{"id":8216,"date":"2024-04-26T07:51:00","date_gmt":"2024-04-26T07:51:00","guid":{"rendered":"https:\/\/lgensol.pl\/?p=8216"},"modified":"2024-08-28T10:35:15","modified_gmt":"2024-08-28T10:35:15","slug":"lg-energy-solution-makes-progress-amid-market-uncertainties-aims-to-strengthen-fundamental-competitiveness-this-year","status":"publish","type":"post","link":"https:\/\/lgensol.pl\/en\/lg-energy-solution-makes-progress-amid-market-uncertainties-aims-to-strengthen-fundamental-competitiveness-this-year\/","title":{"rendered":"LG Energy Solution makes progress amid market uncertainties. Aims to strengthen fundamental competitiveness this year"},"content":{"rendered":"<style>.elementor-8216 .elementor-element.elementor-element-ee04bf1{--display:flex;}.elementor-8216 .elementor-element.elementor-element-85fc673 .elementor-icon-list-icon i{color:var( --e-global-color-secondary );transition:color 0.3s;}.elementor-8216 .elementor-element.elementor-element-85fc673 .elementor-icon-list-icon svg{fill:var( --e-global-color-secondary );transition:fill 0.3s;}.elementor-8216 .elementor-element.elementor-element-85fc673{--e-icon-list-icon-size:14px;--icon-vertical-offset:0px;}.elementor-8216 .elementor-element.elementor-element-85fc673 .elementor-icon-list-text{transition:color 0.3s;}.elementor-8216 .elementor-element.elementor-element-9423f48{--spacer-size:50px;}.elementor-8216 .elementor-element.elementor-element-34fbb2c{--spacer-size:50px;}.elementor-8216 .elementor-element.elementor-element-ae184d2 .elementor-heading-title{font-family:\"LG Smart\", 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*\/\n\/* Start Custom Fonts CSS *\/@font-face {\n\tfont-family: 'LG Smart';\n\tfont-style: normal;\n\tfont-weight: bold;\n\tfont-display: auto;\n\tsrc: url('https:\/\/lgensol.pl\/wp-content\/uploads\/2024\/02\/LG_Smart_Bold.ttf') format('truetype');\n}\n@font-face {\n\tfont-family: 'LG Smart';\n\tfont-style: oblique;\n\tfont-weight: bold;\n\tfont-display: auto;\n\tsrc: url('https:\/\/lgensol.pl\/wp-content\/uploads\/2024\/02\/LG_Smart_Bold_Italic.ttf') format('truetype');\n}\n@font-face {\n\tfont-family: 'LG Smart';\n\tfont-style: normal;\n\tfont-weight: 500;\n\tfont-display: auto;\n\tsrc: url('https:\/\/lgensol.pl\/wp-content\/uploads\/2024\/02\/LG_Smart_SemiBold.ttf') format('truetype');\n}\n@font-face {\n\tfont-family: 'LG Smart';\n\tfont-style: normal;\n\tfont-weight: normal;\n\tfont-display: auto;\n\tsrc: url('https:\/\/lgensol.pl\/wp-content\/uploads\/2024\/02\/LG_Smart_Regular-1.ttf') format('truetype');\n}\n@font-face {\n\tfont-family: 'LG Smart';\n\tfont-style: oblique;\n\tfont-weight: normal;\n\tfont-display: auto;\n\tsrc: url('https:\/\/lgensol.pl\/wp-content\/uploads\/2024\/02\/LG_Smart_Regular_Italic.ttf') format('truetype');\n}\n@font-face {\n\tfont-family: 'LG Smart';\n\tfont-style: normal;\n\tfont-weight: 200;\n\tfont-display: auto;\n\tsrc: url('https:\/\/lgensol.pl\/wp-content\/uploads\/2024\/02\/LG_Smart_Light.ttf') format('truetype');\n}\n\/* End Custom Fonts CSS *\/<\/style>\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"8216\" class=\"elementor elementor-8216\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ee04bf1 e-flex e-con-boxed e-con e-parent\" data-id=\"ee04bf1\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-85fc673 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"85fc673\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">LG Energy Solution records KRW 6.1287 trillion in consolidated revenue and KRW 157.3 billion in operating profit<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Despite market uncertainties, the company bears fruits in expanding U.S. operations and developing new business areas<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-circle\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8z\"><\/path><\/svg>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">LG Energy Solution to focus on strengthening fundamental competitiveness by improving investment efficiency and cost-competitiveness<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9423f48 elementor-widget elementor-widget-spacer\" data-id=\"9423f48\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ff32cfa elementor-widget elementor-widget-text-editor\" data-id=\"ff32cfa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>SEOUL, April 25, 2024<\/strong>\u00a0\u2013 LG Energy Solution (KRX: 373220) today announced its first-quarter earnings and key achievements in expanding U.S. production operations and new businesses. The company posted consolidated revenue of KRW 6.1287 trillion, a 23.4 percent decrease quarter-on-quarter and an approximately 30 percent decrease from last year&#8217;s period. The company\u2019s first-quarter operating profit was KRW 157.3 billion, a 53.5 percent decrease quarter-on-quarter and a 75.2 percent decrease year-on-year, with a margin of 2.6 percent.