LG Energy Solution's R&D investments top $760 mil. in 2023

The Korea Times - LG Energy Solution (LGES), Korea's leading battery maker, said Thursday its research and development (R&D) investments exceeded 1 trillion won ($760 million) for the first time last year despite faltering demand for electric vehicles.

LGES' investments in R&D activities jumped 18.4 percent to 1.037 trillion won in 2023 from 876 billion won a year earlier, according to the company's 2023 business report.

To secure "unrivaled competitiveness" in the battery sector, the company said it will continue to expand R&D investments this year.

Separately from R&D spending, LGES injected 10.89 trillion won in production facilities last year, jumping 73 percent from 6.29 trillion won the previous year.

LGES earlier expected the EV market will grow by a mid-range of 20 percent this year, slowing down from a previous average annual growth of 30 percent, amid a downturn in the global economy.

To ride out unfriendly market conditions, it plans to strengthen its product portfolio by adding nickel-rich NCMA (nickel, cobalt, manganese, aluminum) lithium-ion batteries, as well as lithium iron phosphate (LFP) batteries.

An LFP battery is a type of lithium-ion battery known for its enhanced safety features, high energy density and longer life span.

In North America, LGES currently operates two plants in Ohio and Michigan, with six factories, including one in Canada, to be completed in coming years.

In addition, the company operates one plant in Korea, one in Poland and one in China, while preparing to start operations at its Indonesian plant this year. (Yonhap)

Source: https://www.koreatimes.co.kr/www/tech/2024/03/419_370640.html ​

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