LG Energy Solution Aims to Double Share of Energy Storage System Business to Around 40%

Deep News03-20

The Chief Executive Officer of LG Energy Solution, Kim Dong-myung, stated on Friday that the company plans to increase the proportion of its Energy Storage System (ESS) business to approximately 40% in the future, aligning with market trends.

During a shareholders' meeting held in Seoul, Kim Dong-myung remarked: "The company intends to raise the share of its Energy Storage System and new businesses to around 40%, up from the current 20%, in order to maintain a stable and balanced business portfolio."

Kim Dong-myung added: "We plan to demonstrate unique competitiveness in new fields, not only in electric vehicles and Energy Storage Systems but also in the field of humanoid robots."

Kim Dong-myung noted that the market is entering an era of so-called "value transition," and the company will develop in line with this market trend.

Kim Dong-myung stated that LG Energy Solution will repurpose its electric vehicle-related production assets to manufacture Energy Storage System products, addressing the weak demand for batteries in the automotive industry.

He further commented: "The long-term growth outlook for electric vehicle demand remains valid," pointing out that electric vehicle sales are expected to rebound as next-generation models begin production from 2029.

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