South Korea's leading battery maker, LG Energy Solution (LGES, Financial), aims to more than double its sales by 2028, focusing on expanding its non-electric vehicle (EV) business amid a slowdown in the EV market. The company announced its diversification strategy during its first employee vision-sharing event held at LG Science Park, Seoul.
The strategic shift comes as automakers and battery suppliers face challenges due to decreasing EV demand. LGES plans to grow its offerings in energy storage systems (ESS), urban air mobility (UAM), battery-as-a-service (BaaS), and energy-as-a-service (EaaS) under its vision of "empowering every possibility."
LGES CEO, Kim Dong-myung, emphasized the company's goal to transform into an energy solutions provider focused on "energy circulation," beyond its traditional role as a battery manufacturer.
To maintain its market leadership, LGES plans to diversify its lithium-ion battery product line by incorporating lithium iron phosphate (LFP) and all-solid-state batteries (ASBs).
