Kim Dong-myeong, LG Energy Solution President: "GM Proposes Sharing AMPC, Preparing Win-Win Strategy with Customers"

Meeting with Press Ahead of Battery Association President Election
First External Event Since Appointment as LG Energy Solution CEO Last Year

Kim Dong-myung, President of LG Energy Solution, recently addressed General Motors' (GM) request to share the Advanced Manufacturing Production Tax Credit (AMPC), stating, "This is not an issue exclusive to GM, and we will strategically devise a good plan to achieve a win-win situation with our customers."

On the morning of the 15th, Kim met with reporters before the board meeting of the Korea Battery Industry Association at the JW Marriott Hotel in Seocho-gu, Seoul. When asked whether he had discussed the AMPC, which affects profitability, with Mary Barra, GM Chairwoman who visited Korea last week, he replied, "(We are) still in ongoing discussions with our customers, and it has not been finalized yet."

This event was Kim’s first external engagement since his appointment as CEO at the end of last year. On the same day, he was elected as the 8th chairman of the association’s board.

When asked if there were any discussions with Chairwoman Barra beyond the existing joint Plant 3, Kim said, "We talked about continuing to strengthen the cooperation we have had so far, including the upcoming mass production at the Tennessee Plant 2 in the U.S., which is about to start."

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]

Regarding the much-discussed 4680 battery production in the market, he said, "Besides Tesla, we are also in talks with other cylindrical 46-pi customers," adding, "We plan to begin 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."

Addressing employee dissatisfaction over performance bonuses, Kim stated, "We have never changed the performance bonus rules," and added, "Policy-wise, the Inflation Reduction Act (IRA) is often reduced or shaken by various external factors, and it is difficult for us to incorporate this uncertainty into our targets."

He continued, "Since evaluation is based on achievement relative to targets, whether or not IRA-related factors are included, the situation remains the same," and said, "Our members seem to feel a disconnect between what is announced externally and their experience," adding, "We are considering ways to address this issue positively."

Regarding Chinese battery companies increasing their market share outside China, he said, "We aim to go back to the basics," emphasizing, "We will maintain our position by focusing on fundamental product competitiveness, cost competitiveness that is resilient to external environments, and securing future technologies, as we have done so far."

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