LG Chem to approve plan for battery business spinoff, report says

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SEOUL — LG Chem, a supplier for Tesla Inc. and General Motors, is set to approve a plan to spin off and list its battery business to help finance expansion to meet growing EV demand, Yonhap News Agency said.

LG Chem plans to hold a board meeting on Thursday to discuss the move, the report said. LG Chem declined to comment.

The Korean petrochemicals giant previously said it was considering making its electric vehicle battery business an independent company, without elaborating.

LG Chem, which also counts Volkswagen Group among its customers, saw its battery business swing to a profit in the latest quarter.

It expects profits to rise, driven by rising EV shipments for European automakers and increased sales for cylindrical EV batteries used mainly by Tesla.

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