Search results for Ultium Cells
Industry
LG Energy Solution posts Q1 operating loss of 207.8 billion won, swings to red
LG Energy Solution posted a first-quarter operating loss of 207.8 billion won due to initial costs from expanding its North American energy storage system production base, and lower volumes of EV pouch products for a strategic customer. Revenue fell 2.5 percent from a year earlier to 6.56 trillion won but rose 1.2 percent from the previous quarter. The company said North American production incentives reflected in results totaled 189.8 billion won.
Industry
LG Energy Solution converts Tennessee plant to ESS production
LG Energy Solution has expanded its North American energy storage system (ESS) production base to 5 sites. Its joint venture with GM, Ultium Cells, will start producing lithium iron phosphate battery cells for ESS at its Spring Hill, Tennessee plant. The company will convert part of an existing EV battery line and begin full-scale mass production from the second quarter. ESS cells from the Tennessee plant will be supplied via LG’s North American SI unit Vertech.
Industry
K battery makers sink deeper into losses this year, eye ESS and robots as exit
LG Energy Solution, Samsung SDI and SK On are expected to re-enter a loss-making phase as slowing electric vehicle demand cuts utilisation rates and cancellations add to fixed-cost burdens. Analysts point to uncertainty tied to U.S. incentives and customers, while the government has voiced concern over the three-company structure. Energy storage systems are seen as a near-term outlet, alongside supply-chain shifts away from China and growing interest in robot batteries.