Tesla signs US$4.3b LG battery deal to cut China dependence
The lithium iron phosphate (LFP) batteries will be supplied from LGES's US factory in Michigan, the person said on condition of anonymity because the details were not public.
LGES announced earlier yesterday that it had signed a US$4.3 billion contract to supply LFP batteries over three years globally, without identifying the customer or saying if they would be used in vehicles or energy storage systems.
The South Korean company said last week it would try to offset sluggish electric vehicle demand by increasing sales of storage batteries thanks to a global surge in demand for power driven by data centres to train artificial intelligence.
'In accordance with our agreement, we are unable to disclose the customer's identity due to confidentiality obligations,' LGES told Reuters. Tesla did not immediately respond to a request for comment.
Tesla chief financial officer Vaibhav Taneja said in April that US tariffs had an 'outsized' impact on its energy business, since it sources LFP batteries from China.
'We will also be working on securing additional supply chain from non-China-based suppliers, but it will take time,' he said.
Tesla this week also announced a US$16.5 billion deal to buy chips from Samsung Electronics' factory in Texas as South Korean companies expand their US presence to meet local demand.
Three South Korean cabinet-level officials met US Commerce Secretary Howard Lutnick in Washington in a push to close a trade deal ahead of an Aug 1 deadline for 25% tariffs on US imports from South Korea to kick in, Seoul said yesterday.
LGES is one of the few US producers of LFP batteries, a battery chemistry long dominated by Chinese rivals that have little presence in the US market.
It started production of LFP batteries at its Michigan factory in May. The company said it was considering converting some electric vehicle battery production lines in the US to cater to energy storage systems in response to slowing EV demand.
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New Straits Times
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- New Straits Times
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Malaysian Reserve
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Surgical Sutures Market Worth US$6.65 billion by 2030 with 6.5% CAGR
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Advancements in suture technology, including the development of absorbable, antibacterial, and barbed sutures, are crucial in enhancing patient recovery, minimizing post-operative complications, and reducing infection rates. These innovations not only improve surgical outcomes but also contribute to the overall growth of the sutures market by addressing specific clinical needs and improving the efficiency of surgical procedures. Download PDF Brochure: Browse in-depth TOC on 'Surgical Sutures Market'348 – Tables52 – Figures319 – Pages By product, Suture thread dominates the surgical sutures market due to its essential role in wound closure across various surgical procedures. As the core component of any suturing system, it is integral to traditional open surgeries and minimally invasive techniques. The preeminence of suture thread can be attributed to its remarkable versatility, diverse material options, and continuous advancements in design and functionality. Innovations such as non-absorbable, absorbable, antibacterial-coated, and barbed suture threads have expanded their application spectrum across various surgical disciplines, including cardiovascular, orthopedic, gynecologic, and general surgery. Clinicians increasingly opt for threads characterized by high tensile strength, minimal tissue reactivity, and reliable absorption profiles—attributes that leading manufacturers consistently refine to meet the evolving demands of surgical practice. By type, Multifilament sutures dominate the surgical sutures market due to their superior handling properties, reliable knot security, and broad application across various surgical specialties. These sutures are constructed from multiple braided or twisted filaments, which give them enhanced flexibility and tensile strength compared to their monofilament counterparts. 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By geography, the surgical sutures market is characterized by five key regions: North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. North America stands at the forefront of this market, bolstered by its advanced healthcare infrastructure, high surgical throughput, and the presence of leading industry players. The region features a robust network of hospitals, ambulatory surgical centers, and specialty clinics that engage in a wide array of complex surgical procedures—including cardiovascular, orthopedic, and general surgeries—all of which rely heavily on high-performance surgical sutures. Particularly, the US accounts for the largest market share due to its aging demographic, the prevalence of lifestyle-related chronic diseases, and an increasing demand for cosmetic and minimally invasive surgical interventions. Furthermore, North America is a hub for technological innovation, housing major corporations such as Ethicon and Medtronic, which consistently introduce cutting-edge suture materials and methodologies. This includes advancements in antimicrobial and absorbable sutures, which are crucial in improving surgical outcomes and patient safety. Request Sample Pages: The key players in the global surgical sutures market are Ethicon [Johnson & Johnson Services, Inc.] (US), Medtronic (Ireland), B. Braun SE (Germany), Advanced Medical Solutions Group Plc (UK), Healthium MedTech Limited (India), Boston Scientific Corporation (US) Zimmer Biomet Holdings, Inc. (US), Stryker (US), Smith+Nephew (UK), Conmed Corporation (US), Internacional Farmacéutica S.A. de C.V. (Mexico), Corza Medical (US), DemeTECH Corporation (US), Unisur Lifecare Pvt. Ltd (India), Assut Europe (Italy), RESORBA Medical GmbH (Germany), KATSAN Katgüt Sanayi ve Tic. A.S. (Turkey), Sutumed Corp. 