LG화학 배터리사업, 세계 1위 찍고 독립... 12월에 LG에너지솔루션으로<br /><br />The South Korean chemical company LG Chem is spinning off its electric vehicle battery business, now that it's reached a considerable size.<br />The new company, named LG Energy Solutions for now, is to be launched in December.<br />Oh Jung-hee has this report.<br />Having become number one in the world's battery market, South Korean chemical company LG Chem is spinning off its battery unit.<br />The new company, wholly owned by LG Chem, is to be launched on December 1st, tentatively named LG Energy Solutions.<br />LG Chem said in a statement Thursday that now is the right time for a spin-off,... with the world's battery market growing at a rapid pace and the company starting to yield a sizable profit.<br />Plus, the unit will need to secure massive amounts of capital, because it's now pouring about 2-point-5 billion dollars a year into facility investment.<br />The spin-off decision shows both LG Chem's confidence in its EV battery business and its determination to further solidify its position in the sector.<br />In the second quarter of this year, LG Chem's operating profit, which had been declining, rose to a record high.<br />Market expectations are... that the company's operating profit will continue to rise for the rest of this year.<br />In terms of market share as of May this year, LG Chem has over 24 percent, outpacing China's CATL and Japan's Panasonic.<br />But LG can't stop there... because CATL has access to a tremendous EV market in China,... and Panasonic has an advantage in the U.S. thanks to its long history and close ties to Tesla.<br />LG Chem is a key supplier of batteries for electric vehicles, including those of GM, Ford, Volvo... and South Korea's Hyundai Motor and Kia Motors.<br />It's looking to boost its production capacity to 100 gigawatt hours by the end of this year,... which is enough to supply batteries for about 1-point-7 million electric cars.<br />Oh Jung-hee, Arirang News.<br />
