Tesla Looking To Acquire Stake In LG Battery Business: Report

Tesla Inc's (NASDAQ: TSLA) battery day showed the company is trying to take over the world when it comes to battery production. Not only is Tesla ramping up production and creating a completely new battery cell, the company also said it will continue working with partners to access as many batteries as possible.

A new report from The Korea Times said that Tesla is seeking to acquire a stake in LG Chem to obtain a new supply of batteries.

LG Chem is a major supplier for most EVs worldwide, including General Motor (NYSE: GM)'s Chevy Bolt and Ford Motor Company (NYSE: F)'s Mustang Mach E.

Benzinga's Take: LG Chem is one of the largest battery suppliers in the world — behind Tesla.

A partnership would allow Tesla to continue its exponential growth, while possibly starving competitors of batteries as well. If electric vehicle production grows, battery production will need to grow significantly.

Photo courtesy of Tesla.

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