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    A003550   KR7003550001

LG CORP.

(A003550)
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LG Energy Solution takes stake in Chinese battery materials firm Greatpower

09/17/2021 | 04:06am EDT
FILE PHOTO: The logo of LG Chem is seen at its office building in Seoul

(Reuters) - South Korean battery maker LG Energy Solution will pay 35 billion won ($30 million) for a 4.8% stake in China's Greatpower Nickel and Cobalt Materials Co and has secured six years of nickel supply from the company, it said on Friday.

The investment deepens LG's presence in the world's biggest electric vehicle (EV) market.

LG Energy Solution, a subsidiary of LG Chem that counts automakers Tesla and General Motors as customers, said in a statement it had secured a total of 20,000 tonnes of the battery ingredient nickel from Shanghai-based Greatpower over six years starting in 2023.

That would be enough for 370,000 EVs, it said.

LG Chem already has a battery material production venture in China alongside Zhejiang Huayou Cobalt.

In its own statement, Greatpower said the tie-up would "ensure stable supply of key raw materials required for the production of electric vehicle batteries".

LG Energy Solution and Hyundai Motor this week started construction on a $1.1 billion plant to make EV batteries in Indonesia.

($1 = 1,175.7000 won)

(Reporting by Tom Daly and Heekyong Yang; Editing by David Clarke)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
HYUNDAI MOTOR COMPANY -0.72% 207500 End-of-day quote.8.07%
LG CHEM, LTD. -4.05% 806000 End-of-day quote.-2.18%
LG CORP. -0.53% 94700 End-of-day quote.-1.34%
TESLA, INC. 3.26% 894 Delayed Quote.26.69%
ZHEJIANG HUAYOU COBALT CO., LTD -1.64% 115.49 End-of-day quote.45.64%
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Analyst Recommendations on LG CORP.
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Financials
Sales 2021 8 559 B 7,28 B 7,28 B
Net income 2021 2 823 B 2,40 B 2,40 B
Net cash 2021 2 868 B 2,44 B 2,44 B
P/E ratio 2021 5,41x
Yield 2021 2,80%
Capitalization 15 097 B 12 821 M 12 848 M
EV / Sales 2021 1,43x
EV / Sales 2022 1,27x
Nbr of Employees -
Free-Float 54,1%
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Technical analysis trends LG CORP.
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TrendsNeutralBearishNeutral
Income Statement Evolution
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Mean consensus BUY
Number of Analysts 13
Last Close Price 94 700,00 KRW
Average target price 140 086,41 KRW
Spread / Average Target 47,9%
EPS Revisions
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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