Source: Securities Times·Data treasure
On December 1, LG New Energy, which LG Chem spun off its battery business, announced its formal establishment. The time for mass production of the domestic Model Y is getting closer. According to Korean media reports, South Korea’s LG Chem has signed a contract with Tesla to supply battery cells for the Model Y models produced at Tesla’s Shanghai plant in the early stage.
The time for mass production of domestic Model Y is approaching.
Recently, more news about domestic Model Y continues to come. In early November of this year, Tesla applied to the Chinese Ministry of Industry and Information Technology to sell the Model Y produced in Shanghai in the Chinese market.
On November 30, the Ministry of Industry and Information Technology officially released the "Recommended Models for the Promotion and Application of New Energy Vehicles" (12th batch of 2020). Through the promotion catalog, the detailed information of the domestic Tesla Model Y models was officially exposed. Specifically, the NEDC range of Tesla Model Y is 594 kilometers, the battery capacity is 77 kWh, and the battery energy density is 161 Wh/kg. In terms of power, this promotion catalog model model is a dual-motor version, with a maximum power of 137 kW for the front motor and 180 kW for the rear motor. The power consumption per 100 kilometers is 13.9 kWh/100 kilometers.
On November 19, 2019, the domestic Model 3 appeared in the new product catalog of the "Road Motor Vehicle Manufacturers and Products Announcement" issued by the Ministry of Industry and Information Technology. After that, on January 7, 2020, Tesla's Shanghai factory officially delivered Model 3 to the outside world. Therefore, some market analysts believe that Model Y is about to be put into mass production . It is reported that Tesla's Shanghai Super Factory plans to produce 550,000 vehicles in 2021, including 300,000 Model 3 and 250,000 Model Y.
LG Chem has increased Chinese investment
The success of the domestically produced Model 3 makes the market generally believe that the mass production of Model Y will inevitably set off a carnival in the Tesla industry chain. This year, the new energy vehicle market represented by Tesla is hot, making battery manufacturers such as South Korea's LG Chem unparalleled.
South Korea’s LG Chem is currently one of the world’s largest manufacturers of electric vehicle batteries, occupying approximately 25% of the global market. Thanks to the good sales of electric vehicle batteries and petrochemical materials such as ABS and PVC, South Korea’s LG Chem’s third-quarter sales and operating profit were the best quarterly performance in history, exceeding market expectations.
Recently, South Korea’s LG Chem has signed a contract with Tesla to supply battery cells for Model Y models produced at Tesla’s Shanghai plant in the early stage.
In order to meet the needs of the Tesla factory, LG Chem has increased its production lines in South Korea this year. In order to meet the needs of the Tesla factory in China, it is also increasing its investment in China. In China, LG Chem has two factories in Nanjing, and a joint venture with Geely Automobile is also under construction. It is expected to be completed and put into operation by the end of 2021. In addition, LG Chem has signed an agreement with Nanjing Economic Development Zone. Invest 500 million U.S. dollars to build cylindrical automotive power batteries in Nanjing Economic Development Zone.
On December 1, LG New Energy, which was split from LG Chem’s battery business, announced its formal establishment, with the purpose of enhancing the company’s new energy business competitiveness . LG New Energy said that the company expects sales of 13 trillion won (approximately RMB 76.7 billion) this year, and plans to achieve sales of more than 30 trillion won (approximately RMB 177 billion) in 2024, which means four years. It will achieve a 1.5-fold increase in sales within the time period, which is enough to show its confidence in future development.
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LG chemical battery business continued high growth, related industry chain companies are undoubtedly beneficiaries. Z1z
Enjie shares is LG Chem's diaphragm supplier. According to data in 2019, LG contributed 376 million yuan in revenue, accounting for 19%.
Putailai is a high-quality lithium battery anode material supplier. The company's customers mainly focus on high-end lithium battery manufacturers at home and abroad, such as CATL, LG, Samsung, BYD, Xinwangda, and Yiwei Lithium. In terms of market share, the company's market share in artificial graphite market shipments reached 22.35% in the first half of the year.
Dangsheng Technology is a cathode material supplier and has opened up high-quality customers such as LG and SKI. In the third quarter of this year, overseas shipments have reached 70%.
Xinzhoubang is an electrolyte supplier. Thanks to the outbreak of major overseas customers such as LG Chem and the recovery of domestic battery companies, the company's electrolyte product shipments have increased significantly.
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