In a report at LG Ensol’s general shareholders’ meeting, Korea took the lead in “triple U.S. investment,” while Reuters said it was “negotiating to install it in Toyota.”
Regarding LG Ensol CEO Kwon Young-soo's announcement on the 24th, Reuters reported that they were discussing with Toyota Motors to supply batteries for electric vehicles (EV), saying, "We are discussing ways of cooperation."
Reuters then reported that LG Ensol said it would "restart a suspended US battery project by investing $500 million in Arizona to receive US federal incentives implemented under the Inflation Reduction Act."
Korea is led by researchers from securities firms, saying, “Daishin Securities analyzed on the 27th that LG Energy Solutions will continue its rapid growth in the North American market with an investment of 7.2 trillion won in Arizona, USA. We maintain our ‘buy’ rating and raise our target price from KRW 600,000 to KRW 650,000.”
LG Ensol is a representative overseas corporation dependent on the US financial market, and on January 20, the fourth joint venture with GM collapsed.
LG Ensol's foreign currency borrowings (including foreign currency debentures) in the first quarter of last year were 5.612 trillion won, and 39% (1.4551 trillion won) of 76.8% of total borrowings (7.2988 trillion won) were liquid short-term borrowings to be repaid within one year.
LG Ensol operates a separate foreign exchange department, and derivatives contracts with financial institutions account for a high percentage of management, so purchasing foreign currencies with currency forward derivatives and contracts with financial institutions are complicated.
According to data announced by LG Ensol on the 24th, the total amount of cash directly raised through paid-in capital increase and cash investment is 2.9 trillion won, and the total amount of debt guarantees for funds borrowed by overseas subsidiaries, such as the United States, is about 2.23 trillion won.
A Daishin Securities report said on the 27th, “LG Ensol has expanded its investment plan in Arizona from 1.7 trillion won to 7.2 trillion won. Inflation Reduction Act), AMPC (battery manufacturing tax credit, $35 to $45 per kWh) is beneficial," he said, maintaining his 'Buy' rating and target price of 60 It was raised from 10,000 won to 650,000 won.
LG Energy Solutions' total debt in the first quarter of last year was 7,298.8 billion won, short-term debt with a repayment period of less than one year was 2,886.8 billion won, and illiquid debt accounted for 4,411.9 billion won.
The ‘Electronic Times’ said, “CATL is a Chinese company. It is not free from US regulation on China. It means that cooperation with LG Energy Solutions is essential to respond to the Inflation Reduction Act (IRA), which is based on Tesla subsidizing US production, and to ensure a stable supply of batteries.” “LG Energy Solutions made this large-scale investment. It is solved for one decisive reason. LG reported on the 27th that it is expected to build a Yanggang system with Panasonic within the Tesla supply chain in the future.”
‘News 1’ reported on October 16 last year, “According to the industry on the 16th, LG Ensol is in the process of negotiating with Toyota to supply batteries produced at the US plant to Toyota’s US plant. “We are planning to sign a business agreement (MOU) for battery supply within this year at the earliest,” he said. It is interpreted that it is because of advanced technology.”
The Dong-A Ilbo published an article on the 27th <Editorial, LG Ensol is the largest battery factory in the US... “It is a strategy to preoccupy the North American market, which is emerging as the world’s largest electric vehicle market, and at the same time confront China’s ‘battery rise’,” said “LG Ensol’s investment in Arizona is also a strategy that US companies can use for low-cost batteries in China. Instead, it is said that the background was a request for the supply of high-quality and high-performance batteries from Korea. The government should also support K-Battery by securing the supply chain of key resources.”
<Honda GM ‘Hydrogen fuel battery’ truck expansion, GM LG Ensol battery breakdown, refer to February 2, 2023>
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