1. Homepage
  2. Equities
  3. Korea, republic of
  4. Korea Stock Exchange
  5. LG Energy Solution, Ltd.
  6. News
  7. Summary
    A373220   KR7373220003

LG ENERGY SOLUTION, LTD.

(A373220)
  Report
End-of-day quote Korea Stock Exchange  -  2022-08-11
460500.00 KRW   -2.44%
08/11EU, South Korea say U.S. plan for EV tax breaks may breach WTO rules
RE
08/11S.Korean shares post biggest gain in over three weeks
RE
08/10S.Korean shares post sharpest decline in a month ahead of U.S. inflation data
RE
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Stellantis-LG Energy Solution Battery Joint Venture Named NextStar Energy, CEO Appointed

06/03/2022 | 11:54am EDT

Windsor, Ontario - Stellantis and LG Energy Solution today announced NextStar Energy Inc. as the official name of its battery joint-venture company. Danies Lee has been appointed chief executive officer (CEO) of the new company. NextStar Energy will be Canada's first large-scale lithium-ion battery production plant.

Stellantis and LG Energy Solution committed to invest more than $5 billion CAD ($4.1 billion USD) to establish automotive battery operations in Windsor, Ontario, with support from the municipal, provincial and federal levels of the Canadian government. The manufacturing facility is targeted to have an annual production capacity in excess of 45 gigawatt hours (GWh) and will create an estimated 2,500 new jobs in Windsor and the surrounding areas. Plant construction activities are expected to begin later this year with production operations planned to launch in the first quarter of 2024.

'I am extremely humbled by this appointment and look forward to putting in place the senior leadership team of NextStar Energy who will help me achieve our vision of producing leading-edge lithium-ion battery cells and modules to meet a significant portion of Stellantis' vehicle production requirements in North America,' said Lee, CEO NextStar Energy.

NextStar Energy will play an important role in the Stellantis Dare Forward 2030 strategic plan, which aims to have more than 50% BEV sales in North America by the end of the decade.

Lee has held a series of global and regional sales and marketing roles for the promotion of lithium-ion batteries at LG Chem since 2001. He was responsible for U.S. market sales and was based in San Jose, California, from 2015 to 2018. Most recently, he oversaw the sales and program management of key EV battery programs for the North American market. Lee will be moving to Windsor, Ontario, in the coming months. He holds a master's degree in international studies from Korea University, as well as an MBA from Duke University.

The closing of the battery joint-venture company is subject to customary closing conditions, including regulatory approvals.

Stellantis

Stellantis N.V. (NYSE / MTA / Euronext Paris: STLA) is one of the world's leading automakers and a mobility provider. Its storied and iconic brands embody the passion of their visionary founders and today's customers in their innovative products and services, including Abarth, Alfa Romeo, Chrysler, Citroen, Dodge, DS Automobiles, Fiat, Jeep, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys. Powered by our diversity, we lead the way the world moves - aspiring to become the greatest sustainable mobility tech company, not the biggest, while creating added value for all stakeholders as well as the communities in which it operates. For more information, visit www.stellantis.com.

LG Energy Solution

LG Energy Solution (KRX: 373220), a split-off from LG Chem, is a leading global manufacturer of lithium-ion batteries for electric vehicles, mobility, IT, and energy storage systems. With 30 years of experience in revolutionary battery technology and extensive research and development (R&D), the company is the top battery-related patent holder in the world with over 24,000 patents. Its robust global network, which spans North America, Europe, Asia, and Australia, includes battery manufacturing facilities established through joint ventures with major automakers such as General Motors, Stellantis N.V. and Hyundai Motor Group. At the forefront of green business and sustainability, LG Energy Solution aims to achieve carbon neutral operations by 2050, while embodying the value of shared growth and promoting diverse and inclusive corporate culture. To learn more about LG Energy Solution's ideas and innovations, visit www.lgensol.com.

(C) 2022 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
LG CHEM, LTD. 1.06% 665000 End-of-day quote.8.13%
LG ENERGY SOLUTION, LTD. -2.44% 460500 End-of-day quote.0.00%
STELLANTIS N.V. 0.99% 14.832 Delayed Quote.-11.11%
All news about LG ENERGY SOLUTION, LTD.
08/11EU, South Korea say U.S. plan for EV tax breaks may breach WTO rules
RE
08/11S.Korean shares post biggest gain in over three weeks
RE
08/10S.Korean shares post sharpest decline in a month ahead of U.S. inflation data
RE
08/09S.Korean shares rise as battery shares jump on IRA
RE
08/08S.Korean shares edge up as investors wait for U.S. inflation data
RE
08/05S.Korean shares post third straight weekly gain
RE
08/03S.Korean shares end at seven-week high on easing Sino-U.S. worries
RE
08/02S.Korean shares fall on Sino-U.S. tensions
RE
08/01Nikola to buy battery supplier Romeo Power for $144 million
RE
08/01S.Korean shares end subdued after mixed economic data
RE
More news
Analyst Recommendations on LG ENERGY SOLUTION, LTD.
More recommendations
Financials
Sales 2022 22 011 B 16,9 B 16,9 B
Net income 2022 872 B 0,67 B 0,67 B
Net cash 2022 4,12 B 0,00 B 0,00 B
P/E ratio 2022 123x
Yield 2022 -
Capitalization 107 757 B 82 599 M 82 599 M
EV / Sales 2022 4,90x
EV / Sales 2023 3,70x
Nbr of Employees -
Free-Float 14,7%
Chart LG ENERGY SOLUTION, LTD.
Duration : Period :
LG Energy Solution, Ltd. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends LG ENERGY SOLUTION, LTD.
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 28
Last Close Price 460 500,00 KRW
Average target price 529 172,41 KRW
Spread / Average Target 14,9%
EPS Revisions
Managers and Directors
Young-Soo Kwon Chairman & Chief Executive Officer
Sang-Hyeon Lee Managing Director & Head-Finance
Young-Joon Shin Chief Technology Officer
Mi-Nam Shin Independent Director
Mi-Suk Yeo Independent Director
Sector and Competitors