Seoul: LG Energy Solution Ltd. (LGES), South Korea's leading battery manufacturer, has announced its plan to double its annual sales by 2028 compared to 2023 levels by expanding its battery offerings. The announcement was made by LGES Chief Executive Officer Kim Dong-myung during a shareholders' meeting held in Seoul.
According to Yonhap News Agency, the company's sales increased by 32 percent year-on-year to reach 33.75 trillion won (approximately US$23 billion) in 2023. However, sales fell to 25.62 trillion won the previous year due to a slowdown in the electric vehicle (EV) market, which has been described as an "EV chasm."
Kim noted the long-term growth prospects for the battery market, despite a temporary slowdown caused by policy changes in major markets. He emphasized that the eventual market leaders would emerge after this transitional period. Kim stated that LGES plans to focus on qualitative growth by enhancing its product competitiveness, advancing future battery technologies, and continuing investments in facilities despite the current market challenges.
LGES aims to bolster its diverse product portfolio, which includes 46-millimeter diameter cylindrical EV battery cells, lithium iron phosphate (LFP), and prismatic battery cells, to boost order momentum. Kim previously predicted that the EV market slowdown could end as early as 2026, with global battery demand expected to hit its lowest point in the first half of this year.