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  • 2022-09-20

On July 28, it was reported that LG New Energy, which ranks second in the world in terms of power battery installed capacity, said on Wednesday that it was looking for a potential location to build a dedicated battery factory in Europe.


LG New Energy also noted that demand for cylindrical batteries is increasing in Europe. This revealed two major news: First, LG New Energy is about to expand its lithium battery factory in Europe; second, LG New Energy's new European lithium battery factory will mainly produce cylindrical batteries.

A report from Reuters said, “At present, LG New Energy has not stated the scale of its potential factory investment in Europe, nor has it provided a timetable for factory construction. However, the company also pointed out that it will utilize facilities in South Korea and outside South Korea. , to better respond to customer needs.”

Performance "temporarily" not optimistic

On July 27, LG New Energy released a financial report showing that the net profit in the second quarter of this year was 89.9 billion won, a year-on-year decrease of 85.7%; the operating profit was 195.6 billion won, a year-on-year decrease of 73%. LG New Energy said that the reason for the decline in profits was the continued disruption of the global supply chain.

However, the unoptimistic performance will not affect LG New Energy's "ambition": LG New Energy is optimistic about its revenue in the second half of the year, and predicts that in the second half of this year, the overall revenue will reach 12.6 trillion won, a year-on-year An increase of 48% (8.5 trillion won) and a 34% increase compared to the first half of 2022.

In addition, at the second-quarter results conference on July 27, LG New Energy announced a medium- and long-term strategic development plan, and set a goal of triple revenue growth and double-digit operating profit margins in the next five years. Target.

the strong performance of cylindrical battery sales and the expanded metal linkage agreement in response to rising raw material prices, steady growth in our revenue has been made possible, " said Chang-sil Lee, CFO of LG New Energy .

Global No. 2 position "temporarily" solid

As the former "power battery brother", LG New Energy mainly produces ternary lithium batteries , and its market share is comparable to that of Ningde era . However, as lithium iron phosphate is gradually sought after by the market, LG New Energy and Ningde era's The gap is getting bigger and bigger.

Data shows that in the first half of the year, CATL continued to dominate the list with 69GWh of installed capacity, a year-on-year increase of 111% and a market share of 34%, continuing to widen the gap with other players. LG New Energy ranks second in the world with an installed capacity of 28GWh, and its growth rate has slowed down significantly to only 4%, with a market share of 14%.

The reason for LG New Energy's "temporary" global second position is that BYD is catching up: in the first half of the year, BYD's global market share reached 12%, ranking third, only two percentage points lower than LG New Energy.

However, it is worth noting that in January this year, LG New Energy has raised a total of 11 billion US dollars through IPO. After its listing, more capital ammunition is being used for expansion.

Announced to cut into lithium iron phosphate

As early as September 2021, the Korean media THE ELEC reported that LG New Energy has begun to develop lithium iron phosphate battery technology in the Daejeon Laboratory in South Korea at the end of 2020, and is expected to build a pilot line in 2022 at the earliest.

LG New Energy's lithium iron phosphate batteries are packaged in soft packs. In addition, LG Chem, the parent company of LG New Energy, will also participate in the lithium iron phosphate battery business. Korean media predicts that “LG Chem may establish a joint venture with its Chinese partners to produce lithium iron phosphate batteries for LG New Energy supply. raw materials needed.”

On May 24, 2022, according to BusinessKorea, LG New Energy plans to start producing standard-sized lithium iron phosphate batteries from October 2023. At the European Electronics Show in 2022, LG New Energy's lithium iron phosphate battery for energy storage systems has been displayed.

If the above report is only market speculation, then LG New Energy's announcement on July 27 came: it plans to produce lithium iron phosphate batteries at LG China's factory in 2023.

In this regard, industry analysts pointed out that the penetration rate of lithium iron phosphate in the field of power batteries has continued to increase, and Tesla and other car companies have also shifted their focus to the lithium iron phosphate route. In order to increase market share and maintain existing customers, LG New Energy, Lithium iron phosphate batteries must be further laid out.

Summarize

LG New Energy not only provides electric vehicle batteries to Tesla, but also provides electric vehicle batteries to major international companies such as Volkswagen, Ford, and General Motors.

LG New Energy has previously announced that they aim to increase global battery production capacity to 520GWh by 2025 from 200GWh at the end of this year to meet the demand for about 7.42 million high-performance electric vehicles.

Therefore, LG New Energy will expand production in Europe, Asia, North America and other places. At present, LG New Energy has a total of 12 battery production bases in the world, including 4 in China, 3 in the United States, 2 in South Korea, 1 in Germany, 1 in Australia and 1 in Poland.

Obviously, LG New Energy is "going hard" to catch up with the Ningde era, because the company once boasted that it would become the world's No. 1 cow in 2024 on its "Battery Day" in April 2021. However, is LG New Energy narrowing the gap with the Ningde era, or will LG New Energy be surpassed by BYD?

Stay tuned!


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