LG focus on electric vehicle energy in next 30 years

LG Electronics Inc. said it will concentrate on energy for electric vehicles on the business-to-business market within the next 30 years. LG Chairman Koo Bon-joon said on Tuesday that the company would give top priority to the electric vehicle business in a better focus on the B-B market.

Top officials at LG Electronics said a pivot is done as an important strategy to drive business in the future. LG affiliates have been aggressively expanding investments in projects related to electric vehicle components and increasing speculation that LG will manufacture complete electric cars.

"We always put energy, including electric vehicles," Koo said.

The Seoul-based conglomerate in August announced the construction of a battery pack factory for electric vehicles in the United States. LG Chem currently produces electric vehicle batteries, while LG Display provides automotive displays for car makers.

The vehicle component division has grown to around 2.6 trillion won (US$2.38 billion) by the third quarter of this year. Today's global partners are Mercedes-Benz, Volkswagen and GM, while in talks like Jaguar Land Rover. LG is also seeking to acquire ZKW based in Austria with an estimated approximately US$1.2 billion.

"In the next 30 years, we will be involved in the energy business that will see resources like water and air with a long-term perspective," Koo said.

Comments

Alphabet invested $550 million in JD.com

Alphabet Inc. invested US$550 million in JD.com Inc.'s business center as part of the efforts of the Mountain View Internet giant to expand its presence in the rapidly growing Asian market and strengthen Beijing's e-commerce giants in a global battle including the onslaught of Alibaba Group Holding Ltd, Amazon.com Inc., and Walmart Inc.

Both companies describe the investment as part of a broader partnership that will include product promotion in Google's shopping service to help JD.com expand beyond their base in China and Southeast Asia including establishing presence in the US and European markets.

The agreement is an Alphabet effort where the company's main services are blocked in China. Google is boosting investment across Asia where the rapidly growing middle class and lack of infrastructure in the retail, financial, and other areas have made it a battleground for US and Chinese internet giants. Alphabet recently took Go-Jek shares in Indonesia and may also invest…

Bajaj Electricals announced to acquire Nirlep Appliances

Bajaj Electricals announced to acquire the proposed Nirlep Appliances will provide a product portfolio that complements the offer and is a perfect synergistic blend. Agreement to fully acquire Nirlep Appliances cookware for Rs42.50 crore and thereafter be a full subsidiary.

"The Company has proposed to acquire 100% of Nirlep for consideration of Rs42.50 crore, depending on the adjustment of any additional liabilities for the period prior to the acquisition," said Bajaj Electricals.

"The proposed acquisition will provide ongoing business arrangements and other synergistic benefits for the company. It will also give the company exclusive access to the Nirlep brand, sophisticated manufacturing facilities, people, distribution networks, and intellectual property rights," the statement said.

Bajaj Electricals said it has agreed to complete the acquisition of all Nirlep shareholdings in two stages where 80% of the shares will be acquired within 60 days of the agreement a…

Hyundai and Audi collaborate on hydrogen car technology

Tinuku - Hyundai and VW's Audi on Wednesday agreed to collaborate on hydrogen car technology and look forward to improving the energy segment that lags behind the battery electric vehicle. Seoul auto giant wants to increase the absorption of hydrogen cars produced by fuel cells but has been held back by the lack of infrastructure and pressure for battery electric vehicles by Tesla.

The two companies will share access to their respective intellectual property and share components including new parts developed by Audi who are responsible for hydrogen fuel cell technology at Volkswagen Group. Hyundai hopes to create greater demand for vehicles such as the ix35 model and lower costs.

"We want to give component suppliers more opportunities, we want to have competition between component suppliers and will lower costs," said Sae Hoon Kim, head of Hyundai's R & D fuel cell group.

Toyota has praised the benefits of hydrogen vehicles that take less time to refuel than to r…

TINUKU

Search This Blog