<\/p><figure class=\"wp-block-gallery has-nested-images columns-default is-cropped fbx-instance\"><\/figure>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7fcc1fa elementor-blockquote--skin-border elementor-widget elementor-widget-blockquote\" data-id=\"7fcc1fa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"blockquote.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<blockquote class=\"elementor-blockquote\">\n\t\t\t<p class=\"elementor-blockquote__content\">\n\t\t\t\t\"Revenues from cylindrical EV batteries have increased by double-digits, as we have taken active response to demands from the strategic customer. However, total revenue declined due to demand weakening in the upstream market, in addition to prolonged metal price impact on average selling prices (ASP). The operating profit was affected by fixed cost burden from revenue decrease and utilization rate adjustment caused by EV demand slowdown, as well as the increased costs of metal expenses from lagging consumption of raw material inventories\"\t\t\t<\/p>\n\t\t\t\t\t\t\t<div class=\"e-q-footer\">\n\t\t\t\t\t\t\t\t\t\t\t<cite class=\"elementor-blockquote__author\">Chang Sil Lee, CFO of LG Energy Solution<\/cite>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/blockquote>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0815529 elementor-widget elementor-widget-text-editor\" data-id=\"0815529\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The figure includes the estimated IRA tax credit amount of KRW 188.9 billion, which has also declined due to demand slowdown and the temporary suspension of production lines in the Michigan facility\u2019s retooling. Excluding the IRA tax credit, the company would have recorded a quarterly operating loss of KRW 31.6 billion.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-34fbb2c elementor-widget elementor-widget-spacer\" data-id=\"34fbb2c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ae184d2 elementor-widget elementor-widget-heading\" data-id=\"ae184d2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Stable operation and continued business achievements amid market uncertainties\n\n\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fe6a1df elementor-widget elementor-widget-text-editor\" data-id=\"fe6a1df\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>LG Energy Solution, despite global EV demand slowdown and subsequent market uncertainties, has continued with its investments for future-preparedness and successfully made key achievements in its stable global operation and major business areas. In the first quarter, the company\u2019s GM joint venture (JV) plant in Tennessee started production, with a successful first shipment to customers in early April. The JV is expected to gradually expand its average annual production capacity to 50GWh, providing innovative batteries that will power GM\u2019s upcoming models with the BEV3 platform.<\/p><p>LG Energy Solution achieved another significant milestone in its operation with the Arizona manufacturing complex. Consisting of the company\u2019s first stand-alone cylindrical and ESS battery plants in North America, the complex will secure an average annual production capacity of 53 GWh. The company aims to reinforce its technological leadership in North America with the 46-Series cylindrical batteries and LFP ESS batteries that will be manufactured in the Arizona complex and offer proactive responses to local customers.<\/p><p>Also, to create a virtuous cycle for growth, LG Energy Solution has been committed to developing new business areas, namely battery software and related services. As part of such efforts, LG Energy Solution entered into a strategic partnership with Qualcomm Technologies. In battery-related services, LG Energy Solution officially launched its battery swapping stations, with 20 stations now installed in Seoul. Through these new businesses, the company will pursue technological leadership in not just battery manufacturing and sales, but in battery-related software and service areas.