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MarketScreener Homepage  >  Equities  >  Korea Stock Exchange  >  LG Chem, Ltd.    A051910   KR7051910008

LG CHEM, LTD.

(A051910)
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GM working with 'all the best startups' on next-gen EV battery tech - exec

01/11/2021 | 02:08pm EST
FILE PHOTO: General Motors assembly workers connect a battery pack underneath a partially assembled Chevrolet Bolt EV vehicle

DETROIT (Reuters) - General Motors Co, as part of a $27 billion initiative to match or surpass Tesla Inc in the electric vehicle sector, is working with "all the best startups" on next-generation EV battery technology while planning a big boost in production capacity for its new Ultium battery system, an executive said on Monday.

"We're partnering with some great companies," including Honda Motor and LG Chem, on electric vehicles and batteries, said Doug Parks, GM's executive vice president of global product development. But "we're also looking outside the company to startups to get on the front edge of that learning curve."

Parks, speaking at an investor conference, said GM continues to build its relationship with Honda, with whom the U.S. automaker is jointly developing several future electric vehicles.

"There's an opportunity for more," Parks said. "We could extend that relationship to other segments," including sharing combustion-engine vehicles and platforms with Honda.

GM Chief Executive Mary Barra said nearly a year ago that the automaker had boosted its spending budget on electric and automated vehicles from $20 billion to $27 billion through 2025.

Parks said much of that $7 billion increase is tied to spending on additional production capacity for the Ultium battery, which is slated to go into production in Ohio next year in a $2.3 billion joint venture with LG Chem.

With all the electric vehicles that GM has planned for North America - some 20 models by 2025 - "we're going to need more capacity" for batteries, Parks said. "So there's more investment coming after the initial wave in Ohio."

Industry leader Tesla last year sold just under 500,000 EVs globally.

(Reporting by Paul Lienert in Detroit; Editing by Matthew Lewis)

By Paul Lienert


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
GENERAL MOTORS COMPANY 0.58% 55.4 Delayed Quote.33.05%
HONDA MOTOR CO., LTD. -1.40% 2851.5 End-of-day quote.-0.90%
LG CHEM, LTD. -1.32% 975000 End-of-day quote.18.33%
LG CORP. -7.36% 107000 End-of-day quote.22.29%
TESLA, INC. 0.20% 846.64 Delayed Quote.19.98%
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Financials
Sales 2020 30 010 B 27,2 B 27,2 B
Net income 2020 1 420 B 1,29 B 1,29 B
Net Debt 2020 7 859 B 7,11 B 7,11 B
P/E ratio 2020 51,2x
Yield 2020 0,81%
Capitalization 71 469 B 64 614 M 64 679 M
EV / Sales 2020 2,64x
EV / Sales 2021 2,07x
Nbr of Employees -
Free-Float 58,6%
Chart LG CHEM, LTD.
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LG Chem, Ltd. Technical Analysis Chart | MarketScreener
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Technical analysis trends LG CHEM, LTD.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 29
Average target price 1 104 379,31 KRW
Last Close Price 975 000,00 KRW
Spread / Highest target 43,6%
Spread / Average Target 13,3%
Spread / Lowest Target -17,9%
EPS Revisions
Managers and Directors
NameTitle
Hak Cheol Shin Vice Chairman & Chief Executive Officer
Okdong Son President
Jin-Soo Park Vice Chairman
Dong-Seok Cha Chief Financial Officer & Director
Ki-Soo No CTO & President-Executive Board
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