LG Energy Solution expands in India for EV batteries

▲LG Energy Solution has established a subsidiary in Delhi, India. / LG Energy Solution 출처 : 산경투데이(https://www.sankyungtoday.com)

 

 

By Park Si-soo

 

SEOUL, May 17 (Sankyung Today) -- LG Energy Solution has established a subsidiary in Delhi, India, to manufacture and sell light electric vehicle (LEV) battery packs and cells for the domestic market.

 

This move marks the company's latest effort to expand its business worldwide. Last month, LG Energy Solution partnered with Japan's Honda Motor to produce lithium-ion batteries for Honda's electric vehicles. Additionally, in collaboration with South Korea's Hanwha Group, the company decided to construct battery production facilities in the United States.

 

"Given the high growth potential of the Indian electric vehicle market, we have established a subsidiary to tap into this expanding market,” an LG Energy Solution official said. “The specific business direction is yet to be finalized, as it is still in the early stages.”

 

This subsidiary in India is the first of its kind for LG Energy Solution. The company also continues to bolster its presence in the ASEAN market by establishing a joint venture plant in Indonesia with Hyundai Motor.

 

According to SNE Research, a battery market research firm, LG Energy Solution currently holds the top position in the electric vehicle battery market share (excluding China) for January to March this year, with Chinese competitor CATL in second place. Including the Chinese market, CATL and another Chinese company BYD claim the top two spots, with LG Energy Solution in third place.

 

China plays a vital role as both a production base and consumer market for LG Energy Solution. In 2022, the company achieved sales of 6.67 trillion won in China, making it the third-largest market after Europe (9.654 trillion won) and North America (7.753 trillion won).

 

LG Energy Solution experienced a remarkable year-on-year growth rate of 108.5 percent.

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출처 : 산경투데이(https://www.sankyungtoday.com)

 

 

LG Energy Solution expands in India for EV batteries (sankyungtoday.com)

LG Energy Solution expands in India for EV batteries