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    A003550   KR7003550001

LG CORP.

(A003550)
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GM to launch 10 EVs in S.Korea by 2025; no local manufacturing plans yet

11/12/2021 | 07:51am EST
FILE PHOTO: General Motors assembly workers connect a battery pack underneath a partially assembled Chevrolet Bolt EV vehicle

SEOUL (Reuters) - General Motors Co will launch 10 electric vehicles (EVs) in South Korea by 2025, but has no plans yet to manufacture EVs in the country, Steven Kiefer, the head of GM's international operations said on Friday.

The No.1 U.S. automaker, which warned last year that persistent industrial action was preventing further investment in South Korea, builds EVs in the United States and China. It also has plans to build them in Mexico and Canada.

Kiefer's visit after a Korean labour union delegation went to Detroit in June had led to speculation in local media that he could announce new EV production plans.

"We are not announcing any plans yet to produce electric vehicles in the country, so stay tuned for that," Kiefer told a media briefing.

GM's South Korea unit builds about 600,000 vehicles a year, shipping many to the United States including the popular Chevrolet Trailblazer SUV, and employs about 12,000 people. It reported an operating loss of 309 billion won ($262 million) last year.

When asked about the impact of the chip shortage at GM's Korea plants, GM Korea Chief Executive Kaher Kazem said production volume in the country this year was down about 25% versus last year, but the chip shortage seemed to be easing.

Kiefer also said GM's partnership with South Korean battery maker LG Energy Solution was "very bright".

"Clearly more (battery) capacity is going to be required, so stay tuned for some additional announcements," he said.

GM and LG Energy Solution are building two battery cell manufacturing plants with a combined annual production capacity of about 70 gigawatt hours in the United States, which could power about 1 million EVs.

In October, GM said LG units had agreed to reimburse it for $2 billion in estimated costs and expenses associated with a recall of Bolt EVs.

($1 = 1,177.8000 won)

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

By Heekyong Yang


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
LG CHEM, LTD. -5.91% 653000 End-of-day quote.6.18%
LG CORP. -1.51% 78100 End-of-day quote.-3.46%
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Financials
Sales 2021 8 417 B 7,06 B 7,06 B
Net income 2021 2 695 B 2,26 B 2,26 B
Net cash 2021 2 983 B 2,50 B 2,50 B
P/E ratio 2021 4,76x
Yield 2021 3,43%
Capitalization 12 472 B 10 490 M 10 464 M
EV / Sales 2021 1,13x
EV / Sales 2022 0,94x
Nbr of Employees 187
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Mean consensus BUY
Number of Analysts 10
Last Close Price 78 100,00 KRW
Average target price 132 512,33 KRW
Spread / Average Target 69,7%
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Managers and Directors
Kwang-Mo Koo Chairman & Co-Chief Executive Officer
Young-Soo Kwon Vice Chairman & Co-Chief Executive Officer
Beom-Jong Ha Director & Head-Finance
Jae-Woong Lee Managing Director, Head-Legal & Compliance Support
Sang-Tai Choi Independent Director
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