The new CEO of LG Energy Solution has told employees that the company has the capacity to turn its recent crisis into an opportunity.
Kwon Young-soo was newly named CEO and vice chairman of LG Energy Solution on Monday.
He was previously the vice chairman of LG Corporation, the holding company of the LG business group, and is considered the second most powerful person in the conglomerate after chairman Koo Kwang-mo.
In his inaugural address as CEO of LG Energy Solution, Kwon told employees that they must have had a lot of worries over the recent quality issue of their batteries.
General Motors recently announced additional recalls for its Bolt EV, which LG Energy Solution supplies batteries to.
The some of the car model reportedly caught fire and the US automobile brand has said faulty batteries were the likely cause.
The recall is expected to cost over 1.4 trillion won by LG Energy Solution, which it is paying some of the cost for.
Kwon told employees that there was no need for employees to feel daunted from its current difficulty and that the company has the strength to turn the crisis into an opportunity.
LG Energy Solution had over 25,000 essential patents related to batteries, the most among competitors, and has secured a large-scale production capacity ahead of everyone else, the vice chairman claimed.
He also said that the company was still trusted by its customer, a reference to General Motors.
LG Energy Solution and the US company have a joint venture called Ultium Cells in the US that manufactures batteries.