Due to the impact of the epidemic, this year’s global electric vehicle market sales will fluctuate, but LG Chem, as a major battery supplier to Tesla, is optimistic about the current economic situation.
LG Chem can meet customer needs and ensure the normal operation of the supply chain, which is not easy in the severe epidemic situation in Korea. In a recent interview, the CEO of LG Chem stated that based on current development trends, he expects the company’s revenue to double by 2025, largely due to the driving effect of Tesla. LG Chem is the main battery supplier to Tesla.
From the perspective of the global battery market, LG Chem temporarily leads with a market share of 24.6%, followed by China’s CATL, which has a market share of 23.5%, and Panasonic, the third-ranked, has a 20.4% share. The top three have nearly 70% of the market.
According to a report from SNE Research, from January to June this year, LG Chem accounted for 24.6% of the global electric vehicle battery market share, ranking first, and its cumulative battery consumption reached 10.5GWh, an increase of 82.8% from the same period last year.
Bloomberg News reported that LG Chem’s revenue is expected to reach a record KRW 13 trillion (approximately USD 11 billion) this year, and it can reach KRW 30 trillion (approximately USD 25 billion) by 2025.
Currently, considering that Tesla’s main models are Model 3 and Model Y, Tesla and LG Chem’s business can still continue for a long time. If LG Chem can maintain a long-term partnership with Tesla, it will benefit greatly from the current electric vehicle market.
The global electric vehicle market still has great potential for growth.
This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email bd@42how.com.