LG Energy Solution to double sales by 2028

LG Energy Solution Ltd. (LGES), South Korea's leading battery maker, said Monday it aims to more than double its sales by 2028 with a focus on non-EV business amid the slowdown of electric vehicles. LGES announced its business portfolio diversification plans in the company's first vision sharing event for employees at its LG Sciencepark R and D complex in western Seoul. The diversification plan comes as carmakers and battery providers struggle with slowing sales due to the EV chasm, which occurs before the widespread adoption of pure electric cars. Under the vision of "Empower Every Possibility," LGES will expand businesses involving the energy storage system (ESS), urban air mobility (UAM), Battery-as-a-Service (BaaS) and Energy-as-a-Service (EaaS), the company said in a statement. "We are targeting to morph into an energy solutions provider with focus on 'energy circulation,' not just staying as a battery manufacturer under the new vision," LGES Chief Executive Kim Dong-myung said. To keep its leading status in the battery market, the company said it will diversify its lithium-ion battery-centered lineup with lithium iron phosphate (LFP) and all-solid-state batteries (ASBs). An LFP battery is known for its enhanced safety features and low manufacturing costs despite low energy density and relatively short driving range compared with lithium-ion batteries and nickel cobalt manganese (NCM) batteries adopted by Korean companies. An ASB is a next-generation battery solution with a filling of solid electrolyte that helps reduce fire risks and enhance the driving range in EVs. In 2023, LGES posted 33.75 trillion won (US$25 billion) in sales. Source: Yonhap News Agency