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February 25, 2021
Recent reports from South Korea have indicated that LG Energy Solutions, a wholly-owned subsidiary of LG Chem, is building a pilot 4680 battery production line for Tesla. The pilot line is reportedly being constructed quickly, with the project potentially entering operations ahead of Japanese rival Panasonic, which is poised to launch its own 4680 cell production efforts for Tesla as well.
As per reports from South Korean media outlet
The Elec, LG is currently transforming some production lines at its Ochang plant. Individuals reportedly familiar with the matter informed the news agency that assembly and electroplating equipment have already been installed in the facility. LG is expected to invest millions of dollars into the venture, effectively rivaling Panasonic’s efforts.
Panasonic’s incoming boss will have plenty of room to manoeuvre when he takes over in April. Tuesday’s third-quarter results show the $32 billon Japanese conglomerate has moved swiftly since announcing a strategic overhaul, and Yuki Kusumi’s promotion to chief executive.
Panasonic predicts it ll profit selling batteries to Tesla in 2021 The companies decades-old partnership is expected to finally benefit the tech giant in a big way for the next fiscal year by Tim Kelly
SHARE STORY Assembly workers put together a Tesla Model S at the Tesla factory in Fremont, Calif., Friday, June 22, 2012. Paul Sakuma / Associated Press
Panasonic said on Tuesday it expects its battery business supplying Tesla to be profitable this fiscal year, and raised its full-year operating profit forecast by more than half.
After several years of production troubles and delays at Tesla, Panasonic is beginning to see its decade-old partnership with the U.S. company become a profit driver.
According to a report from the Wall Street Journal, hedge fund MC Capital Advisors helped launch a new ETF which tracks lithium producers and battery makers. The fund will be known as Global X Lithium, and is projected to start trading this week. It is expected to trade under the ticker symbol . Read More. Don t Miss Any Updates! News Directly in Your Inbox Subscribe to: