LGES believed because its customers were not as dense as China, it had better growth opportunities than CATL
see photosLG expected to overtake CATL as world’s largest battery supplier
LG Energy Solutions (LGES) expects to overtake Chinese CATL as the world’s largest battery supplier. LGES CEO Kaon Young-soo revealed that it will become the global number in 2022 thanks to its more geographically diversified business, a higher order of backlog that stands at $217 billion, and overall superior intellectual property.
“We outperform competitors in IP, and we have more diverse customers in the US and Europe, and production bases to supply our products to customers that CATL does not have. I believe that the background of CATL’s development is Chinese. Automakers have preferred the policy of using or using locally produced batteries. Since we have more orders, we predict that we will exceed CATL in terms of market share in the future Kwon Young-soo, CEO of LGSE, said.
LG Energy Solutions is one of the world’s largest battery players
LGES is also expected to disclose its share price and the company is expected to have a market capitalization of approximately $58.5 billion once the IPO is completed. More than 80 percent of LGES will be owned by LG Chem. It is also expected to raise $10.6 billion, of which $7.4 billion will be spent on new manufacturing capacity. It is building new facilities in Michigan in the US, and also has one at its Wroclaw plant in Poland. There may also be a new gigafactory that it plans for the European market.
This showed that its LFP batteries are in development – and will be developed not only for electric vehicles but also for energy storage systems. LFP chemistry is cheaper and safer but probably not as efficient. It combines nickel, cobalt, manganese and aluminum.
0 notes
“We plan to actively use this material. Since we have developed it earlier, we will apply it to ESS (energy storage system) and then to electric vehicles in the future,” the CEO also explained that the company had more than double-digit profit margins and above 25 percent year-on-year growth.
for the latest auto news And ReviewFollow carandbike.com Twitter, Facebook, and subscribe to our youtube Channel.
,