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aims to surpass CATL with $10.8 billion battery IPO","lges-aims-to-surpass-catl-with-10-8-billion-battery-ipo","article/lges-aims-to-surpass-catl-with-10-8-billion-battery-ipo",{"_uid":557,"date":558,"tags":559,"editor":566,"content":576,"excerpt":707,"featured":50,"reporter":708,"_editable":712,"component":713,"seo_title":553,"categories":714,"visibility":718,"author_company":49,"featured_image":719,"seo_description":707,"author_full_name":49,"author_job_title":49,"formattedDate":725,"formattedArticleDate":726},"41d74389-cb6a-45d7-b35f-73b20595f6f4","2022-01-14 00:00",[560,563],{"slug":561,"name":562},"catl","CATL",{"slug":564,"name":565},"lges","LGES",[567],{"slug":568,"name":569,"content":570},"matthew-bird","Matthew Bird",{"job_title":571,"image":572,"bio":574,"linkedin":575},"Senior Editor - Supply Chains & Data Visualisation",{"filename":573},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":577,"content":578},"doc",[579,596,601,606,611,616,621,626,631,636,641,644,649,654,659,664,669,674,679,692,697,702],{"type":580,"attrs":581,"content":582},"paragraph",{"textAlign":49},[583,586,594],{"text":584,"type":585},"LG Energy Solution (LGES) said its $10.8 billion ","text",{"text":587,"type":585,"marks":588},"initial public offering",[589],{"type":590,"attrs":591},"link",{"href":592,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://source.benchmarkminerals.com/article/speed-and-scale-key-to-lg-chem-spin-off-of-ev-battery-unit","url",{"text":595,"type":585}," this week in Korea will give it firepower to become the world’s biggest battery maker.",{"type":580,"attrs":597,"content":598},{"textAlign":49},[599],{"text":600,"type":585},"Yet surpassing Chinese rival CATL will depend on significant new investment as well as expanding the company’s production of lithium iron-phosphate batteries. In addition, LGES will need to develop new technologies such as solid-state batteries.",{"type":580,"attrs":602,"content":603},{"textAlign":49},[604],{"text":605,"type":585},"This week the company’s chief executive Kwon Young-soo said the company’s market share would surpass CATL “in the future” due to its international investments and intellectual property. LGES counts Tesla, Volkswagen, and General Motors as major customers.",{"type":580,"attrs":607,"content":608},{"textAlign":49},[609],{"text":610,"type":585},"The comments come after a painful year for parent LG Chem, which was forced to pay $1.9 billion to GM for a battery recall in the US. Shares in LG Chem have lagged CATL over the past year, falling by 25% compared to a rise of 53% for CATL.",{"type":580,"attrs":612,"content":613},{"textAlign":49},[614],{"text":615,"type":585},"The IPO will value the spin-off LGES at 70.2 trillion won ($59 billion), compared to a valuation of over $200 billion for CATL.",{"type":580,"attrs":617,"content":618},{"textAlign":49},[619],{"text":620,"type":585},"“I believe that the backdrop to CATL’s growth is that Chinese automakers have preferred locally produced batteries, or the policy to use them. Since we have more orders, we predict that we will be higher than CATL in terms of market share in the future,” Kwon said.",{"type":580,"attrs":622,"content":623},{"textAlign":49},[624],{"text":625,"type":585},"But Benchmark forecasts that by 2030, CATL will have capacity to produce 642.1 gigawatt-hours of batteries, compared to 412 GWh for LGES, according to Benchmark’s Lithium Ion Battery Assessment.",{"type":580,"attrs":627,"content":628},{"textAlign":49},[629],{"text":630,"type":585},"“LGES will need to announce further expansions to overtake CATL,” Aran Waid, an analyst at Benchmark said.",{"type":580,"attrs":632,"content":633},{"textAlign":49},[634],{"text":635,"type":585},"Over the last year LGES has lost market share to CATL, which benefited from the rapid growth in China’s EV market. Benchmark expects CATL to produce 100 GWh of batteries this year compared to 89 GWh for LGES. By 2025 that increases to 283 GWh for CATL compared to 176 GWh for LGES.",{"type":580,"attrs":637,"content":638},{"textAlign":49},[639],{"text":640,"type":585},"LGES said it plans to spend 8.84 trillion won ($7.4 billion) expanding its production capacity. The company said has an