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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EV Specifications

Complete specifications of EVs, grouped according to their brand and year

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Specifications of some of the most interesting and anticipated EVs.

2020 Renault Zoe

2020 Renault Zoe R135

Seats: 5
Electric motor: 100 kW @ 4200 - 11163 rpm, 245 Nm @ 1500 - 3600 rpm, Location: Front
Battery: 52 kWh, Voltage: 400 V

2020 Renault Zoe

2020 Renault Zoe R110

Seats: 5
Electric motor: 80 kW @ 3395 - 10886 rpm, 225 Nm @ 500 - 3395 rpm, Location: Front
Battery: 52 kWh, Voltage: 400 V

2019 NIO ES6

2019 NIO ES6 Standard 70 kWh

Doors: 5, Seats: 5
Length: 190.9 in / 4850 mm
Width: 77.4 in / 1965 mm
Height: 69.2 in / 1758 mm
Electric motor #1: 160 kW, 305 Nm, Location: Rear
Electric motor #2: 160 kW, 305 Nm, Location: Front
Battery: 70 kWh

2020 Mercedes-Benz EQC

2020 Mercedes-Benz EQC 400 4MATIC

Doors: 4, Seats: 5
Length: 187.4 in / 4761 mm
Width: 74.2 in / 1884 mm
Height: 63.9 in / 1623 mm
Curb weight: 5500.53 lb / 2495 kg
Location: Rear
Location: Front
Battery: 80 kWh, Voltage: 405 V

2020 Hyundai IONIQ Electric

2020 Hyundai IONIQ Electric 38.3 kWh

Doors: 5, Seats: 5
Length: 176.0 in / 4470 mm
Width: 71.7 in / 1820 mm
Height: 57.1 in / 1450 mm
Curb weight: 3130.56 lb / 1420 kg
Electric motor: 101 kW @ 2850 - 6000 rpm, 295 Nm @ 1000 - 2850 rpm, Location: Front
Battery: 38.3 kWh, Voltage: 319.4 V

2019 Peugeot e-208 GT

2019 Peugeot e-208 GT

Doors: 4, Seats: 5
Length: 159.6 in / 4055 mm
Height: 56.3 in / 1430 mm
Curb weight: 3306.93 lb / 1500 kg
Electric motor: 100 kW, 260 Nm, Location: Front
Battery: 50 kWh

2020 KIA Soul EV

2020 KIA Soul EV 39 kWh

Doors: 5, Seats: 5
Length: 165.2 in / 4195 mm
Width: 70.9 in / 1801 mm
Height: 63.0 in / 1600 mm
Curb weight: 3511.96 lb / 1593 kg
Electric motor: 100 kW @ 2600 - 8000 rpm, 395 Nm @ 240 rpm, Location: Front
Battery: 39.2 kWh, Voltage: 327 V

2020 KIA Soul EV

2020 KIA Soul EV 64 kWh

Doors: 5, Seats: 5
Length: 165.2 in / 4195 mm
Width: 70.9 in / 1800 mm
Height: 63.0 in / 1600 mm
Curb weight: 3708.18 lb / 1682 kg
Electric motor: 150 kW @ 3800 - 8000 rpm, 395 Nm @ 3600 rpm, Location: Front
Battery: 64 kWh, Voltage: 356 V

2019 Audi Q4 e-tron

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Doors: 4, Seats: 5
Length: 180.7 in / 4590 mm
Width: 74.8 in / 1900 mm
Height: 63.4 in / 1610 mm
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Electric motor #2: 75 kW, 150 Nm, Location: Front
Battery: 82 kWh

2019 Nissan Leaf

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Doors: 5, Seats: 5
Length: 176.4 in / 4481 mm
Width: 70.5 in / 1791 mm
Height: 61.6 in / 1565 mm
Curb weight: 3853.68 lb / 1748 kg
Electric motor: 160 kW @ 4600 - 5800 rpm, 340 Nm @ 800 - 4000 rpm, Location: Front
Battery: 62 kWh

2019 Nissan Leaf

2019 Nissan Leaf SV Plus

Doors: 5, Seats: 5
Length: 176.4 in / 4481 mm
Width: 70.5 in / 1791 mm
Height: 61.6 in / 1565 mm
Curb weight: 3811.79 lb / 1729 kg
Electric motor: 160 kW @ 4600 - 5800 rpm, 340 Nm @ 800 - 4000 rpm, Location: Front
Battery: 62 kWh

2019 Tesla Model S

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Doors: 4, Seats: 5
Length: 196.0 in / 4978 mm
Width: 77.3 in / 1963 mm
Height: 56.5 in / 1435 mm
Curb weight: 4769.04 lb / 2163.2 kg
Electric motor #1: 285 kW @ 6850 rpm, 440 Nm, Location: Rear
Electric motor #2: 194 kW @ 6100 rpm, 330 Nm, Location: Front

2019 Tesla Model 3

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Doors: 4, Seats: 5
Length: 184.8 in / 4694 mm
Width: 72.8 in / 1849 mm
Height: 56.8 in / 1443 mm
Curb weight: 3864.7 lb / 1753 kg
Electric motor: 202 kW, Location: Rear
Battery: 79.5 kWh, Voltage: 350 V

2019 Tesla Model 3

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Doors: 4, Seats: 5
Length: 184.8 in / 4694 mm
Width: 72.8 in / 1849 mm
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Curb weight: 3627.05 lb / 1645.2 kg
Electric motor: 202 kW, Location: Rear
Battery: 62 kWh, Voltage: 350 V

2019 Tesla Model 3

2019 Tesla Model 3 Standard Range RWD

Doors: 4, Seats: 5
Length: 184.8 in / 4694 mm
Width: 72.8 in / 1849 mm
Height: 56.8 in / 1443 mm
Curb weight: 3627.05 lb / 1645.2 kg
Electric motor: 202 kW, Location: Rear
Battery: 62 kWh, Voltage: 350 V

2019 Jaguar I-Pace

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Doors: 5, Seats: 5
Length: 184.3 in / 4682 mm
Width: 74.6 in / 1895 mm
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Curb weight: 4717.89 lb / 2140 kg
Electric motor #1: 147 kW, 348 Nm, Location: Rear
Electric motor #2: 147 kW, 348 Nm, Location: Front
Battery: 90 kWh, Voltage: 388 V

2020 Rivian R1S

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Curb weight: 5842.25 lb / 2650 kg
Battery: 135 kWh

2020 Rivian R1T

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Length: 215.6 in / 5475 mm
Width: 79.3 in / 2015 mm
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Battery: 135 kWh