Seoul, March 5
LG Energy Solution Ltd (LGES), South Korea's leading battery maker, on Wednesday expected global battery demand will hit bottom in the first half of the year.
"The battery demand is likely to reach the lowest point in the first quarter or the first half. The company plans to effectively readjust investment plans," LGES Chief Executive Kim Dong-myung said in a press conference.
He was attending 'InterBattery 2025', the country's premier battery industry exhibition, also as chairman of the Korea Battery Industry Association (KBIA), reports Yonhap news agency.
As for a possible extension of the electric vehicle (EV) "chasm," Kim said it is time for battery makers to fully prepare for a market rebound in the upcoming era of all-electric cars.
The CEO previously forecast the EV chasm to end as early as in 2026.
In a separate media briefing, Jung Kyung-hwan, leader of the corporate strategy department at LGES, cited that high inflation, high lending rates, decreased subsidies in major markets and a lack of charging infrastructure remain hurdles for the spread of EVs.
Jung said the next three to five years will be a "golden time" for the company to strengthen its product competitiveness, achieve cost reduction and establish a diversified battery lineup.
On Wednesday, LGES unveiled its new lineup of 46-millimeter diameter, cylindrical EV battery cells at the three-day exhibition that lasts through Friday in Seoul.
In 2020, U.S. EV maker Tesla Inc. announced that it would use the 4680 cylindrical model, measuring 80mm in length, in its future models.
South Korea's three major battery makers on Wednesday showcased their new battery solutions at InterBattery 2025, the country's premier battery industry exhibition, as they prepare for the upcoming era of electric vehicles (EVs) after the current slowdown.
LG Energy Solution Ltd. (LGES), the country's biggest battery firm, unveiled its new lineup of 46-millimeter diameter, cylindrical EV battery cells at the three-day exhibition that lasts through Friday in southern Seoul.
Samsung SDI also joined hands with Hyundai Motor Co. and its affiliate Kia Corp. to exhibit DAL-e and MobED, robots developed by Hyundai Motor Group Robotics LAB and equipped with the battery firm's 21mm cylindrical batteries.
- IANS