LG Chem aims to increase its EV battery sales five times in 2024

9 July 2019, 05:11:52

LG Chem aims to increase its EV battery sales five times in 2024Yesterday, LG Chem held in Seoul a special press conference unveiling the main management tasks, mid- and long-term strategies of the company. This also the first press conference of LG Chem's CEO Shin Hak-chul after his inauguration at the LG Twin Tower in Yeouido, Seoul on September 9. The main goal of LG Chem is to enter the top five chemical companies in the world with sales of KRW 59 trillion in sales over the next five years. It is aggressively pursuing four core management tasks, accelerating profitable growth based on three core axes: petrochemical, battery, and advanced materials.

The most interesting part of this announcement is the battery division. LG Chen plans to maintain "its overwhelming technological advantage" in the third generation EV batteries offering a range of 500 km. It will also strengthen its operational capabilities such as production technology, quality and supply chain management to achieve that it. Shin Hak-cheol said the company is targeting 59 trillion won (US$49.9 billion) in sales by 2024. In 2018, it had sales of 28 trillion won (US$23.7 billion). Of those, 23% or 6.5 trillion won (US$5.5 billion) came from the battery division. LG Chem plans to increase that five-fold to 31 trillion won (US$21 billion) in 2024.

Shin said LG Chem plans to beef up its production facility of cathode, one of the key materials in making lithium-ion batteries. "We are planning to expand our cathode plant in Cheongju (in North Chungcheong Province)," he said. Shin also answered questions on the 50:50 joint venture with China's Geely assuring the audiene that there are not technolofy leaks adding that "We heard that China's subsidy issue will be resolved in the next year. The Chinese market will be better then than it is now." Source

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