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    A051910   KR7051910008

LG CHEM, LTD.

(A051910)
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Panasonic beats forecasts, developing new battery cell for Tesla

10/29/2020 | 05:49am EDT
A man is seen next to Panasonic Corp's logo at Panasonic Center in Tokyo

TOKYO (Reuters) - Panasonic Corp said on Thursday it is working to develop a new battery cell for Tesla Inc based on the U.S. electric vehicle maker's new cell format, as the Japanese company moves forward its decade-old partnership with Tesla.

Tesla's new battery cell -- a larger cylindrical format called 4680 that can store more energy and is easier to make -- is key to achieving the goal of cutting battery costs in half and ramping up battery production nearly 100-fold by 2030.

"We have considerable know-how for that battery," Panasonic's Chief Financial Officer Hirokazu Umeda said at a briefing as the company reported an 11% increase in second-quarter operating profit, beating analyst estimates.

"We started working on it immediately after Tesla's Battery Day (in September) and are also preparing to set up a prototype production line in parallel," he added.

Panasonic's decision to work on the new cell for Tesla comes as brisk sales of Tesla EVs have stabilized profits at their joint battery venture in Nevada following several years of production troubles and delays at the U.S. partner.

Umeda also said the company has decided to launch an additional production line at the Nevada factory next year, increasing the plant's total capacity by some 10% to 38-39 gigawatt hours (GWh) a year by around 2022.

"We are targeting a profit margin of around 5% at our Tesla battery business within two to three years," he added.

Panasonic's July-September operating profit rose to 92.8 billion yen ($886.34 million), compared with 83.9 billion yen a year ago.

Tesla has said it plans to manufacture its own battery cells at several highly automated factories around the world, but will also continue to use its existing cell suppliers - Panasonic, South Korea's LG Chem and China's Contemporary Amperex Technology Co.

With the advanced battery cell design and new manufacturing processes, Tesla CEO Elon Musk promised to cut battery costs in half and deliver an "affordable" electric car in several years, though experts have questioned how quickly they can be implemented.

($1 = 104.7000 yen)

(Reporting by Makiko Yamazaki; Editing by Rashmi Aich)

By Makiko Yamazaki


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED 3.56% 450 End-of-day quote.28.16%
LG CHEM, LTD. -1.56% 822000 End-of-day quote.-0.24%
LG CORP. -0.48% 103500 End-of-day quote.7.83%
PANASONIC CORPORATION -0.04% 1238 End-of-day quote.3.99%
TESLA, INC. 1.09% 623.31 Delayed Quote.-11.67%
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Financials
Sales 2021 41 766 B 36,9 B 36,9 B
Net income 2021 3 386 B 2,99 B 2,99 B
Net Debt 2021 6 399 B 5,66 B 5,66 B
P/E ratio 2021 18,4x
Yield 2021 1,31%
Capitalization 60 612 B 53 356 M 53 581 M
EV / Sales 2021 1,60x
EV / Sales 2022 1,40x
Nbr of Employees -
Free-Float 59,6%
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
TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 27
Average target price 1 193 769,23 KRW
Last Close Price 822 000,00 KRW
Spread / Highest target 82,5%
Spread / Average Target 45,2%
Spread / Lowest Target -17,3%
EPS Revisions
Managers and Directors
NameTitle
Hak Cheol Shin Vice Chairman & Chief Executive Officer
Okdong Son President
Dong-Seok Cha Chief Financial Officer & Director
Jin-Soo Park Vice Chairman
Ki-Soo No CTO & President-Executive Board
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