Ji-wan Nam

Global Economic News

LG Energy Solution is aiming to achieve more than 30 trillion won (US$25.8 billion) in sales in 2024 and become the “world’s best energy solution company.”

According to LG Energy Solution, it will maintain its leading position by targeting the market to win orders for next-generation electric vehicles with its differentiated products, as well as generate stable profits by increasing production and quality capabilities including price competitiveness.

LG Energy Solution is planning to maximize its sales and operating profit based on 150 trillion won worth of order balance. As of the end of 2020, it has secured production capacity of 120GWh of electric vehicle batteries. It will secure a total production capacity of 260GWh by 2023.

Also, it is planning to maximize productivity and secure stable profits by implementing smart factory by developing high-productivity assembly facilities and expanding process automation.

It will also continue to secure capabilities for global business operation by cooperating with domestic and foreign automobile manufactures, and will focus on expanding technology gap with latecomers by establishing entry barrier in battery business.

Its energy storage system (ESS) battery cell business is providing products that can be applied to various environments to markets by securing manufacturing technology and strengthening safety significantly through customer-oriented product development.

LG Energy Solution has continued to develop not only innovative products, but also a solution that combines battery products in a rack unit to reduce additional costs such as transportation to simplify field installation. The rack is one of the components of an ESS, which consists of pack, rack, and system.