According to the latest report, LG New Energy, which was spun off from LG Chem’s battery business, is the current second-generation power battery supplier in the world, second only to CATL.
With the increase in demand for electric vehicles, it is also expanding its production capacity to meet the growing demand for electric vehicle batteries.
Join tip3x on Telegram
Moreover, the latest reports from the Korean media show that LG New Energy has adjusted its investment budget for this year, from the previous 6.3 trillion won to 7 trillion won.
LG New Energy’s investment and increased investment this year cover a number of ongoing projects, including the establishment of factories and joint ventures in North America, and the expansion of cylindrical battery capacity in other markets.
Furthermore, the Korean media also mentioned in the report that LG New Energy has revealed that its goal is to increase its global battery production capacity from 200GWh at the end of this year to 520GWh by 2025, which will be able to meet about 7.42 million vehicles by then.
As the world’s second-largest power battery supplier, LG New Energy has accumulated a large number of orders. The sources also mentioned in the report that by the end of March this year, the value of their existing orders exceeded 300 trillion won.
Continuously increasing the production capacity of batteries means that LG New Energy’s revenue will also increase significantly. The sources also mentioned in the report that their sales target for this year is 19.2 trillion won, an increase of 1.3 trillion won from last year, and is expected to achieve double-digit growth.
