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

All News 16:05 January 10, 2022

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 CEO Kwon Young-soo (C) hold a press conference on the company's upcoming IPO in this photo provided by the company on Jan. 10, 2021. (PHOTO NOT FOR SALE) (Yonhap)

elly@yna.co.kr
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