- LG Chem also said that it was developing “new form-factor” cylindrical batteries which will boost energy density five-fold and power by six-fold, without elaborating
- The battery division, which also includes small batteries used in Apple’s iPhones, saw operating profit more than double from a year earlier to 169 billion won
As per a report by Reuters, Electric vehicle battery maker LG Chem plans to triple production capacity for cylindrical batteries used by Tesla and others. It also said that it is considering expansion in Europe and North America to meet surging demand.
The report also said that the company forecast a further rise in its battery sales and profit in the fourth quarter after posting record quarterly earnings due to growing demand for electric vehicle (EV) batteries. It said that sales are continuously expected to grow thanks to greater shipments of automotive batteries and cylindrical batteries for EVs.It did not provide figures or a timeframe for its plans to triple cylindrical battery capacity as per the report.
Boost energy density five-fold and power by six-fold
As per the report, LG Chem also said that it was developing “new form-factor” cylindrical batteries which will boost energy density five-fold and power by six-fold, without elaborating.
The report also said that LG Chem said that it had formed a task force with Hyundai to find the root cause of battery fires affecting some 14 Kona EVs in South Korea and abroad. It reported a 159 per cent rise in total operating profit to a record 902 billion won ($797 million) in the third quarter from a year earlier
As per the report, the battery division, which also includes small batteries used in Apple’s iPhones, saw operating profit more than double from a year earlier to 169 billion won. This is due to rising cylindrical battery sales, new EV launches by European automakers and higher sales of new mobile devices.
