L&F rallies on report of battery material supply deals with LGES, SK On

L&F

14/04/2023 02:32

** Shares of South Korean battery material maker L&F Co Ltd
 066970.KQ  rise as much as 7.2% to 318,500 won ($244.62)
    ** A media report said that L&F has won deals to supply
cathode materials to battery cell makers LG Energy Solution Ltd
(LGES)  373220.KS  and SK On, which reportedly are set to launch
battery joint ventures with Hyundai Motor Group in the U.S. 
    ** It added that Hyundai Motor Group, which houses automaker
duo Hyundai Motor Co  005380.KS  and Kia Corp  000270.KS , is
expected to set electric vehicle battery joint ventures with
LGES and SK On, with an annual production capacity of up to 65
gigawatt hours (GWh)
    ** The South Korean auto group said last year it would
invest about $5.5 billion to build its first dedicated EV and
battery manufacturing facilities in Georgia, U.S.
    ** In November, Hyundai Motor Group and SK On signed an
agreement to secure a supply of EV batteries in North America 
    ** L&F and LGES declined to comment, Hyundai did not have
any comment SK On said nothing has been decided yet. 
    ** The broader KOSPI market  .KS11  was trading up 0.2% as
of 0053 GMT 
   


($1 = 1,302.0300 won)

 (Reporting by Heekyong Yang)
 ((Heekyong.Yang@thomsonreuters.com;))