LG Energy Solution expects to outstrip China's CATL in global EV battery market share: CEO

Asia's Tech News Daily

SEOUL, Jan. 10 (Yonhap) — LG Energy Solution Ltd. could overtake its Chinese rival and the world’s No. 1 player CATL in share of the global electric vehicle (EV) battery market, given the apparent higher order backlog and other factors, its chief said Monday.

Kwon Young-soo, CEO of the South Korean battery maker, made the remarks in an online press conference on its upcoming listing, highlighting that his company has an upper hand in terms of intellectual properties and diversity in the foreign client pool.

“We overwhelm the competitor in IPs, and we have more diverse clients in the U.S. and Europe, and production bases there to supply our products to those clients, which CATL doesn’t have,” Kwon said.

“I believe that the backdrop to CATL’s growth is that Chinese automakers have preferred locally produced batteries, or the policy to use them,” Kwon said. “Since we have more orders, we predict that we will be higher than CATL in terms of market share in the future.”

LG Energy Solution trailed CATL in the market share by 21 percent to 32 percent as of November last year, according to local market tracker SNE Research.

LG Energy Solution, which supplies batteries to Tesla, Hyundai Motor, General Motors, among many others, has a cumulative order backlog worth about 260 trillion won.

The battery maker is preparing an initial public offering (IPO) on the main KOSPI market, in what would be South Korea’s largest IPO ever expected to raise as much as 12.75 trillion won (US$10.6 billion).

LG Energy Solution expects to outstrip China's CATL in global EV battery market share: CEO

elly@yna.co.kr
(END)

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

Turkey announces launch of air service with Armenia starting February 2

On January 10, the Armenian Civil Aviation Committee gave its okay to operating the Yerevan-Istanbul-Yerevan route Read more »

Moldova offers paying January debt to Gazprom in stages, says Deputy PM Spinu

The actual risk of gas supplies being cut off exists, he also noted Read more »

POSCO, Samsung C&T ink deal with Saudi fund to produce green hydrogen

SEOUL, Jan. 19 (Yonhap) — South Korea’s top steel maker POSCO and construction company Samsung C&T Corp said Wednesday they signed an agreement with Saudi Arabia’s sovereign wealth fund on ... Read more »

Sacheon Aerospace Manufacturing to raise 720 mln won via stock offering

SEOUL, Jan. 19 (Yonhap) — Sacheon Aerospace Manufacturing Ind.. Co.on Wednesday announced that it will sell stocks to raise 720 million won (US$604,178). The proceeds from the stock sale will ... Read more »

(LEAD) Seoul stocks down for 5th session on rate hike concerns

(ATTN: ADDS bond yields at bottom, photo) SEOUL, Jan. 19 (Yonhap) — South Korean stocks extended their losing streak to a fifth consecutive session Wednesday as rising U.S. yields and ... Read more »

[Contribution] Korea's growth prospects optimistic, despite inflation, rising debt

Florencia T. Castro-Leal By Florencia T. Castro-Leal Korea’s handling of the pandemic and policy response have been one of the best in the world. The effective measures have both minimized ... Read more »

(LEAD) Lee vows legalization of virtual asset industry

(ATTN: UPDATES with election pledges for seniors from 6th para) SEOUL, Jan. 19 (Yonhap) — Ruling party presidential candidate Lee Jae-myung said Wednesday he will institutionally recognize the virtual asset ... Read more »

Burger King franchisee looking to develop two new BK restaurants

Photo by: DashaKudryavtseva/Pixabay A Burger King franchisee, Sunny Ghai, is planning to expand and make its presence stronger in Northern California. Thus, through the Ghai Management Services Inc. that he ... Read more »

Korean currency's value falls sharply against US dollars

gettyimagesbank South Korea’s currency has depreciated against the U.S. dollar more steeply than other currencies due to soaring prices of raw materials, the country’s heavy dependence on the Chinese economy ... Read more »

Dollar rises to 77.06 rubles on Moscow exchange

Euro moves up to 87.31 rubles Read more »

MOEX index up 0.34% to 3340.39 points at trade start

However, by 07:15 am Moscow time, the index was down 0.9% at 3298.88 points Read more »

S. Korea, Switzerland approve doubling flights between countries from 2024

SEOUL, Jan. 19 (Yonhap) — South Korea and Switzerland have agreed to double the number of flights that each other’s airlines can operate between the countries, the transport ministry said ... Read more »

Lee vows legalization of virtual asset industry

SEOUL, Jan. 19 (Yonhap) — Ruling party presidential candidate Lee Jae-myung said Wednesday he will institutionally recognize the virtual asset industry and guarantee various business opportunities. Lee of the Democratic ... Read more »

Busan court sentences defendant to 8 months in prison for flying drones to spy on others

Both crimes happened near the Gwangandaegyo Bridge or Haeundae Beach where many residents live without curtains or blinds to enjoy the open view of the ocean. The Busan District Court ... Read more »

