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LG Ensol “Development of next-generation batteries… CATL will be exceeded”

Vice Chairman Kwon Young-soo’s online press conference

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▲ Kwon Young-soo (center), Vice Chairman of LG Energy Solutions, introduces the company’s mid- to long-term vision at an online press conference on the 10th.
LG Energy Solution

“We will take the lead in CATL’s market share in China in the future.”

LG Energy Solutions, which is about to go public at the end of this month, announced that it would expand its global production capacity and develop next-generation batteries based on an investment of about 13 trillion won. Through this, the company plans to surpass China’s CATL, the world’s No. 1 battery maker.

At a press conference held online on the 10th ahead of the company’s listing on the KOSPI, Vice Chairman Kwon Young-soo of LG Energy Solutions said, “Currently, we have been supplying many global automakers such as Volkswagen, General Motors (GM), Audi, Hyundai, Volvo, and Porsche. “As of this year, the company’s order backlog is 260 trillion won, and I know that it exceeds CATL.”

On this day, Vice Chairman Kwon focused on ways to narrow the gap with CATL. According to SNE Research, a battery market research company, CATL’s global EV battery market share was 29.0% as of last year, ranking first in the world. LG Energy Solutions, in second place, recorded 22.2%, closely following behind. Vice Chairman Kwon said, “We outperform our competitors in terms of intellectual property (IP) and, unlike CATL, we have a diverse global customer group. I see,” he pointed out. He continued, “If (CATL) is to become a global company, it will have to secure customers in Europe and the US, but it will not be easy. We will actively advance into the Chinese market in the future.”

Regarding the movement of automakers to internalize batteries, Vice Chairman Kwon explained, “The move has not been successful so far and the trend is shifting towards establishing a joint venture. did. LG Energy Solutions submitted a securities declaration to the Financial Services Commission last month and started the public offering process. If the public offering is successfully completed, LG Energy Solutions and LG Chem will raise up to 12.75 trillion won (based on the offering price of 300,000 won). The inflows will be used to develop ‘all-solid-state batteries’ and ‘lithium sulfur batteries’, which are considered next-generation batteries, along with expansion of production capacity overseas, including in North America, Europe and China, as well as domestically. Vice Chairman Kwon said, “We are also considering introducing lithium iron phosphate (LFP) business, led by Chinese companies, to electric vehicle batteries in the future.”

By Oh Kyung-jin

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