LG Chem To Increase Battery Sales Fivefold By 2024

Electric car battery sales will become the biggest part of LG Chem’s business with a share of around 50% and revenues of $26.7 billion

LG Chem announced a new plan for the next five years by 2024, which envisions doubling the sales from around 28.2 trillion KRW ($24 billion) to 59.5 trillion KRW (over $50 billion).

The most interesting thing for us is that currently, lithium-ion batteries for plug-in cars account for around 22% for total LG Chem revenues – 6.5 trillion KRW ($5.5 billion).

The plan is to increase battery sales roughly five times to 31.6 trillion KRW ($26.7 billion) in 2024, which would translate to about half of the total revenues!

LG Chem says also that the Battery Business Division “will continue its leadership in the automotive battery business by maintaining its overwhelming technological advantage in the third-generation electric vehicle (500 km or more)”.

Depending on the price per kWh, the total sales of batteries in 2024 could be:

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