Latest news with #KimDong-myung
Korea Herald
an hour ago
- Automotive
- Korea Herald
Hyundai, Kia partner with S. Korean battery makers to boost EV safety
Hyundai Motor Co. and Kia Corp. have partnered with South Korea's leading battery producers -- LG Energy Solution Ltd., Samsung SDI Co. and SK On Co. -- to advance electric vehicle safety technologies, the companies said Friday. At Hyundai and Kia's Namyang research and development center in Hwaseong, south of Seoul, the companies unveiled the results of a yearlong collaboration with the battery makers on EV battery safety and signed a memorandum of understanding (MOU) to expand their cooperation going forward. The ceremony was attended by Hyundai-Kia R&D chief Yang Hee-won, LG Energy Solution chief executive officer Kim Dong-myung, Samsung SDI CEO Choi Yoon-ho and SK On CEO Lee Seok-hee, as well as officials from the transport and industry ministries. The joint efforts began last August when Hyundai-Kia proposed setting up a task force on battery safety in the wake of a then public EV battery safety scare prompted by a massive fire incident. Friday's MOU calls for the companies to continue joint research, share patent rights and develop new safety technologies, with the aim of setting industry-wide safety benchmarks. The companies have identified five priority projects covering safety-related patents, digital battery passports, design quality, manufacturing quality and firefighting technology. "This collaboration was possible thanks to the determination of our leadership, the dedication of our researchers and support from government ministries," said Yang. "We will continue to work closely with battery makers to deliver safer and more reliable EVs." LG Energy Solution's Kim said, "With the government and industry working as one team, LG Energy Solution will keep pushing to secure Korea's future competitiveness." Choi of Samsung SDI called the initiative "a breakthrough that redefines industry safety standards and technological direction," pledging further work on sustainable battery technologies. "This collaboration will take battery safety quality to the next level," SK On's Lee added. (Yonhap)
Hans India
7 days ago
- Automotive
- Hans India
Major battery makers see steady drop in plant operation rates in S. Korea
Seoul: Major battery makers reported a continued decrease in factory utilisation rates in the first half due to waning global demand for electric vehicles (EVs), data showed on Friday. In its semiannual report, industry leader LG Energy Solution Ltd. (LGES) said its production capacity stood at 20.1 trillion won (US$14.5 billion) in the first six months of this year, with an average plant capacity utilisation rate of 51.3 percent. The figure has steadily declined from 73.6 percent in 2022 to 69.3 percent in 2023 and 57.8 percent last year, reports Yonhap news agency. Samsung SDI Co.'s operation rate of plants for small batteries fell to 44 percent in the January-June period from 58 percent last year, according to the company's semiannual report. Although the report does not disclose rates for its plants for medium-sized and large batteries, their utilization rates are also assumed to have declined. SK On Co.'s operation rate, in contrast, rebounded to 52.2 percent in the first half from 43.6 percent last year, which had marked a steep drop from 87.7 percent in 2023. The sluggish performance of Korean battery companies can be attributed to the prolonged EV chasm, which is expected to continue throughout this year. Earlier this year, LGES Chief Executive Officer (CEO) Kim Dong-myung said global battery demand will likely hit the lowest point in the first half before the market rebounds as early as 2026. Despite these unfavourable circumstances, Korean companies continued efforts to find new growth engines by expanding investment in research and development (R&D). In the first half, LGES spent 620.4 billion won in R&D, accounting for 5.2 percent of the combined revenue during the period. The company spent 4.2 percent of its sales on R&D last year and 3.1 percent in 2023. Samsung SDI invested 704.4 billion won, or 11.1 percent of sales, in R&D during the same period, up from 7.8 percent in 2024. But SK On only spent 0.52 percent of its sales, or 148 billion won, on R&D in the January-June period.
