Latest news with #KimDong-myung
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.
Yahoo
06-03-2025
- Automotive
- Yahoo
Samsung SDI CEO says EV demand to remain sluggish until H1 of 2026
SEOUL (Reuters) - The chief executive of South Korean battery maker Samsung SDI said on Wednesday demand for electric vehicles will remain sluggish until the first half of next year. CEO Choi Joo-sun also told reporters at a major battery expo that the company's earnings will likely bottom out in the first quarter of this year and begin a gradual recovery starting in the second quarter. Samsung SDI reported an operating loss of 257 billion won ($176.54 million) in the fourth quarter of 2024. Rival battery firm LG Energy Solution (LGES) CEO Kim Dong-myung said its earnings will begin gradually improving in the second half of the year. The supplier to Tesla reported an operating loss of 226 billion won ($158 million) for the October-December period compared to a profit of 338 billion won in the same period a year ago. ($1 = 1,455.8000 won) Sign in to access your portfolio
Reuters
05-03-2025
- Automotive
- Reuters
Samsung SDI CEO says EV demand to remain sluggish until H1 of 2026
SEOUL, March 5 (Reuters) - The chief executive of South Korean battery maker Samsung SDI ( opens new tab said on Wednesday demand for electric vehicles will remain sluggish until the first half of next year. CEO Choi Joo-sun also told reporters at a major battery expo that the company's earnings will likely bottom out in the first quarter of this year and begin a gradual recovery starting in the second quarter. Samsung SDI reported an operating loss of 257 billion won ($176.54 million) in the fourth quarter of 2024. Rival battery firm LG Energy Solution (LGES) ( opens new tab CEO Kim Dong-myung said its earnings will begin gradually improving in the second half of the year. The supplier to Tesla (TSLA.O), opens new tab reported an operating loss of 226 billion won ($158 million) for the October-December period compared to a profit of 338 billion won in the same period a year ago. ($1 = 1,455.8000 won) Stay up to date with the latest news, trends and innovations that are driving the global automotive industry with the Reuters Auto File newsletter. Sign up here.
