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Tesla is seeking to acquire 10% of LG Chemical battery business, the source said

via:CnBeta     time:2020/9/28 20:08:50     readed:676

On Monday, electric car maker Tesla is seeking to acquire a 10% stake in LG energy solution, a battery business that LG Chemical plans to spin off, to secure a stable battery supply, sources said on Monday.In December, LG Chemical said in a regulatory document that it was considering a variety of strategic options to improve its battery business.

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In mid September, LG Chemical said it would spin off its battery business. After the approval of this decision, the company will formally divide its battery business from December 1 and set up a new company with the tentative name of "LG energy solution". After the spin off, LG Chemical held 100% of the new company.

LG Chemical is a power battery company in South Korea, which provides electric vehicle batteries for 13 of the top 20 automobile brands, including Volkswagen, Renault, general motors, Ford, Hyundai, Volvo, Audi, Daimler, etc.

The company is also one of Tesla's top battery suppliers. Last August, Tesla agreed to purchase batteries from LG Chemical. Initially, the company will use LG Chemical's batteries for the model 3 produced by Shanghai's "No. 3 super factory" and later for model y.

From Tesla's point of view, any direct investment in LG will help it purchase qualified batteries for use in Tesla electric vehicles.

Elon Musk, chief executive of Tesla, said the company would still rely heavily on battery manufacturers. Last week, he said Tesla plans to increase the purchase of batteries from partners such as Panasonic, LG Chemical and Ningde times. (Fox)

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