LG Energy to decide on whether to go public in October
Firm says it will consider all situations, including General Motors recall
LG Energy Solution said on Monday that it will decide on whether it will go through its IPO plan in October.
The company had previously stated it intended to go public within 2021.
In a statement on Monday, the company said it will consider the recall being commenced by General Motors, which it supplies batteries for electric vehicles to, and market condition to decide on whether it will go through with the IPO by October.
Earlier this month, General Motors has announced an additional recall for its Chevrolet Bolt EVs due to faulty batteries.
LG Energy Solution is planning to contribute to the bill for the recall.
The South Korean firm said it plans to add software systems to increase the stability of batteries on EVs.
General Motors in total is recalling 142,000 models. The latest recall is expected to cost US$1 billion, which LG will also contribute in.
Despite the recall, the pair has both publically stated that their partnership will be strong going forward.