The battery-maker aims to produce LFP batteries that can be made at lower cost, but deliver less range than comparable nickel-cobalt electric vehicle batteries

The EVs of the future — those arriving after 2025 — could shift to significantly cheaper sodium ion or lithium sulfur battery cells

China's zero-Covid policy, which has snarled supply chains and hurt production, prompted LGES to seek EV-battery factory sites elsewhere in Asia

The move is part of BYD's international push, which has seen it open showrooms in New Zealand and Singapore as well as Norway, Brazil, Costa Rica and Colombia

The funding was first reported by Maeil, citing the investment banking industry. The newspaper said Carlyle Group and SK On had been negotiating detailed terms

Elon Musk, its chief executive, has demanded the company ramp up battery production, especially of its so-called 4680, denoting the diameter (46mm) and height (80mm)

The factory is expected to begin producing the increasingly popular cylindrical batteries starting in 2024, Samsung SDI said in a statement

Two BYD customers said they and others questioned why BYD had instructed dealers to replace batteries in their cars which were not subject to the recall

The company said it would accelerate production of ethyl methyl carbonate (EMC) and diethyl carbonate (DEC) - two types of electrolyte solvents

The agreement with the US carmaking giant comes on the heels of similar deals with Tesla and South Korean battery maker LG Energy Solution

Carmakers have responded to surging lithium prices by switching to lithium ferro-phosphate batteries, which China is best placed to supply worldwide, says Credit Suisse

The legendary automaker is playing catch-up when it comes to battery-powered vehicles but now it’s teaming up with a South Korean firm to build EV power sources in the US