LG Chem plans to separate battery business as electric cars take off

South Korea's LG Chem , an electric car battery supplier for Tesla Inc and GM said on Thursday it plans to separate its battery business into a new company as the electric vehicle market takes off.

LG Chem, South Korea's top petrochemicals maker, has long bet on car batteries as a new growth engine, but it has never made an annual profit in the business since it started making them about a decade ago. LG Chem said the timing was right to separate the business, which competes with China's CATL and Japan's Panasonic, as it has started to make"structural profits" in its car battery business.

The new wholly owned subsidiary, tentatively named"LG Energy Solutions," will include LG Chem's small batteries used in smartphones and laptops and its energy storage systems, as well as its car batteries."Many LG Chem investors will only indirectly hold the battery business, which will be separated into a unit," Daeshin Securities analyst Han Sang-won said.

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