A class action suit filed in California alleges LG Electronics USA, Inc. sold gas range stoves in the United States without properly notifying customers of toxic emissions prior to their purchases. The suit comes as the industry faces attacks and efficiency proposals by the Biden administration that would remove up to half the current gas range…
Gas Ranges Targeted in Class Action Suit Against LG
March 10, 2023
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US Finalizes $2.5 Billion Loan to GM, LG Battery Joint Venture
WASHINGTON—The U.S. Energy Department said on Monday it had finalized a $2.5 billion low-cost loan to a joint venture of General Motors Co. and LG Energy Solution to help pay for three new lithium-ion battery cell manufacturing facilities. Reuters first reported in July the planned loan to Ultium Cells LLC from the government’s Advanced Technology…
GM, LG Joint Venture to Invest $275 Million in Tennessee Battery Cell Plant
WASHINGTON—General Motors Co. and LG Energy Solution Ltd said Friday they are investing another $275 million in their Tennessee joint venture battery cell plant to increase production by more than 40 percent. The new investment in the Ultium Cells Spring Hill plant will boost battery output from an annual capacity of 35 gigawatt-hours to 50…
Honda, LG to Build $3.5 Billion Battery Plant, Hire 2,200 in Ohio
COLUMBUS, Ohio—Honda says it will build a $3.5 billion joint-venture battery factory in rural southern Ohio and hire 2,200 people to staff it as the company starts to turn the state into its North American electric vehicle hub. Honda, which announced its first Ohio factory 45 years ago, also plans to invest $700 million and…
GM, LG Energy Solution Considering Indiana for Fourth US Battery Plant
WASHINGTON—General Motors Co. and LG Energy Solution are considering a site in Indiana for a fourth U.S. battery cell manufacturing plant, a spokeswoman for the companies’ joint venture said on Thursday. Ultium Cells LLC “is developing a competitive business case for a potential large investment that could be located in New Carlisle, Indiana,” she said,…
South Korea’s LGES Reviews $1.3 Billion Arizona Battery Investment as US Inflation Bites
SEOUL—South Korean battery maker LG Energy Solution Ltd. (LGES), a major supplier to U.S. carmakers including Tesla, is reassessing a $1.3 billion investment plan for an Arizona factory citing “unprecedented” economic conditions. News that South Korea’s biggest battery maker is reviewing the plan, unveiled only three months ago, knocked LGES shares down 4.6 percent on…
Major South Korean Industries Face Production Cuts and Shutdowns Amid China’s Lockdowns
May 3, 2022
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Asia & PacificBusiness & EconomyBusinesses in COVID-19ChinaChina Business & Economychinese importsHyundaiKiaLGlockdownsSamsungSouth Koreasupply chainWorld
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South Korea’s major industries are experiencing supply disruptions in core components as the pandemic lockdowns in China show no end in sight. With the country’s high dependence on Chinese imports, any disruption in the supply chain would threaten the South Korean economy, according to a recent study. Under the severe disruptions to the Chinese supply…
South Korean Conglomerates Diversify Production Bases and Cut Reliance on China
April 26, 2022
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Asia & PacificChinadecouple from Chinaglobal supply chainHyundaiInternational RelationsLGPoscoSamsungSK HynixSouth KoreaWorld
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New Analysis Faced with rising raw material costs and poor logistics, major South Korean firms have accelerated their expansion of production bases worldwide to reduce over-reliance on China. Korean conglomerates such as Samsung, SK Group, Hyundai Motor, Posco, and Lotte have put forward their measures to address the pressures facing the global supply chain. The…
EV Battery Giant LG Energy Solution Sees Demand Rising as Chip Shortage Eases
SEOUL—Battery maker LG Energy Solution Ltd (LGES) said on Tuesday it aims to boost sales by about 8 percent in 2022, forecasting a pick-up in demand for electric vehicle (EV) batteries as a global chip shortage eases later this year. The newly listed South Korean firm, which accounts for a fifth of the global EV…
LG Display Clocks 18 Percent Revenue Growth in Q4; Steep Decline in TV Panel Prices Hit Profit
LG Display Co. Ltd. reported fourth-quarter FY21 revenue growth of 18 percent year-on-year to KRW 8.81 trillion. The ASP rose 2 percent Y/Y to $806. The display area shipment rose 8 percent Y/Y to 9.4 M m². The capacity rose 7.4 percent Y/Y to 11.6 M m². The gross margin contracted 360 bps to 14.9 percent….
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