Kim Dong-myeong, President of LG Energy Solution, "Trump Tariffs Are Part of a Foreseen Scenario"

Attending the Battery Industry Association Board Meeting
"We Are Continuously Monitoring the Impact"

Kim Dong-myeong, CEO of LG Energy Solution and chairman of the Korea Battery Industry Association, described the impact of U.S. President Donald Trump's automobile tariff imposition on the battery industry as "part of the anticipated scenarios."

Kim Dong-myeong, CEO of LG Energy Solution, is answering questions from the press ahead of the association board meeting held on the 19th at JW Marriott Hotel in Seocho-gu, Seoul. Photo by Yonhap News

On the 19th, ahead of the association's board meeting held at the JW Marriott Hotel in Seocho-gu, Seoul, Kim told reporters, "We are continuously monitoring the impact." Regarding potential changes in investment in the U.S., he said, "We are preparing according to the scenarios," adding, "The main direction is rebalancing, that is, moving towards improving efficiency."

Regarding the possibility of a prolonged electric vehicle chasm due to Trump's cancellation of electric vehicle pledges, Kim said, "We need to keep observing," leaving the possibility open. Previously, Kim had pointed to 2026 as the end point of the chasm.

Among the three major domestic battery companies, LG Energy Solution has the most production bases in the U.S., leading some in the industry to view that LG Energy Solution could benefit from Trump's tariff measures. Kim responded, "I told our members that when a super cycle comes, companies that have prepared well so far can maximize the effect, and although it is a bit difficult now, if we prepare well, we can ride the cycle," adding, "I believe that those who have entered the lead will become one of the effects."

Regarding the 'Korean version of the Inflation Reduction Act (IRA)' being discussed in the National Assembly, Kim emphasized, "What is being discussed now is very important," and said, "If the investment tax credit can be directly refunded or transferred to a third party, it could directly benefit our companies." He added, "The battery industry is in a very difficult situation, but I hope that during my one year as chairman, we can achieve a turnaround."

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