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According to the news from CLS, on January 26 LG Energy Solution disclosed that it has signed an agreement with Japanese automaker Isuzu to supply electric vehicle batteries based on its regulatory documents, and valid until the end of 2026. However, LG Energy Solution did not disclose the amount of the agreement.

Chinese battery companies have begun to focus on overseas markets. The advantages of companies like LG Energy Solution in Europe and the United States have also been challenged, and it is expected that Japanese and Korean battery companies will face even more severe competitive pressure.

In response to this market trend, LG Energy Solution has also started to layout LFP batteries.

In the field of power batteries, news from February 2023 showed that LG Energy Solution’s LFP batteries were still in the research and development stage at that time, with a density 20% higher than the batteries supplied to Tesla Model 3 by CATL, but the cost was also higher. Cobalt-free cathodes are applied in LG Energy Solution’s LFP batteries and the batteries are of the pouch type, with the goal of supplying Tesla.

In March 2023, LG Energy Solution CEO Kwon Young-soo stated at a shareholder meeting that the company would start production of LFP batteries for electric vehicles from 2025.

In the field of energy storage batteries, it is understood that LG Energy Solution’s energy storage LFP batteries were developed earlier, and sales were planned to start in the first half of 2023. However, as of September 2023, LG Energy Solution conducted independent tests, and the results showed that the performance of its LFP batteries for low-cost energy storage systems was 2% lower compared to ternary batteries: the RTE value of NCM ternary batteries was 97%, while LFP batteries were 95%.

It is worth noting that on the same day, LG Energy Solution officially announced its revenue for 2023. Although its market share of installed power battery capacity decreased compared to 2022, its performance achieved growth.

Data shows that in 2023, LG Energy Solution’s comprehensive revenue reached 33.7 trillion Korean won (approximately $25.3 billion US), and operating profit was 2.2 trillion Korean won (approximately RMB 41.66 billion US), an increase of 31.8% and 78.2% respectively compared to the previous year.

In addition, LG Energy Solution stated that it will concentrate its efforts on upgrading technological research and development in 2024 to maintain its leading position.

Source: WeChat Official Account—起点锂电

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