LG Chem, GM Sign $19 Billion Deal on Cathode Materials
By Kwanwoo Jun
South Korea's LG Chem has signed a $19 billion deal with General Motors to supply cathode materials used to make electric-vehicle batteries.
The South Korean chemical company said in a press release Wednesday that it will supply 24.750 trillion won ($18.65 billion) worth of cathode materials to GM from 2026 through 2035.
LG Chem plans to supply the U.S. auto giant with around 500,000 metric tons of cathode materials, which will be produced at its plant currently being built in Tennessee, according to the statement.
The estimated total volume of cathode materials would be enough to make batteries to power about 5 million high-performance electric vehicles, it said.
The South Korean company broke ground on the Tennessee plant in December 2023, which will produce 60,000 metric tons of cathode materials annually starting from 2026.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
February 07, 2024 03:19 ET (08:19 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening In the Markets This Week
-
How Anti-Obesity Drugs Are Innovating the Healthcare Market
-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
8 Stock Picks in the Apparel Industry
-
Baidu Earnings: Advertising Weakness Offset by Continued Growth In Cloud Business
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?
-
Walmart Earnings: Low Prices and Strong Digital Presence Drive Market Share Gains
-
After Earnings and a Big Selloff, Is Shopify Stock a Buy, a Sell, or Fairly Valued?
-
Cisco Earnings: Positive Guidance and Splunk Inclusion Align With Our Long-Term Thesis
-
3 Warren Buffett Stocks to Buy After Berkshire Hathaway’s Just-Released 13F Filing
-
Going Into Earnings, Is Nvidia Stock a Buy, a Sell, or Fairly Valued?