SEOUL (Reuters) – South Korean battery maker LG Energy Solution (LGES) said on Monday it expects its global market share to become bigger than that of its Chinese rival Contemporary Amperex Technology Co Ltd (CATL) because it has a more diverse customer base.
“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 Chief Executive Officer Kwon Young Soo told reporters during a news conference on Monday.
The news conference was held as LGES is preparing for an initial public offering this month.
LGES is LG Chem Ltd’s wholly owned battery subsidiary and supplies electric vehicle (EV) batteries to Tesla Inc, General Motors Co, and Volkswagen among others.
Asked about LGES’ plans to develop cheaper lithium-iron-phosphate (LFP) batteries for electric vehicles, Kwon said the company plans to adopt LFP batteries for electric vehicles, but did not elaborate on the details, such as the production timeline.
LFP batteries, 95% of which are made in China, are considered cheaper and safer than nickel-based batteries, but have less energy density and need be recharged more often.
Tesla said it plans to adopt LFP batteries in its fleet of standard-range vehicles globally.
In October, LGES said it plans to supply LFP batteries for energy storage systems (ESS).
LGES’ planned initial public offering (IPO) this month could take the company’s value to 70.2 trillion won ($58.47 billion) and make it South Korea’s third-biggest listing after Samsung Electronics Co Ltd and SK Hynix Inc 000660.KS.
($1 = 1,200.5900 won)
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