LG Energy Solution says it will overtake CATL in the EV battery market

12 January 2022, 03:14:44

LG Energy Solution says it will overtake CATL in the EV battery marketSouth Korean news agency Yonhap reports that during a press conference in South Korea for the LG Energy Solution IPO, the company's Vice Chairman Kwon Young-soo said that LG Energy Solution will overtake CATL even though its market capitalization is lower than the market's first.

Let's see several figures. The current CATL market capitalization is 234 trillion won. LG Energy Solution plans to set its share price this Friday ahead of the IPO leading to an estimated value of 70 trillion won. After the IPO, this figure is expected to reach 100 trillion won. So we're looking at a triple difference between CATL and LG Energy Solution.

However, Kwon specified that LG Energy Solution has more remaining EV batteries orders compared to CATL worth 260 trillion won. As a result, the company will have a 25% growth per year and a double-digit operation margin. Kwon also hinted that LG Energy Solution is better prepared for international market competition. Regarding the competition in the field of LFP batteries, LGES said its producers provide higher performance. The company also continues investing in the field with another 5.6 trillion won expected to be spent by 2024 for battery production in South Korea, Europe, and China.Source

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