LG International Corp.

Automotive, Telecommunications
KRX: 001120
South Korea

"Iran Khodro Co., an automaker in Tehran, is in talks with LG International Corp. to develop electric vehicles for the Iranian market. 'Negotiations are under way,' said Hashem Yeke Zare, managing director of Khodro. The companies may clinch the deal in autumn, he said in an interview in Tehran. LG International, which is based in Seoul, would supply batteries and other components to the automaker and install charging stations. Khodro would make the cars. The partners aim to manufacture 60,000 vehicles by 2023. 'We are currently carrying out the plans to developing electric vehicles and to setting up charging infrastructure in Iran,' said an LG spokesman. The company declined to give further details before the deal closes." (Bloomberg, "Iranian Automaker in Talks with LG to Make Electric Vehicles," 6/29/2016)

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"LG International Corp., the trading arm of South Korea's LG Group, said Friday that it has signed a tentative deal with the Iranian government to cooperate in developing electric vehicles and establishing necessary infrastructure. Under the deal, LG International will work with local companies to develop electric vehicles and build charging stations. They also agreed to produce about 60,000 units of EVs by 2023. Other details on the terms of the agreement were not known. Both sides are seeking to finalize the deal within this year. LG International will oversee the project jointly with the Iranian government. Other affiliates, such as LG Electronics, LG Chem and LG Innotek, will lead efforts to develop batteries, electric motors and key auto parts, the company said.” (Mehr, “LG Intl., Tehran sign deal to cooperate in developing EVs,” 5/13/2016)