LG Energy Solution aims to double its revenue by 2028 compared to 2023 levels while maintaining an EBITDA margin in the mid-10% range, CEO Kim Dong-myung told shareholders at the company’s annual meeting in Seoul.
The South Korean battery maker has revised its outlook amid what Kim described as a “temporary demand stagnation” in electric vehicles, potential changes to U.S. subsidies, and shifting European environmental policies. These factors have prompted a downward adjustment in the global battery market’s expected annual growth rate through 2028, from 30% to 20%.
“While the long-term growth potential remains solid, short-term fluctuations are occurring due to increased policy volatility,” Kim said at the meeting, his first as CEO. “Once this period passes, the true winner will emerge.”
The company recently secured a contract to supply its 46-series batteries at an annual scale of 10GWh to what Kim described as a “legacy” automaker at its Arizona facility. While specific financial details weren’t disclosed, the deal likely represents several trillion won in value.
LG Energy Solution has doubled its revenue, order backlog, global production capacity, and North American market share since its launch in December 2020. Its order backlog now stands at approximately 400 trillion won ($295 billion), with an average annual growth rate of 28%.
Kim confirmed the company has no plans for capital increases or share buybacks, distinguishing its strategy from competitor Samsung SDI.