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This approach not only provides value-added offerings to healthcare facilities but also enhances surgical efficiency. With a strategic emphasis on expanding market access in emerging economies and addressing the increasing demand for minimally invasive surgical procedures, Medtronic remains a key and adaptive player within the surgical sutures arena. For more information, Inquire Now! Related Reports: Wound Dressings Market Advanced Wound Care Market Minimally Invasive Surgical Instruments Market Endoscopy Equipment Market Electrosurgery Market Get access to the latest updates on Surgical Sutures Companies and Surgical Sutures Market Size About MarketsandMarkets™: MarketsandMarkets™ has been recognized as one of America's Best Management Consulting Firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. With the widest lens on emerging technologies, we are proficient in co-creating supernormal growth for clients across the globe. Today, 80% of Fortune 2000 companies rely on MarketsandMarkets, and 90 of the top 100 companies in each sector trust us to accelerate their revenue growth. With a global clientele of over 13,000 organizations, we help businesses thrive in a disruptive ecosystem. The B2B economy is witnessing the emergence of $25 trillion in new revenue streams that are replacing existing ones within this decade. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we collaborate with several Forbes Global 2000 B2B companies to keep them future-ready. Our insights and strategies are powered by industry experts, cutting-edge AI, and our Market Intelligence Cloud, KnowledgeStore™, which integrates research and provides ecosystem-wide visibility into revenue shifts. To find out more, visit or follow us on Twitter, LinkedIn and Facebook. Contact:Mr. Rohan SalgarkarMarketsandMarkets™ INC.1615 South Congress 103, Delray Beach, FL 33445USA: +1-888-600-6441Email: sales@ Our Website: Logo: View original content:
The Star
7 hours ago
- The Star
New regional centre strengthens China-Asean economic link
Hainan Daily Press Group Deputy Editor-in Chief, Niu Xiaomin (3rd from left) and Bernama Chairman, Datuk Seri Wong Chun Wai launching the Hainan International Media Centre. Looking on is (from left) Nanyang Siang Pau, Editor-in-Chief Evie Loh, Kwong Wah Yit Poh, Executive Editor-in-Chief Tee Hor Yean, Eng Teck and Datuk George Yong Ket How.—SAMUEL ONG/The Star KUALA LUMPUR: Efforts to strengthen China–Asean ties gained momentum following the opening of Hainan International Media Centre (HIMC)'s regional hub for Asean here. The centre serves as a bridge to engage with the Southeast Asia region to develop an international land-sea trade corridor. It also plays a critical role in sharing Hainan's development narrative, including tourism, commercial expansion and policy reforms. Hainan Daily Press Group deputy editor-in-chief Niu Xiaomin said Malaysia was chosen because it is home to a sizeable population of Chinese descendants, particularly the Hainanese community, which has preserved deep-rooted cultural ties and continues to uphold strong traditions. He hoped the stories of Malaysian Chinese and Chinese citizens could serve as a cultural bridge, strengthening people-to-people ties between the two nations while promoting mutual understanding and highlighting shared values across the region. He also said that Hainan would officially become a free trade port on Dec 18, allowing for some 74% of goods entering the island to enjoy zero-tariff benefits. "This marks a new starting point for Hainan's journey towards a higher level of openness to the outside world," he said at the launch of the HIMC–Asean Liaison Centre here on Friday (Aug 1). The event also saw the establishment of the New International Land-Sea Trade Corridor Asean Economic and Trade Station, and the Haifeng International Film and Television Base Asean Centre. Several agreements on media collaboration were also signed with Bernama, Nanyang Siang Pau and Kwong Wah Yit Poh to jointly produce programmes and conduct activities about Malaysia and Hainan. Partnerships were also established between HIMC and the Federation of Hainan Association Malaysia, Mila University and Lingshui Yingli Wanxiang Digital Media Industry. The HIMC–Asean Liaison Centre also serves as the Malaysia office for Guangxi International Communication Centre and the International Communication Centre of Guizhou Radio and TV Station. Also present were Bernama chairman Datuk Seri Wong Chun Wai, Kwong Wah Yit Poh executive editor-in-chief Tee Hor Yean, Nanyang Siang Pau editor-in-chief Evie Loh, the Federation of Hainan Association Malaysia president Datuk George Yong Ket How and HIMC senior advisor for Hainan-Asean international communication Dr Pua Eng Teck. Later in the day, Niu led a delegation to visit Star Media Group. They were briefed on the media company's history, operations and commitment to journalistic integrity while engaging in a fruitful meeting with its group chief executive officer Chan Seng Fatt to explore opportunities for collaboration.
