S Korea's battery maker LGES hits record sales in 2022
South Korean battery maker LG energy Solutions' (LGES) sales in 2022 rose by 43.4pc, reaching a record high of 25.6 trillion South Korean won ($20.75bn), said the firm on 27 January.
The firm's operating income rose by 58pc to around W1.21 trillion, said the firm on 27 January.
This was partly supported by an increase in raw material prices and shipment volumes, and greater productivity in 2022. LGES said that a rise in demand for electric vehicles (EVs) and energy storage systems (ESS) last year supported their business significantly.
Fourth quarter sales last year also reached a historical high of approximately W8.5 trillion, up by 11.6pc from the previous quarter.
LGES aims to increase sales by 25-30pc again this year, and increase investment in production by over 50pc, said the firm. LGES expects new and expanding global production plants, and sales expansion in North America to support their sales this year. The firm also aims to increase its global production capacity to 300GWh this year, which can produce about 4.3mn EVs. It did not provide output figures for 2022.
LGES earlier this month formed a joint venture with Japanese carmaker Honda to produce lithium-ion batteries for Honda's EVs in North America.
Argus forecasts lithium-ion battery demand from the EV sector to grow at a compounded annual growth rate of 33.2pc/yr to 2,227GWh in 2028.
