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    A051910   KR7051910008

LG CHEM, LTD.

(A051910)
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End-of-day quote Korea Stock Exchange  -  05-18
502000.00 KRW   -1.95%
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GM sets $6.5 bln for in Michigan electric vehicle plants -document, sources

01/21/2022 | 03:56pm EDT
FILE PHOTO: Logo of GM atop the company headquarters

(New throughout, adds details and background)

WASHINGTON/DETROIT Jan 21 (Reuters) - General Motors and a joint venture with LG Energy Solution are to set announce investments of more than $6.5 billion next week in Michigan in new electric truck and battery plants, according to a state document and sources briefed on the matter.

The Michigan Strategic Fund said Friday https://www.michiganbusiness.org/48f644/globalassets/documents/msf-board/meeting-agendas/msf_expandedagenda_january-25-2022.pdf it plans to consider at a Tuesday board meeting GM's and the Ultium Cells joint venture's plans to invest $6.5 billion and add 4,000 jobs at sites in Lansing and Orion Township.

In December https://www.reuters.com/business/autos-transportation/gm-eyes-3-billion-investment-michigan-ev-plants-source-2021-12-10, Reuters reported that GM had proposed building a $2.5-billion battery plant near Lansing with LG Energy Solution adding 1,700 jobs. The two companies are expected to split the cost.

GM also is expected to invest at least $4 billion in Orion Township to build versions of the new Chevrolet Silverado and GMC Sierra electric pickup trucks, sources said. A significant plant expansion is expected to be completed by 2025.

The automaker also is planning electric versions of its heavy-duty pickups, but they are not likely to be built at the expanded Orion plant, one of the sources said.

GM announced in January 2021 plans to eliminate tailpipe emissions from new light-duty vehicles by 2035. The company confirmed this month it also plans to eliminate tailpipe emissions from new heavy-duty vehicles by 2035.

GM said in a statement Friday it appreciates the support "related to two prospective projects that GM is considering in Orion Township and Lansing. Until these projects receive final approval, we have no comment on potential announcement timing."

GM announced in June it would boost electric and autonomous vehicle spending to $35 billion through 2025, a 30% jump over its prior forecast. (Reporting by David Shepardson and Paul Lienert; Editing by David Gregorio)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
GENERAL MOTORS COMPANY 0.81% 36.12 Delayed Quote.-38.39%
LG CHEM, LTD. -1.95% 502000 End-of-day quote.-18.37%
ORION HOLDINGS CORP. -2.80% 13900 End-of-day quote.-12.85%
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Analyst Recommendations on LG CHEM, LTD.
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Financials
Sales 2022 48 976 B 38,7 B 38,7 B
Net income 2022 2 655 B 2,10 B 2,10 B
Net Debt 2022 7 524 B 5,94 B 5,94 B
P/E ratio 2022 14,1x
Yield 2022 2,16%
Capitalization 37 170 B 29 340 M 29 340 M
EV / Sales 2022 0,91x
EV / Sales 2023 0,83x
Nbr of Employees -
Free-Float 59,6%
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Technical analysis trends LG CHEM, LTD.
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Mean consensus BUY
Number of Analysts 28
Last Close Price 502 000,00 KRW
Average target price 804 750,00 KRW
Spread / Average Target 60,3%
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Managers and Directors
Hak Cheol Shin Chairman & Chief Executive Officer
Okdong Son President
Dong-Seok Cha Chief Financial Officer & Director
Ki-Soo No CTO & President-Executive Board
Young-Ho An Independent Director
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