As a power battery supplier with Ningde era wrench, LG chemistry has been moving lately.
Recently, according to foreign media reports, Hak cheol shin, chief executive officer of LG Chemical, said that the company was in discussions with several automobile manufacturers, hoping to establish joint ventures to produce electric vehicle batteries.
At this stage, LG Chemical is promoting the battery joint venture project with general motors and Geely. In addition, LG Chemical hopes to establish cooperation with more automobile enterprises and continue to expand the production scale of electric vehicle batteries.
LG Chemical is currently supplying batteries to Model 3 produced by Tesla Shanghai Super Factory through its plant in Nanjing, China.
However, Mr Xin added that Tesla was not one of the companies that LG Chemical was discussing forming a joint venture. Currently, LG Chemical is looking for a location for a new battery plant in Europe.
It is worth noting that,LG plans to spin off 12 of its battery businesses this year set up an independent company, the new company is tentatively named
According to the latest data of SNE research, a Korean market research organization, from January to August this year, LG Chemical's global power battery installed capacity was 15.9gwh, ranking first in the industry with a market share of 24.6%; Ningde times ranked second, with an installed capacity of 15.5gwh, with a market share of 24%.
It is not difficult to see that if we can establish a new joint venture with automobile enterprises, we believe that it will bring new impetus to LG Chemical's performance growth, and Ningde era will face a more difficult opponent.