LG Energy Solution, previously the battery business of LG Chem, was formed on Tuesday.
President Kim Jong-hyun has been named the first CEO of the newly formed company. He was head of LG Chem’s battery business since 2018. LG Chem CEO Shin Hak-cheol has been named the chairman of the board.
In his inauguration address, Kim said the LG Energy Solution was the first among rivals to secure a foundation for profits in electric car batteries.
LG Energy Solution has 22,000 employees globally (7,000 in South Korea and 15,000 abroad).
It has factories in South Korea, the US, China and Poland; it also has research and development center in South Korea, the US, China and Germany.
LG Energy Solution is expected to post 13 trillion won in sales.
It is aiming to mark over 30 trillion won in sales in 2024.
LG Energy Solution will invest at the right moments to strengthen its business competence and launch innovative and high-performance battery products, the company said.