LG Energy Solution aims to significantly expand its energy storage system (ESS) business, targeting approximately 40% of its overall portfolio in the future. CEO Kim Dong-myung announced this strategic shift on Friday, emphasizing the company’s commitment to aligning with evolving market demands.
Speaking at a shareholders’ meeting in Seoul, Kim stated, “Our plan is to grow ESS and new business ventures to represent roughly 40% of our portfolio, a substantial increase from the current 20%. This will allow us to maintain a stable and well-balanced business structure.”
“We intend to cultivate unique competitive advantages not only in electric vehicles and ESS, but also in emerging sectors like the humanoid robot market,” Kim elaborated.
Acknowledging the current “value shift” occurring in the market, the CEO emphasized LG Energy Solution’s proactive approach to capitalize on these changing trends.
In response to softening battery demand in the automotive sector, Kim indicated that LG Energy Solution will repurpose existing electric vehicle production assets to manufacture ESS products, demonstrating the company’s agility and adaptability.
