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EV battery giant LG Energy Solution aims to boost sales by 8% in 2022

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EV battery giant LG Energy Solution aims to boost sales by 8% in 2022

Battery maker LG Energy Solutions Ltd (LGES) said on Tuesday that it aims to boost sales by about 8 percent in 2022, as a global shortage of chips could ease later this year on market conditions for electric vehicle (EV) batteries will pick up.

The newly listed South Korean company, which accounts for one-fifth of the global electric vehicle battery market, turned a profit in the October-December quarter, even as a chip shortage affecting automakers led to lower-than-expected battery demand.

LGES, which became South Korea’s second-largest public company last month in the country’s biggest-ever initial public offering, said in its first earnings report that it posted an operating profit of 76 billion won ($63.5 million) in the fourth quarter.

By comparison, two analysts polled by Refinitiv expected a profit of 150 billion won, compared with a loss of 479 billion won a year earlier.

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Analysts pointed out that a global shortage of chips has hurt demand from automakers, hurting the company’s performance. LGES rivals SK On and Samsung SDI Co Ltd reported similar impacts on battery demand in the fourth quarter.
The company, which supplies companies including Tesla and General Motors, saw revenue rise 2 percent year-on-year to 4.4 trillion won.

LGES said it had set its capital expenditure budget for this year at 6.3 trillion won, up 58 percent year-on-year, to fund capacity expansion at its global manufacturing facilities to meet demand for its batteries.

“Longer term, LGES will continue to move forward with bold investment plans. We believe our future-ready business model will certainly help us lead the industry,” LGES CEO Youngsoo Kwon said in a statement.

LGES debuted on the market in late January, and its market value soared to about $98 billion, second only to Samsung
Electronics shares are listed on the local bourse, reflecting an optimistic outlook for the electric vehicle battery industry.

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Its shares have since risen another 8.5% and gained a further 3.5% on Tuesday, compared with a 1.2% gain in the broader market KOSPI.

Global EV sales are estimated at 2.5 million in 2020 and are expected to grow more than 12-fold to 31.1 million by 2030, accounting for nearly a third of new vehicle sales, according to consultancy Deloitte.
In late January, LGES said it planned to invest a total of $2.6 billion with General Motors to build a third joint battery plant in the United States, with the goal of securing an annual battery capacity of about 50 gigawatt-hours (GWh) by 2025, enough for about 700,000 batteries. electric vehicle. The two companies have established two combined battery plants in Ohio and Tennessee.

Complete News Source : Business Standard

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Tom Holland to star alongside Matt Damon in Christopher Nolan’s next, will juggle that with Spider-Man 4 in 2025

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Tom Holland to star alongside Matt Damon in Christopher Nolan’s next, will juggle that with Spider-Man 4 in 2025

Tom Holland, last seen in Apple TV show The Crowded Room last year, has signed his next with Academy Award-winning filmmaker Christopher Nolan.

Tom Holland is going to have a very busy 2025. As per The Hollywood Reporter, the actor has signed Christopher Nolan’s next, which he will juggle the filming of with that of the long-awaited Spider-Man 4. (Also Read – Tom Holland shares why he left alcohol behind: ‘Struggling without booze…’)

Tom signs Nolan’s next

This will mark the first collaboration between Tom and Christopher. While details of his next directorial aren’t known yet, it’s most likely not to have a contemporary setting. It’ll be either set in the past like, his previous film Oppenheimer (2023), or in the future like Interstellar (2014). Matt Damon, who has worked with Christopher in both, has also come on board his next.

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Christopher’s next will be co-produced by him and his wife Emma Thomas’ banner Syncopy Inc and Universal Pictures, as the two production houses will team up after the Academy Award-winning blockbuster Oppenheimer last year. Prior to Oppenheimer, Christopher collaborated mostly with Warner Bros before having a fallout post the debacle of Tenet (2020).

Warner Bros then went on to produce Greta Gerwig’s musical satire Barbie, which clashed with Oppenheimer at the box office and even outperformed it globally. Warner Bros offered Christopher a cheque for the fees he waived off for helming Tenet during the pandemic. While Christopher graciously accepted the belated remuneration, he still went on to pitch his next to Warner Bros.

Tom’s busy schedule

Tom didn’t have any release this year. His last outing was Todd Graff’s psychological thriller show The Crowded Room on Apple TV last year. He’ll juggle the filming of Christopher Nolan’s next and Spider-Man 4 in 2025. Tom has been playing the superhero ever since Russo Brothers’ 2016 blockbuster Captain America: Civil War. He’s slipped into the Peter Parker shoes post that for three standalone films and two Avengers movies. Spider-Man 4 will be helmed by Shang-Chi and the Legend of the Ten Rings director Destin Daniel Cretton.

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As Tom’s girlfriend and co-star Zendaya will be busy filming Spider-Man 4 in 2025, she’ll reprise her role of Chani in Denis Villeneuve’s sci-fi spectacle Dune 3 only in 2026. Meanwhile, Tom is also likely to make an appearance as Spider-Man in Russo Brothers’ Avengers: Doomsday, which will go on floors in the spring of 2025.

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