<\/p><p>Lastly, in the first quarter, LG Energy Solution enhanced its resiliency against market uncertainties by expanding its global supply chain and securing investment resources. To establish a sound supply chain, the company signed supply agreements on LFP cathode materials (160,000 tons for five years) with Changzhou Liyuan and IRA-compliant lithium concentrate (85,000 tons annually) with WesCEF.<\/p><p>To secure investment resources and mitigate short-term financial burden, LG Energy Solution issued the largest-ever KRW-denominated corporate bond and signed a long-term lease agreement on its cylindrical EV battery plant in Arizona.<\/p><figure class=\"wp-block-gallery has-nested-images columns-default is-cropped fbx-instance\"><\/figure>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0707c4a elementor-widget elementor-widget-spacer\" data-id=\"0707c4a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6697285 elementor-widget elementor-widget-heading\" data-id=\"6697285\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">The company to pursue fundamental strengths this year, focusing on investment efficiency and cost-competitiveness\n\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e5a95c5 elementor-widget elementor-widget-text-editor\" data-id=\"e5a95c5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>LG Energy Solution also announced a whole-year action plan, aiming to heighten its fundamental competitiveness.<\/p><p>First, in response to EV demand dynamics, LG Energy Solution will proactively improve its investment and cost efficiency. It will adjust capex size and execution speed as per priority, and optimize the capacity efficiency by maximizing each facility\u2019s production capacity. The company will also improve its operational cost structure by optimizing the logistics and utility costs.<\/p><p>In addition to heightened efficiency, the company plans to strengthen cost innovation on raw material costs. It will reduce material costs through expanding direct sourcing from critical minerals to precursors, and secure cost strength through investing in value chains.<\/p><p>At the same time, to continue the growth momentum, LG Energy Solution will further diversify its global production footprint based on solid partnerships with JV partners. In the second quarter, the company\u2019s JV with Hyundai Motor Group in Indonesia (10GWh) has started mass production, and its JV with Stellantis in Canada (45GWh) will start operation as well in the second half of this year.<\/p><p>Lastly, the company seeks to expand its product lineup, capitalizing on its unmatched technological leadership. Its Ochang plant in Korea will start mass-producing 46-series cylindrical batteries in the third quarter. After starting to produce ESS LFP batteries in Nanjing, China last year, the company will increase the supply to the North American and European markets, responding to the demand from power grid projects.<\/p><figure class=\"wp-block-gallery has-nested-images columns-default is-cropped fbx-instance\"><\/figure>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ada917a e-flex e-con-boxed e-con e-parent\" data-id=\"ada917a\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-47c5dfe elementor-blockquote--skin-border elementor-widget elementor-widget-blockquote\" data-id=\"47c5dfe\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"blockquote.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<blockquote class=\"elementor-blockquote\">\n\t\t\t<p class=\"elementor-blockquote__content\">\n\t\t\t\t\"Despite the challenging market outlook this year, we will establish a solid foundation for unmatched technological leadership by reinforcing our fundamental competitiveness and providing differentiated values to our customers.\"\t\t\t<\/p>\n\t\t\t\t\t\t\t<div class=\"e-q-footer\">\n\t\t\t\t\t\t\t\t\t\t\t<cite class=\"elementor-blockquote__author\">David Kim, CEO of LG Energy Solution<\/cite>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/blockquote>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>LG Energy Solution records KRW 6.1287 trillion in consolidated revenue and KRW 157.3 billion in operating profit<\/p>\n","protected":false},"author":9,"featured_media":7708,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3],"tags":[67],"class_list":["post-8216","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-results"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>LG Energy Solution makes progress amid market uncertainties. 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