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SEOUL (Reuters) - South Korea's LG Chem, an electric car battery supplier for Tesla Inc and GM, said on Thursday it plans to separate its battery business as a new company in December.

The new company, to be wholly owned by LG Chem, seeks to "strengthen the expertise and market dominance" by focusing on the battery business, it said.

LG Chem posted an operating profit in its car battery business in the latest quarter and expected further profitability thanks to demand from European car makers and more battery sales of cylindrical batteries used in Tesla cars.

It said it will consider a stock market listing of the battery unit, without elaborating further.

(Reporting by Hyunjoo Jin; Editing by Tom Hogue and Muralikumar Anantharaman)

Copyright 2020 Thomson Reuters.

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Stocks Move Higher, S&P 500 Looks to End Four-Day Losing Streak

Operation targeting Darknet drug traffickers nets dozes of arrest worldwide, officials say Three iconic D.C. restaurants closed by the pandemic Stocks Move Higher, S&P 500 Looks to End Four-Day Losing Streak

Stocks rose Tuesday following the S&P 500's fourth consecutive losing session as gains in the tech sector offset a host of investor worries ranging from an increase in global coronavirus cases worldwide, dimming prospects for more fiscal aid from Congress and volatility related to the U.S. presidential election.

© TheStreet Stocks Move Higher, S&P 500 Looks to End Four-Day Losing Streak

Investors awaited testimony from Federal Reserve Chairman Jerome Powell and U.S. Treasury Secretary Steven Mnuchin before a congressional panel.

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The Dow Jones Industrial Average was up 51 points, or 0.19%, to 27,199, the S&P 500 rose 0.48% and the Nasdaq gained 0.53%. Apple and Amazon.com traded higher.

U.S. stocks fell Monday, extending the market's September selloff, but pared losses with a late-session recovery. The Dow finished down 509 points, or 1.84%, to 27,147, the S&P 500 dropped 1.16% and the Nasdaq eased 0.13%.

Stocks have fallen the first three weeks of September. The S&P 500 has declined 8.4% since hitting a record high on Sept. 2.

"I am not at all surprised by the recent market volatility. The lack of new fiscal stimulus, unclear direction over coronavirus policy and now an intense Supreme Court-related political battle is causing a new level of angst in the markets," said Kenny Polcari, managing partner at Kace Capital Advisors. "Both political parties are now in a full flight with just a few weeks until election day. The U.S. election has begun to spin out of control."

Powell, in prepared remarks that he will deliver Tuesday before the House Financial Services Committee, said the U.S. economy "will recover fully from this difficult period" but more fiscal stimulus will be needed to prevent long-term damage from the coronavirus pandemic.

"Economic activity has picked up from its depressed second-quarter level, when much of the economy was shut down to stem the spread of the virus. Many economic indicators show marked improvement," Powell said.

"Both employment and overall economic activity, however, remain well below their pre-pandemic levels, and the path ahead continues to be highly uncertain," he added.

"The path forward will depend on keeping the virus under control, and on policy actions taken at all levels of government," the Fed chairman said.

Powell and Mnuchin are scheduled to testify at 10:30 a.m. ET Tuesday. They also will appear Thursday before the Senate Banking Committee.

Tesla was falling 4.82% Tuesday to $427.72 after CEO Elon Musk tweeted the electric vehicle maker plans to boost battery cell purchases from suppliers and foresees "significant shortages in 2022 & beyond unless we also take action ourselves."

The tweets came ahead of Tesla's widely anticipated "Battery Day" event Tuesday at which the company is expected to reveal new battery cell technology that significantly boost boost battery life.

In his tweets, Musk said that notwithstanding the announcement, Tesla intends to increase purchases of battery cells from third-party suppliers. The announcement pertains more to long-term production, particularly for semi, cybertruck and roadster vehicles and won't reach high-volume production until 2022, Musk tweeted.

U.K. Prime Minister Boris Johnson urged people to continue to work from home as coronavirus infections in Europe's second-largest economy continue to surge. The government is set to announce new social restrictions on bars and restaurants.

The number of new daily confirmed cases in the U.S. has jumped more than 15% in the past 10 days, according to The New York Times.

This article was originally published by TheStreet.

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