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    A051910   KR7051910008

LG CHEM, LTD.

(A051910)
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Tesla supplier LG Chem to boost battery capacity

10/21/2020 | 06:03am EDT
The logo of LG Chem is seen at its office building in Seoul

SEOUL (Reuters) - Electric vehicle battery maker LG Chem plans to triple production capacity for cylindrical batteries used by Tesla and others, and is considering expansion in Europe and North America to meet surging demand, it said on Wednesday.

The South Korean firm forecast a further rise in its battery sales and profit in the fourth quarter after posting record quarterly earnings thanks to growing demand for electric vehicle (EV) batteries.

"Sales are continuously expected to grow thanks to greater shipments of automotive batteries and cylindrical batteries for EVs," said LG Chem, which also counts General Motors, Volkswagen and Hyundai Motor as customers.

It did not provide figures or a timeframe for its plans to triple cylindrical battery capacity.

LG Chem, along with CATL, supplies batteries for Tesla's made-in China models, while Panasonic makes batteries for Tesla's U.S-made cars.

LG Chem also said it was developing "new form-factor" cylindrical batteries which will boost energy density five-fold and power by six-fold, without elaborating.

These are similar to targets that Tesla announced last month for its new batteries to be made in-house, called 4680 cells, to enable a 16% increase in range for Tesla vehicles.

The CEO of LG Chem, which has production facilities in Poland, the United States, South Korea and China, shared a plan to build another site in Europe in an interview last week.

KONA EV INVESTIGATION

LG Chem said on Wednesday it had formed a task force with Hyundai to find the root cause of battery fires affecting some 14 Kona EVs in South Korea and abroad, as Hyundai plans to recall Kona EVs.

The batteries to petrochemicals maker reported a 159% jump in total operating profit to a record 902 billion won ($797 million) in the third quarter from a year earlier, in line with estimates.

Its battery division, which also includes small batteries used in Apple's iPhones, saw operating profit more than double from a year earlier to 169 billion won, thanks to rising cylindrical battery sales, new EV launches by European automakers and higher sales of new mobile devices.

Operating profit at the mainstay petrochemical business also more than doubled to 722 billion won, as the coronavirus crisis lifted demand for home appliances and hygiene products like surgical gloves.

($1 = 1,131.3900 won)

(Reporting by Hyunjoo Jin and Heekyong Yang; Editing by Richard Pullin and Mark Potter)

By Hyunjoo Jin and Heekyong Yang


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED -0.25% 467.3 End-of-day quote.33.09%
GENERAL MOTORS COMPANY -0.32% 59.94 Delayed Quote.44.38%
HYUNDAI CORPORATION 0.74% 20500 End-of-day quote.28.53%
HYUNDAI MOTOR COMPANY 0.00% 242500 End-of-day quote.26.30%
LG CHEM, LTD. -0.48% 831000 End-of-day quote.0.85%
LG CORP. 0.96% 105500 End-of-day quote.9.91%
PANASONIC CORPORATION 0.65% 1247.5 End-of-day quote.4.79%
TESLA, INC. 5.82% 694.3054 Delayed Quote.-6.96%
VOLKSWAGEN AG 0.41% 218.85 Delayed Quote.42.99%
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Financials
Sales 2021 41 823 B 37,0 B 37,0 B
Net income 2021 3 367 B 2,98 B 2,98 B
Net Debt 2021 6 506 B 5,75 B 5,75 B
P/E ratio 2021 18,7x
Yield 2021 1,30%
Capitalization 61 240 B 54 101 M 54 137 M
EV / Sales 2021 1,62x
EV / Sales 2022 1,41x
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 26
Last Close Price 831 000,00 KRW
Average target price 1 208 769,23 KRW
Spread / Average Target 45,5%
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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