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LG Chemical stated that the reason why the spin-off was stopped is because of various business obstacles and difficult market conditions. After the spin-off of the battery business, the company will not be profitable. For the future, a LG Chem spokesman said that the company will produce electric vehicle batteries as planned to address market concerns about a shortage of electric vehicle supply chains.
However, the news that the spin-off plan of the battery business was postponed was due to the impact of the new crown pneumonia epidemic. LG Chem believes that the new crown pneumonia epidemic will affect the US and even the global automotive industry production and consumer buying sentiment, so it is expected that the sales of power batteries this year will be poor. This is obviously unfavorable for its plan to spin off the battery business.
Reported by Zoe Lin
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