LG Chem: Shares of LG Chem rise after report of Tesla's interest in battery unit, Auto News, ET Auto
SEOUL - Shares of LG Chem Ltd , which supplies batteries to Tesla Inc, climbed on Tuesday, after media said the U.S. electric vehicle maker was looking to acquire a stake in a battery unit the South Korean company wants to dispose of. "Tesla is said to be exploring taking up to a 10 percent stake in LG Energy Solution," the Korea Times quoted an unidentified banking source as saying, in the U.S. firm's quest for a stable supply of batteries. LG Chem's shares ended Tuesday up 4.5%, recouping some of last week's fall of nearly 6% after Tesla announced a plan to produce batteries in house and halve costs. LG Chem, South Korea's top petrochemicals firm, announced a plan last week to separate its battery business in December, to pave the way for "large investments" and a potential initial public offering.