South Korean firm LG Energy Solution (LGES) is in talks with around three Chinese suppliers to make cheap electric vehicle batteries for Europe, Reuters reports, citing a senior executive.
The search for potential partnerships comes as competition is expected to increase in the wake of steeper EU tariffs on China-made EVs – up to 38% – after its anti-subsidy probe.
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French automaker Renault said this month that it would include lithium iron phosphate (LFP) battery tech in its plans to mass produce EVs.
It said it had chosen LGES and its Chinese rival CATL as partners to build a supply chain in Europe, according to Reuters.
