Chief of Korean battery maker anticipates 5-10% growth in annual revenue for 2025

LG Energy Solution CEO Kim Dong-myung has emphasized the importance of securing technological superiority in times of crisis, as the Korean battery maker braces for a tough business environment as the Trump administration withdraws support for the electric vehicle industry.
“It is true that there are voices of concern due to the anticipated policy changes in North America,” said Kim in a letter to the employees of LG Energy Solution on Monday.
“But I would like to define now as ‘the time of the strong.’ Real competences show in times of crisis. Once a super cycle comes around in the future, the companies that are competent will dominate.”
Calling for thorough preparations and actions, the CEO highlighted that it is a crucial time to flexibly cope with changes in the market while carrying out tenacious activities to secure the lead in product quality and cost competitiveness.
Kim pointed to three pillars of LG Energy Solution -- its technological leadership, top global operation capacity and numerous firsts -- that he believes will make the company as the dominator of the future. Achievements he pointed to included the company’s cell-to-pack technology for lithium-ion phosphate batteries, a first in the industry, as well as posting a record annual average yield rate of 95 percent in automotive batteries last year.
“We are also setting up the dry electrode process, which will be a game changer, faster than anyone else and customers are in fact showing big interests,” he said.
The CEO noted that LG Energy Solution will continue to undergo another tough year this year, vowing to get through the adversity by increasing its investment flexibility and optimizing operations.
“Though limited, we expect the yearly revenue to grow between 5 and 10 percent this year,” said Kim.
“We will focus rebalancing and fundamental activities to lay the foundations for a turnaround in profitability.”
The Korean battery maker logged 25.6 trillion won ($17.4 billion) in revenue and 575.4 billion won in operating profit last year, down 24.1 percent and 73.4 percent, respectively from 2023. The decliune has been attributed to slowing EV growth in major markets such as Europe and North America.
By Kan Hyeong-woo (hwkan@heraldcorp.com)