Kim Dong-myeong, LG Energy Solution President, "4680 Battery Mass Production as Early as August" (Comprehensive)

Inauguration of the 8th Battery Association President
"Central Role as One Team in the Battery Ecosystem"

Kim Dong-myeong, President of LG Energy Solution, was inaugurated as the chairman of the Korea Battery Industry Association on the 15th.

On the same day, the association held a board meeting and general assembly at the JW Marriott Hotel in Seocho-gu, Seoul, and elected Kim as the 8th chairman. Last year, when Kwon Young-soo, Vice Chairman of LG Energy Solution, retired, Kim automatically succeeded as chairman of the association. According to the association's bylaws, when the existing chairman resigns, the new representative of the affiliated company takes over the remaining term. Kim's term will last until February 2026.

Before the board meeting, Kim told reporters about his inauguration, saying, "Although it is a difficult time, I came with the intention to collaborate well with the government and work together to develop the Korean battery industry."

Regarding whether there were any discussions beyond the existing joint 3rd plant during his meeting last week with Mary Barra, Chairwoman of General Motors (GM), who visited Korea, Kim said, "We talked about continuing the various collaborations we have had so far, including the upcoming mass production at the Tennessee 2 plant in the U.S. that we are about to start."

He added about GM's recent request to share the Advanced Manufacturing Production Tax Credit (AMPC), "This is not an issue exclusive to GM; we need to strategically come up with good solutions to create a win-win situation with our customers," and said, "Discussions are ongoing and have not yet been finalized."

Regarding the much-discussed 4680 battery production in the market, he said, "We are discussing the cylindrical 46 size not only with Tesla but also with other customers," and added, "We plan to start mass production at the Ochang plant as early as August." He also mentioned, "The joint plant with Hyundai Motor in Indonesia is scheduled to open in April."

On employee dissatisfaction regarding performance bonuses, Kim said, "We have never changed the performance bonus rules," and explained, "Policy-wise, the Inflation Reduction Act (IRA) is often reduced or shaken by various external factors, but it is difficult for us to incorporate this uncertainty into our targets." He continued, "Since evaluations are based on achievement relative to targets, whether IRA-related factors are included or not, the situation remains the same," and added, "Our members seem to feel a gap between what is announced externally and reality," and said, "We are considering ways to address these issues positively."

Regarding Chinese battery companies increasing their market share in non-Chinese markets, he said, "We aim to go back to the basics," and stated, "We will maintain our position by focusing on fundamental product competitiveness, cost competitiveness that is not shaken by external environments, and securing future technologies, as we have done so far."

Kim Dong-myeong, President of LG Energy Solution, is entering the JW Marriott Hotel in Seocho-gu, Seoul on the 15th to attend the board meeting of the Korea Battery Industry Association.
[Photo by LG Energy Solution]

In his inaugural speech delivered at the general assembly that day, Kim said, "We will assign key performance indicators to the association to innovate so that the competitiveness of the battery industry can be further strengthened," and added, "The association will play a central role to ensure that our member companies across the entire battery ecosystem, including cell manufacturing, materials and parts, and recycling, can become one team."

He continued, "We will actively promote policy support and regulatory relaxation, such as the legislation of the Used Battery Support Act, establishment of an integrated management system, and strengthening of the regulatory innovation consultative body between the government and industry," and said, "We will also spare no effort to promote the domestic battery market, including R&D support, establishment of a system to support domestic production of critical minerals, and activation of the ESS industry."

Meanwhile, the association expanded and reorganized its chairman group from 14 companies to 23 companies to strengthen the voice of the industry across the entire battery ecosystem.

This content was produced with the assistance of AI translation services.