Tesla Reportedly Seeks Stake of Up to 10% in LG’s Battery Division

Home / Tesla Reportedly Seeks Stake of Up to 10% in LG’s Battery Division

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 said. 

“The agreement covers a fixed commitment representing approximately one-third of Piedmont’s planned SC6 production of 160,000 tonnes per annum for the initial five-year term,” Piedmont said.

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