order backlog of 260 trillion won.",{"type":580,"attrs":642,"content":643},{"textAlign":49},[],{"type":580,"attrs":645,"content":646},{"textAlign":49},[647],{"text":648,"type":585},"The US is key for LGES’s growth. It has four plants under development in the US as part of a JV with American automaker, General Motors (GM), bringing its total pipeline within the US to six plants, including a JV with Stellantis, as assessed by Benchmark.",{"type":580,"attrs":650,"content":651},{"textAlign":49},[652],{"text":653,"type":585},"LGES also has battery factories in Poland, China and South Korea.",{"type":580,"attrs":655,"content":656},{"textAlign":49},[657],{"text":658,"type":585},"As a result LGES’s market share is set to be more global than CATL’s. By 2030 88% of CATL’s capacity is set to be China and 13% in Germany, where it has built a battery factory.",{"type":580,"attrs":660,"content":661},{"textAlign":49},[662],{"text":663,"type":585},"“We have a wider range of customers not only limited in China, but also in the United States as well as in Europe, while CATL’s growth has been mostly backed by Chinese automakers,” LGES’ CEO Kwon said.",{"type":580,"attrs":665,"content":666},{"textAlign":49},[667],{"text":668,"type":585},"Yet LGES has no current production of LFP batteries, which CATL produces. LFP battery chemistries in EVs are set to account for 23% of the market in 2025, Benchmark forecasts, and 24% by 2030, due to the greater number of lower-range passenger vehicles.",{"type":580,"attrs":670,"content":671},{"textAlign":49},[672],{"text":673,"type":585},"LGES said this week it planned to “actively use this material” first in energy storage systems and then to EVs.",{"type":580,"attrs":675,"content":676},{"textAlign":49},[677],{"text":678,"type":585},"That could limit its share of the Chinese market. Benchmark forecasts that in China foreign battery companies will account for 12.3% of forecasted Chinese production in 2030.",{"type":580,"attrs":680,"content":681},{"textAlign":49},[682,684,690],{"text":683,"type":585},"Both companies will also have to stay ahead of emerging technologies such as ",{"text":685,"type":585,"marks":686},"solid-state batteries",[687],{"type":590,"attrs":688},{"href":689,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://source.benchmarkminerals.com/article/can-solid-state-batteries-compete-with-traditional-lithium-ion-on-cost",{"text":691,"type":585},".",{"type":580,"attrs":693,"content":694},{"textAlign":49},[695],{"text":696,"type":585},"LGES said it would spend part of its IPO proceeds on new technologies. The company said last year it had developed a solid-state battery with an all silicon anode in a joint study with the University of California San Diego. Yet it remains unclear what the timeline to commercialisation is.",{"type":580,"attrs":698,"content":699},{"textAlign":49},[700],{"text":701,"type":585},"This week CATL said it had opened a Future Energy research institute in Shanghai to work on emerging technologies.",{"type":580,"attrs":703,"content":704},{"textAlign":49},[705],{"text":706,"type":585},"The next few years will be critical for both companies. What’s clear is that CATL now faces growing competition for market share.","LG Energy Solution (LGES) said its $10.8 billion initial public offering this week in Korea will give it firepower to become the world’s biggest battery maker. Yet surpassing Chinese rival CATL will depend on significant new investment as well as expanding the company’s production of lithium iron-phosphate batteries. In addition, LGES will need to develop […]",[709],{"slug":568,"name":569,"content":710},{"job_title":571,"image":711,"bio":574,"linkedin":575},{"filename":573},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"41d74389-cb6a-45d7-b35f-73b20595f6f4\", \"id\": \"\"}-->","article",[715],{"slug":716,"name":717},"batteries","Batteries","private",{"id":49,"alt":720,"name":721,"focus":721,"title":720,"source":721,"filename":722,"copyright":721,"fieldtype":723,"meta_data":724,"is_external_url":51},"battery megafactory","","https://a.storyblok.com/f/287943243085208/88cb07f66f/bm-lg-towers-logo.jpeg","asset",{"alt":720,"title":720,"source":721,"copyright":721},"Jan 14, 2022","14th January 2022",[],[],1790082840137]