Seoul: LG Energy Solution Chief Executive Officer (CEO) Kim Dong-myung announced plans for the company to increase its energy storage system (ESS) business to comprise approximately 40 percent of its portfolio in the future. This strategic move aligns with efforts to adapt to market trends.
According to Yonhap News Agency, Kim made the announcement during a shareholders' meeting held in Seoul. He elaborated on the company's vision, stating that the aim is for ESS and new business areas to occupy the mid-40 percent range of the portfolio eventually, up from the current 20 percent. The goal is to maintain a stable and balanced portfolio.
Kim emphasized the company's intention to offer distinctive competitiveness in emerging sectors, including not only electric vehicles and ESS but also the humanoid segment. He noted that the market is experiencing a "value shift," and LG Energy Solution plans to capitalize on this evolving trend.
Additionally, the CEO highlighted plans to repurpose the company's EV-related production assets to produce ESS products. This strategy addresses a decline in battery demand from the automotive industry, while also keeping a positive long-term outlook for EV demand. Kim projected that EV sales would experience a resurgence with the introduction of next-generation models starting in 2029.