LG Chem, worlds top EV battery maker, reports revenue of $ 125 billion
LG Chem says that the company has orders in summery $125 billion. The South Korean company, which controls about a quarter of the global market, increases production capacity to cope with the growth of orders due to toughening environmental standards in Europe and China. His strong performance helped him overtake Chinas CATL, which also makes batteries for Tesla machines, and become the industry leader this year. The pandemic did not appear at all in the company’s revenues, global electric vehicle sales fell 24%, LG Chem sales jumped 70% thanks to popular electric car models including the Tesla Model 3, Renault Zoe, and Audi E-Tron. The market share of LG Chem increased from 10.8% last year to 24.2% this year, ahead of CATL from 22.3% and Panasonic from 21.4%, according to the Financial Times.
This year, the company plans to spend $ 1.3 million. About 4% of sales are for research and development, and about 40% is for EV batteries. LG Chem, which has a joint venture with Chinese automaker Geely, also began supplying batteries for Shanghais new Tesla factory this year after Beijing allowed electric cars, using foreign-made batteries, to receive Chinese subsidies.
The price per share of LG Chem has risen from $ 272.65 to $ 442.54 since the beginning of the year, as reported Yahoo!Finance.