SEOUL (Reuters) – Shares of LG Chem Ltd, which supplies batteries to Tesla Inc, climbed on Tuesday, after media said the U.S. electric vehicle maker was looking to acquire a stake in a battery unit the South Korean company wants to dispose of.
“Tesla is said to be exploring taking up to a 10 percent stake in LG Energy Solution,” the Korea Times quoted an unidentified banking source as saying, in the U.S. firm’s quest for a stable supply of batteries.
LG Chem and Contemporary Amperex Technology (CATL) gained ground, tracking Tesla’s gains following a bullish sales outlook by Chief Executive Elon Musk.
On Twitter, Musk said the company might sell 20 million cars before 2030, and projected total industry sales at more than 30 million EVs. Tesla delivered 367,500 vehicles last year.
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