| Revision as of 02:23, 31 January 2024 editWiinterU (talk | contribs)Extended confirmed users9,915 edits From what I could find, LG Chem does hold majority in this company. This makes it a public subsidiaryTag: Visual edit← Previous edit |
Revision as of 07:57, 28 February 2024 edit undoRenamed user 1oj3saabam (talk | contribs)77,173 edits Korean reference formatting, replaced: work=Yonhap | → work=Yonhap News Agency | (2)Tag: AWBNext edit → |
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===LG Energy Solution (2020-present)=== |
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===LG Energy Solution (2020-present)=== |
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In September 2020, LG Chem announced that it would spin off its battery business to cope with growing demand from global automotive manufacturers. LG Chem's battery business officially became a separate company and changed its name to LG Energy Solution Ltd. in December 2020.<ref>{{cite news |last=Kim |first=Eun-jung |date= December 1, 2020 |title=LG Energy Solution sets sail to target growing EV market, but challenges lie ahead |url=https://en.yna.co.kr/view/AEN20201201002900320?section=news |work=] |location=Seoul |access-date=}}</ref> It subsequently undertook an IPO process to secure funds in order to increase its battery production capacity and debuted on the ] in January 2022.<ref>{{cite news |last=Kim |first=Eun-jung |date=January 29, 2021 |title=LG Energy Solution accelerates IPO push as it picks lead managers |url=https://en.yna.co.kr/view/AEN20210129003300320 |work=Yonhap |location=Seoul |access-date=}}</ref><ref>{{cite news |author=<!--not stated--> |date=January 27, 2022 |title=LG Energy Solution: Battery giant jumps in market debut |url=https://www.bbc.com/news/business-60137296 |work=] |location= |access-date=}}</ref> |
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In September 2020, LG Chem announced that it would spin off its battery business to cope with growing demand from global automotive manufacturers. LG Chem's battery business officially became a separate company and changed its name to LG Energy Solution Ltd. in December 2020.<ref>{{cite news |last=Kim |first=Eun-jung |date= December 1, 2020 |title=LG Energy Solution sets sail to target growing EV market, but challenges lie ahead |url=https://en.yna.co.kr/view/AEN20201201002900320?section=news |work=] |location=Seoul |access-date=}}</ref> It subsequently undertook an IPO process to secure funds in order to increase its battery production capacity and debuted on the ] in January 2022.<ref>{{cite news |last=Kim |first=Eun-jung |date=January 29, 2021 |title=LG Energy Solution accelerates IPO push as it picks lead managers |url=https://en.yna.co.kr/view/AEN20210129003300320 |work=] |location=Seoul |access-date=}}</ref><ref>{{cite news |author=<!--not stated--> |date=January 27, 2022 |title=LG Energy Solution: Battery giant jumps in market debut |url=https://www.bbc.com/news/business-60137296 |work=] |location= |access-date=}}</ref> |
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In the first half of 2022, LG Energy Solution is ranked second in the world with a market share of 14 per cent according to SNE research.<ref>{{cite web |title=2022 1H Global EV & Battery Performance Review |url=https://www.sneresearch.com/en/insight/release_view/34/page/0 |website=SNE research |access-date=1 October 2022}}</ref> |
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In the first half of 2022, LG Energy Solution is ranked second in the world with a market share of 14 per cent according to SNE research.<ref>{{cite web |title=2022 1H Global EV & Battery Performance Review |url=https://www.sneresearch.com/en/insight/release_view/34/page/0 |website=SNE research |access-date=1 October 2022}}</ref> |
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==Controversies== |
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==Controversies== |
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According to General Motors, manufacturing defects in batteries supplied for ] caused 13 confirmed battery fires. The faulty batteries were produced in LGES plants in South Korea and ], and GM pursued reimbursement from LG. In the end, LGES and ] agreed to pay GM up to $1.9 billion for the recalls on every car produced since 2016.<ref>{{cite news |last=Wayland |first=Michael |date=October 12, 2021 |title=LG to pay up to $1.9 billion to General Motors over Bolt EV battery fires |url=https://www.cnbc.com/2021/10/12/lg-chem-to-pay-up-to-1point9-billion-to-gm-over-bolt-ev-battery-fires.html |work=] |location= |access-date=}}</ref><ref>{{cite news |last= Kim |first=Seung-yeon |date=October 13, 2021 |title=LG units to repay GM 1.4 tln won for Bolt EV battery recall costs |url=https://en.yna.co.kr/view/AEN20211013005900320 |work=Yonhap |location=Seoul |access-date=}}</ref> |
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According to General Motors, manufacturing defects in batteries supplied for ] caused 13 confirmed battery fires. The faulty batteries were produced in LGES plants in South Korea and ], and GM pursued reimbursement from LG. In the end, LGES and ] agreed to pay GM up to $1.9 billion for the recalls on every car produced since 2016.<ref>{{cite news |last=Wayland |first=Michael |date=October 12, 2021 |title=LG to pay up to $1.9 billion to General Motors over Bolt EV battery fires |url=https://www.cnbc.com/2021/10/12/lg-chem-to-pay-up-to-1point9-billion-to-gm-over-bolt-ev-battery-fires.html |work=] |location= |access-date=}}</ref><ref>{{cite news |last= Kim |first=Seung-yeon |date=October 13, 2021 |title=LG units to repay GM 1.4 tln won for Bolt EV battery recall costs |url=https://en.yna.co.kr/view/AEN20211013005900320 |work=] |location=Seoul |access-date=}}</ref> |
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==See also== |
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==See also== |
In September 2020, LG Chem announced that it would spin off its battery business to cope with growing demand from global automotive manufacturers. LG Chem's battery business officially became a separate company and changed its name to LG Energy Solution Ltd. in December 2020. It subsequently undertook an IPO process to secure funds in order to increase its battery production capacity and debuted on the Korea Exchange in January 2022.
In the first half of 2022, LG Energy Solution is ranked second in the world with a market share of 14 per cent according to SNE research.
Automotive industry in South Korea