LG Energy Solution, First Vision Announcement Since Establishment: "Double Sales by 2028"

Vision Sharing Meeting at LG Science Park, Seoul on the 7th
Expanding Areas Beyond Electric Vehicles such as ESS and UAM

Kim Dong-myeong, President of LG Energy Solution, is giving a presentation at the vision sharing meeting for all employees held on the 7th at LG Science Park in Magok, Gangseo-gu, Seoul. Photo by LG Energy Solution

LG Energy Solution has set a goal to more than double its sales by 2028 compared to 2023 (33.7455 trillion KRW) by strengthening its businesses beyond electric vehicles, such as energy storage systems (ESS) and urban air mobility (UAM).

On the 7th, LG Energy Solution held its first vision sharing meeting for all employees at LG Science Park in Magok, Gangseo-gu, Seoul, where it announced this goal. The vision sharing meeting was broadcast live online with President Kim Dong-myung, executives from each business division, and about 300 employees attending in person.

At the event, President Kim presented the goal of achieving sales of over 67 trillion KRW by 2028 while simultaneously achieving qualitative growth. The company plans to achieve an EBITDA (earnings before interest, taxes, depreciation, and amortization) in the mid-teens percentage range even excluding the U.S. Inflation Reduction Act (IRA) tax credits.

As a mid- to long-term strategy to achieve this goal, LG Energy Solution outlined ▲ expanding ‘Non-EV (non-electric vehicle)’ businesses such as energy storage systems (ESS) and urban air mobility (UAM) to build a balanced business portfolio ▲ diversifying product and customer portfolios with LFP (lithium iron phosphate), high-voltage mid-nickel, and 46-series (46mm diameter cylindrical batteries) ▲ securing a business foundation in software and service areas such as BaaS (Battery as a Service) and EaaS (Energy as a Service) ▲ strengthening next-generation battery technology leadership including solid-state and dry electrode processes.

Specifically, the company plans to achieve global market leadership centered on the North American market, where the electric vehicle market is blossoming. The company’s automotive battery division has set a mid- to long-term goal of ‘establishing a solid No. 1 position in the North American market through fundamental competitiveness enhancement and strengthening its position in the European market.’ By 2026, it will focus on overcoming the electric vehicle chasm (temporary demand stagnation in a growth industry) by improving the operational efficiency of global production facilities, and by 2028, it plans to solidify differentiated advantages in materials, processes, and products through high-voltage mid-nickel pouch-type products and LFP products utilizing dry electrode processes. Furthermore, by 2030, it aims to secure leadership in the electric vehicle battery market by strengthening technology and implementing region- and customer-specific tailored strategies.

Kim Dong-myeong, President of LG Energy Solution, is giving a presentation at the vision sharing meeting for all employees held on the 7th at LG Science Park in Magok, Gangseo-gu, Seoul. Photo by LG Energy Solution

LG Energy Solution also announced a new corporate vision to leap beyond battery manufacturing to become the center of the global ‘energy circulation ecosystem’ called ‘Empower Every Possibility.’

A company official explained, "The essence of our business is not simply manufacturing batteries but lies in all ‘energy circulation’ that stores and moves energy," adding, "We intend to open up limitless business opportunities at the center of the energy circulation ecosystem." The vision also includes expanding business from hardware to software and services, continuously developing the business structure to build a sustainable energy ecosystem, and leading the market as a true ‘Total Solution Provider.’

President Kim stated, "We have set the global standards for the battery industry and will maintain our status as an industry leader going forward."

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