Market Chatter: LG Energy Solution Mulls Partnerships with Chinese Firms for Low-Cost EV Battery Production

MT Newswires Live07-25

LG Energy Solution (KRX:373220) plans to partner with three Chinese companies to supply low-cost electric vehicle batteries for the European market, Reuters reported Wednesday, citing a senior executive.

LGES said it is planning to establish joint ventures or long-term supply deals with the Chinese firms, the report said, citing Wonjooon Suh, the head of LGES' advanced automotive battery department.

The development comes as the worldwide electric vehicle industry is struggling to keep afloat amid weak demand while pressure is on to match the prices of automobiles with that of Chinese makers, the report said.

Chinese firms are the largest suppliers of cathodes, the most expensive component of an electric vehicle battery. Among the biggest suppliers are Hunan Yuneng New Energy Battery Material (SHE:301358), Shenzhen Dynanonic (SHE:300769), and Hubei Wanrun New Energy Technology (SHA:688275), Reuters said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price (RMB): Â¥332500.00, Change: Â¥+11000.00, Percent Change: +3.42%

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