(EDITORIAL from Korea Times on Jan. 19)

Lame apology under fireHDC chief should take full responsibility for collapse Civic organizations are raising their voices demanding the due punishment of HDC Hyundai Development and its chairman, Chung Mong-gyu, ... Read more »

Yandex buys BandLink service - press service

Musicians, subcasters and labels can create micro sites with the use of BandLink, dedicated to new releases or concerts Read more »

Coca-Cola, PepsiCo, Unilever, Ikea among over 70 brands demanding global treaty to cut plastic production

In November, a study revealed that the world had generated over 8 million tons of COVID-19 outbreak-related plastic waste, with over 25,000 tons of plastic polluting the world’s oceans since ... Read more »

New railway route connecting Moscow, Quanzhou — Xinhua

This is the first freight train traveling from China to Europe from the city of Quanzhou in the Fujian Province Read more »

Moldova may declare state of emergency if Gazprom doesn't give deferral on gas payments

In October, Moldovagaz and Gazprom extended the contract for the supply of gas for five years Read more »

OPEC performance of Vienna Agreement was 126% of target — report

Agreement participants produced 23.83 mln barrels of crude oil per day in December 2021, compared to 24.3 mln barrels per day allowed under terms of the deal Read more »

Non-OPEC oil supply to gain 3 mln barrels daily in 2022 — OPEC report

It means that the increase will reach 66.7 mln barrels per day Read more »

OECD oil stocks in November were 247 mln barrels below 5-year norm — OPEC

In current volumes, oil reserves covered the needs of OECD countries for 60.7 days Read more »

OPEC maintains forecast for oil demand growth of 4.2 mln bpd in 2022

In 2022, demand is expected to increase to 100.8 mln bpd Read more »

New business residents plan to invest almost $328 million in Arkhangelsk Region

The new residents plan to organize more than 2,000 jobs Read more »

Germany interested in cooperation on renewable energy with Russia, top diplomat says

The German foreign minister noted that Russia has a huge potential in the field of green hydrogen Read more »

Nord Stream 2 politicizing is counterproductive, Lavrov says

Earlier, the German Federal Network Agency said that it suspended the process of Nord Stream 2 AG certification as an independent gas pipeline operator Read more »

Meta Platforms appeals turnover-based fine worth $24.8 mln — court

The court is to consider the company’s complaint on February 15 Read more »

Kremlin urges not to believe speculation about alleged sanctions against Russian banks

Dmitry Peskov also recalled that representatives of the SWIFT system had previously said that it was virtually impossible to disconnect Russia from it Read more »

Russian Railways to use extra locomotives on Baikal-Amur Mainline — company

Shipments of goods in Russia gained 5% from the start of January Read more »

Cabinet decides to postpone Russian Investment Forum from February to later dates, says PM

The forum was cancelled in 2020 and 2021 due to the coronavirus pandemic Read more »

Hyundai, Kia sales in Europe exceed 1 mln units in 2021

SEOUL, Jan. 18 (Yonhap) — Hyundai Motor Co. and its affiliate Kia Corp.’s sales jumped 21 percent on-year to exceed 1 million units in Europe last year on environment-friendly models, ... Read more »

(2nd LD) S. Korea aims to minimize market impact of extra budget-related bond sale: official

(ATTN: ADDS more info in para 8) SEOUL, Jan. 18 (Yonhap) — South Korea plans to sell similar amounts of state bonds over periods in a bid to minimize its ... Read more »

TikTok posts feedback form under ‘localization' law, says Russian regulator

Under the law, overseas Internet companies with a daily audience exceeding 500,000 users must open their authorized representative offices in Russia Read more »

S. Korea aims to minimize market impact of extra budget-related bond sale: official

SEOUL, Jan. 18 (Yonhap) — South Korea plans to sell similar amounts of state bonds over periods in a bid to minimize its impact on the government bond market as ... Read more »

Lottery sales hit all-time high in 2021 amid COVID-19 pandemic

SEOUL, Jan. 18 (Yonhap) — Lottery sales in South Korea rose 10.3 percent on-year to reach an all-time high last year amid the COVID-19 pandemic, data showed Tuesday. Sales of ... Read more »

Yandex, KT Corporation to launch robotic couriers in Seoul

South Korea is the first East Asian market where Yandex autonomous delivery robots will start operating Read more »

Unit 2 of Belarusian NPP to be launched in February — Rosatom

Director General of Russia’s state-run nuclear corporation Alexey Likhachev said that right now, the colleagues are waiting for a permission to switch to minimum controlled reactor power Read more »

MOEX index up 0.32% to 3,571.89 points at trade start

The price of WTI crude oil futures went up by 1.27% Read more »

Dollar grows to 76.13 rubles on Moscow Exchange

The euro slides to 86.55 rubles Read more »

Construction of El Dabaa NPP in Egypt to begin in July - Rosatom

The El Dabaa nuclear power plant will be the first nuclear power plant in Egypt Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic