LG Chem to approve plan to spin off battery business on Thursday - Yonhap

SEOUL (Reuters) - LG Chem 051910.KS, an electric car battery supplier for Tesla Inc. TSLA.O and General Motors GM.N, plans to approve a plan to spin off and list its battery business to help finance expansion to meet growing EV demand, Yonhap News Agency said.

LG Chem plans to hold a board meeting on Thursday to discuss the plan, the report said. LG Chem declined to comment.

The petrochemicals company previously said it was considering making its electric car battery business an independent company, without elaborating.

LG Chem, which also counts Volkswagen AG VOWG_p.DE among its customers, saw its battery business swing to a profit in the latest quarter.

It expects profits to rise, driven by rising EV shipments for European automakers and increased sales for cylindrical EV batteries used mainly by Tesla.

Reporting by Hyunjoo Jin; editing by Jason Neely