September 28, 2020 | technology | No Comments
Tesla (TSLA) – Get Report has been seeking a stake in South Korean conglomerate LG’s battery operation, according to a report from the Korea Times.
LG makes batteries in its LG Chem division, but the battery business is being spun off into a new company – LG Energy Solutions. So electric carmaker Tesla would take a piece of LG Energy Solutions if a deal happens.
Tesla is looking for a stake of up to 10% in the battery maker, a source told the Korea Times.
Tesla shares traded Monday at $421.92, up 3.58%, and have skyrocketed 404% so far this year.
Meanwhile, Piedmont Lithium (PLL) – Get Report was soaring Monday after the lithium company said Tesla agreed to buy spodumene concentrate, a raw material of lithium, from the company.
The initial agreement is for five years and may be extended for another five years, Piedmont