

CEO of top battery maker LG Chem discloses JV talks, defends split-off

10/16/2020 | 04:37am EDT
The logo of LG Chem is seen at its office building in Seoul

* LG Chem in talks to expand cooperation with Tesla, other automakers

* LG Chem considering new battery factory in Europe

* LG Chem considering petrochemicals production facility in U.S, Southeast Asia

SEOUL, Oct 16 (Reuters) - LG Chem, the world's top electric vehicle (EV) battery maker, is in talks with a "couple" of automakers to create joint ventures to produce automotive batteries, Chief Executive Officer Hak Cheol Shin told Reuters on Friday.

LG Chem is already moving ahead with battery joint ventures with GM and Geely and hopes to expand to other car makers, Shin said, without elaborating.

"Our joint ventures with Geely and GM have been already announced, and we have ongoing discussions with a couple of other automakers," he said.

The South Korean company currently supplies batteries from its Nanjing, China, factory for Model 3 vehicles built at Tesla's Shanghai plant.

"We have started supplying to Tesla in earnest, and this is the beginning of a good partnership and we hope to expand the partnership," he said.

“We are in talks to expand cooperation with almost all automakers, and Tesla is one of them,” he said.

However, Shin added that Tesla is not one of the companies LG Chem is discussing joint ventures with at this point.

LG Chem shares, which rallied earlier this year, have lost steam on its plan to split off its battery business and fire risks associated with its batteries supplied for Hyundai Motor's Kona and GM's Bolt.

Shin defended the plan to separate the battery business as necessary to fund large-scale investments in factory expansion. The unit will first become a wholly-owned subsidiary tentatively named LG Energy Solutions and then up to 30% of the company may be listed in an initial offering in about a year.

"To maintain our number one position in the face of rising competition from Chinese firms and others, we need to pour capital into battery production and research," he said.

LG Chem is looking for a site to build a new factory in Europe, as it plans to more than double its global car battery capacity to 260 gigawatt hours (GWh) by 2023, from 120 GWh this year.

To tackle the concerns around battery safety, Shin said that LG Chem has formed a task force with Hyundai Motor and the South Korean government to find the root cause of the battery fires in the Kona EV.

South Korea's transport ministry said Hyundai will recall the Kona EV because of possible faulty manufacturing of its battery cells that could pose a fire risk.

However, LG Chem denies that faulty battery cells were the cause of the fires and the exact cause had not been determined.

LG Chem is also looking at building new petrochemical production facilities in the United States and Southeast Asia to drive growth for its mainstay petrochemicals business, Shin said.

"We see the future of LG Chem would be bright after the split-off," he said. (Reporting by Hyunjoo Jin and Heekyong Yang; Editing by Christian Schmollinger)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED 3.56% 450 End-of-day quote.28.16%
GEELY AUTOMOBILE HOLDINGS LIMITED 5.26% 24 End-of-day quote.-9.43%
HYUNDAI MOTOR COMPANY -0.63% 235000 End-of-day quote.22.40%
LG CHEM, LTD. -1.56% 822000 End-of-day quote.-0.24%
TESLA, INC. 1.09% 623.31 Delayed Quote.-11.67%
All news about CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED
06/17NEO LITHIUMá : Slips 5% in Frankfurt as its Produces Battery-Grade Lithium From ..
MT
06/09Sweden's Northvolt raises $2.8 bln to supercharge EV battery output
RE
06/08MARKET CHATTER : CATL, BYD in Talks to Supply Batteries For Apple's Planned Elec..
MT
06/08Exclusive-Apple, Chinese manufacturers in talks on U.S. car battery factory -..
RE
06/08Wall Street muted, Clover Health leads "meme" rally
RE
06/08MARKET CHATTER : Apple Reportedly in Talks With China's Contemporary Amperex Tec..
MT
06/08Apple Has Engaged China's CATL, BYD About EV Battery Supplies, Reuters Report..
DJ
06/07China stocks end mixed after trade data
RE
06/07China, Hong Kong stocks fall as exports miss estimates
RE
06/04Chinese Shares Rebound at Close; CATL Jumps 4% on Reported New Shanghai Batte..
MT
More news
Financials
Sales 2021 89 335 M 13 809 M 13 809 M
Net income 2021 9 396 M 1 452 M 1 452 M
Net cash 2021 45 201 M 6 987 M 6 987 M
P/E ratio 2021 113x
Yield 2021 0,08%
Capitalization 1 048 B 162 B 162 B
EV / Sales 2021 11,2x
EV / Sales 2022 8,07x
Nbr of Employees 33 078
Free-Float 98,1%
Chart CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED
Duration : Period :
Contemporary Amperex Technology Co., Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 29
Average target price 461,30 CNY
Last Close Price 450,00 CNY
Spread / Highest target 24,4%
Spread / Average Target 2,51%
Spread / Lowest Target -44,2%
EPS Revisions
Managers and Directors
NameTitle
Jia Zhou General Manager & Director
Shu Zheng Chief Financial Officer
Ying Ming Wu Chairman-Supervisory Board
Yu Qun Zeng Chairman
Zu Yun Xue Independent Director
Sector and Competitors