GM - Tesla Reportedly Seeking Stake in Battery Giant LG
Tesla (NASDAQ: TSLA) is seeking to buy a stake in LG Chem 's (OTC: LGCLF) battery business, according to a new report, a first for the upstart electric automaker.
The Korea Times reports that Tesla is "exploring" the possibility of taking a stake of up to 10% in LG Energy Solutions, the tentative name of the company that will be created by the upcoming spinoff of LG Chem's battery division. LG Chem expects to complete the spinoff in December.
LG Chem is a major supplier of electric-vehicle batteries to several automakers, most notably Tesla and General Motors (NYSE: GM) . LG Chem supplies batteries and related systems for GM's electric Chevrolet Bolt, and the two companies are engaged in a joint venture to build a new battery factory in Lordstown, Ohio .
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Tesla Reportedly Seeking Stake in Battery Giant LG