LG New Energy's ambition: to become the number one company in the field of electric vehicle batterie

LG New Energy responded to this and stated that the company will make an official announcement after the relevant matters are confirmed. If LG New Energy can be listed within 2021 on schedule, it is expected to become the largest IPO in the Korean market in 2021.

 

The industry generally believes that LG New Energy's corporate value is at least 50 trillion won (approximately RMB 295.3 billion). In view of the ultra-high-speed growth of the storage battery industry, its corporate value may be as high as 100 trillion won.

 

On April 15, LG New Energy became the first company in the global battery industry to join both RE100 and EV100. LG New Energy promises to use 100% renewable energy power in all production and operation sites around the world by 2030, and replace all LG New Energy's operating vehicles with new energy models. This move will be another milestone in the development of LG New Energy's global sustainable management, laying a solid foundation for corporate ESG management. On April 16, LG New Energy’s board of directors issued an announcement stating that the company decided to invest 1.06 trillion won (approximately 6.2 billion yuan) to build a second joint venture plant with Ultium Cells, which shares equity with General Motors. According to forecasts, the total investment in the construction of the second battery plant is 2.7 trillion won. LG will invest 1.06 trillion won in batches from this year to 2023.

 

LG New Energy said in March that this $2.3 billion battery plant will be built in Tennessee. Its scale will be similar to that of Ultium Cells, the first LG-GM joint venture battery plant established in Ohio. The annual production capacity is 35GWh, and the plant is scheduled to start operations in 2022.

 

LG New Energy's goal is to invest more than 5 trillion won (29.2 billion yuan) by 2025, in addition to its joint venture with General Motors, to ensure that the battery production capacity in the United States alone will reach 70GWh.

 

In addition, people familiar with the matter revealed that LG New Energy plans to start producing its advanced 4680 batteries for Tesla in 2023, and is considering building production bases in the United States and Europe