Yahoo
16-06-2025
- Automotive
- Yahoo
LGES signs battery deal with Chery
South Korean electric vehicle (EV) battery manufacturer LG Energy Solution Ltd (LGES) revealed it has signed a deal to supply battery cells to the Chinese state-owned automaker Chery Automobile Company. LGES confirmed that it has agreed to supply Chery with 8 gigawatt-hours (GWh) of its 46-series cylindrical battery cells over a period of six years from 2026, enough to power over 120,000 battery electric vehicles (BEVs). The value of the contract was not disclosed, but it is estimated to be worth over KRW 1 trillion (US$ 734 million). LGES' newly-developed 46-series cylindrical batteries are larger and have a higher power output than its existing 2170-series batteries, and will be fitted to Chery's flagship BEV models. The nickel-cobalt-manganese (NCM) 46-series cells also offer higher energy density and better charging efficiency than many batteries on the market today. The two companies have also indicated that they plan to expand their partnership to include additional Chery BEV models. LGES' CEO, Kim Dong-myung, told reporters 'this deal marks a pivotal step in scaling up global adoption of our new 46-series batteries and securing a dominant market leadership.' "LGES signs battery deal with Chery" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Korea Herald
27-04-2025
- Business
- Korea Herald
LG Energy Solution CEO visits Chicago to attract top battery talent
Executives of LG Energy Solution, a leading South Korean battery manufacturer, flew to the US to recruit top professionals set to drive the future of the battery industry. LG Energy Solution hosted its annual Battery Tech Conference in Chicago on Saturday, showcasing the company's technological capabilities, vision, and research and development initiatives to aspiring researchers as part of its hiring efforts. The conference brought together around 40 master's and Ph.D. students from renowned institutions such as the Massachusetts Institute of Technology, Stanford University, University of California, Berkeley, Cornell University, the University of Chicago and Northwestern University. LG Energy Solution CEO Kim Dong-myung shared his career journey, recalling his early days at LG as a materials science Ph.D. graduate. 'This event reminds me of when I first joined LG with dreams similar to yours,' Kim said. 'I hope today marks the beginning of a journey where we shape the future together.' During networking sessions, attendees exchanged ideas through research presentations and poster sessions, exploring the latest trends in battery technology. 'Seeing so many executives travel to the US for this event showed LG Energy Solution's strong commitment to securing future talent and reinforced the industry's immense potential," a participant said. Following the Chicago event, LG Energy Solution plans to host its first-ever European BTC in Frankfurt, Germany, this June, expanding its recruitment efforts beyond the US and South Korea.
Korea Herald
20-03-2025
- Automotive
- Korea Herald
LG Energy Solution secures 46-series battery deal with legacy carmaker
LG Energy Solution CEO Kim Dong-myung confirmed that the company's Arizona production base has finalized a supply agreement for 46-series cylindrical batteries with a legacy automaker. 'Just days ago, our Arizona subsidiary secured a multiyear contract to supply the 46-series to a major client. The key aspect of this deal is that it involves a legacy company that hasn't typically used cylindrical batteries,' said Kim during a shareholders' meeting in Yeouido, Seoul, on Thursday. This marked Kim's first address to shareholders since he was appointed CEO in 2023. While specific details of the deal remain undisclosed, Kim told reporters that the annual supply volume will exceed 10 gigawatt-hours, enough to power approximately 130,000 electric vehicles. The contract is expected to be worth billions of dollars. Since the client is a traditional automaker, Tesla and Rivian are ruled out, leaving Mercedes-Benz as a likely partner. LG Energy Solution reportedly secured cylindrical cell supply deals with all three of the carmakers last year, but Kim did not mention the German automaker by name. Regarding the three-year extension of LG Energy Solution's cash contribution to the Canadian branch of NextStar Energy, a joint venture with Stellantis, Kim emphasized that the company's business plan remains unchanged, with investments proceeding as planned to meet EV battery demand. Kim also outlined LG Energy Solution's sales target for 2028, aiming for over 67.4 trillion won ($50 billion) — double its revenue in 2023. The company expects its earnings before interest, taxes, depreciation and amortization (EBITDA) to be in the mid-10 percent range, excluding Inflation Reduction Act tax credits. When asked about China-based BYD's new 5-minute charging technology, Kim acknowledged the Chinese competitor's strong performance. "BYD is showing great results primarily because it controls both battery production and EV manufacturing, allowing for optimized cost efficiency. However, their technology is not untouchable," he said. Currently, fast-charging a vehicle equipped with Korean-made batteries takes around 15 to 30 minutes. Kim reaffirmed LG Energy Solution's commitment to diversifying its battery portfolio beyond EVs. On Wednesday, the company announced a deal to supply cylindrical batteries to Doosan Bobcat for small construction equipment. The company is also expanding in the energy storage systems market, which is rapidly growing in North America, driven by the increasing demand for AI-driven data centers. Last year, LG Energy Solution secured a 50-gigawatt-hour ESS deal in the US by leveraging its domestic production facilities. On the development of all-solid-state batteries, Kim admitted that LG Energy Solution started R&D later than its Korean competitors, with a mass production target set for 2030. "Solid-state battery technology is inherently challenging. Our strategy is to develop manufacturing capabilities alongside technological advancements, positioning ourselves to effectively lead the industry," he added.
