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Hyundai Motor, LG's battery unit to invest $1 bln in EV partnership

Hyundai Motor, LG's battery unit to invest $1 bln in EV partnership

7/29/2021 6:30:00 AM

Hyundai Motor, LG's battery unit to invest $1 bln in EV partnership

South Korea's Hyundai Motor Group and LG Energy Solution said on Thursday they would set up a joint venture (JV) in Indonesia to establish a battery cell plant for electric vehicles (EV), investing $1.1 billion with each owning half the business.

LG Energy Solution (LGES), the wholly owned battery subsidiary of LG Chem Ltd(051910.KS), and Hyundai signed a memorandum of understanding with the Indonesian government to build the plant in the country, the companies said in a joint statement on Thursday.

Biden getting COVID-19 booster shot after authorization This hamster's cryptocurrency portfolio is beating the market Biden to Receive Covid-19 Booster Shot Monday

The news comes as global automakers move to secure EV batteries in anticipation of a rise in sales because of government subsidies and quotas worldwide seeking to cut carbon emissions.Construction of the plant will start in the fourth quarter of 2021 and will be completed by the first half of 2023, the companies said.

Indonesia is promoting the domestic development of EV and battery production to create a downstream industry for the country's rich supply of lithium battery ingredient, nickel laterite ore.Reporting by Akriti Sharma in Bengaluru; Editing by Subhranshu Sahu and Gerry Doyle

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Pelosi sets Thursday vote on infrastructure, eyes smaller social spending bill

U.S. House of Representatives Speaker Nancy Pelosi on Sunday set a vote on the $1 trillion bipartisan infrastructure bill for Thursday and voiced confidence it would pass.

London judges agree to reopen $7 bln Brazil dam lawsuit against BHPLondon's Court of Appeal agreed on Tuesday to reopen a major lawsuit against Anglo-Australian mining giant BHP (BHP.AX), (BHPB.L), reviving a $7 billion claim over a 2015 dam rupture that triggered Brazil's worst environmental disaster. nice

Walmart announces plan to pay 100% of college tuition and books for its associatesWalmart associates will no longer have to pay a $1 per day fee in order to participate in the company's education program. Gee wiz thats nice!!!

U.S. Women’s National Soccer Team Receives $1 Million From Athletic Wear Brand to Level Pay GapBay Area-based brand Title Nine has donated $1 million in direct payment to Olympic players to help level the pay gap. Thanks for spreading the word about ! LFG AbbyWambach can you put this on blast. Encouraging other business to match!

Infrastructure Agreement on Major Issues Reached by Bipartisan Group of SenatorsA bipartisan group of senators struck an agreement on a roughly $1 trillion infrastructure package after weeks of intense talks, with negotiators confident they have locked down enough Republican and Democratic support to advance the bill later Wednesday Insanity. Inflation is running away and these idiots are gonna print more money. Cut defense spending by $250 billion and you'd have it. Not enough money was spent

Gentle Monster and Heron Preston Launch Eyewear Collab - V MagazineThe duo’s first eyewear partnership was inspired by workwear design and tools.

Senate to move on $1T infrastructure billThe Senate voted Wednesday night to start work on a nearly $1 trillion infrastructure package after President Joe Biden and a bipartisan group of senators reached agreement on the key part of the White House agenda. The outcome after weeks of negotiations showed the interest among senators in starting the process. Slush fund... He's got his sleeves rolled up. Watch out! 😉