According to media reports, in the IPO media exchange meeting, Kwon Young-soo, CEO and vice chairman of LG New Energy said that the company will defeat CATL and become the world's largest battery manufacturer in the future.
As planned, LG New Energy will announce its IPO price on Friday. The outside world is expected to value it at around 70 trillion won (about 372.8 billion yuan). For comparison, before the deadline, the market value of CATL was 1.25 trillion RMB.
LG New Energy plans to raise 12 trillion won this time and invest 5.6 trillion to expand production in China, Europe, and South Korea by 2024.
When it comes to the source of confidence in overtaking the CATL era, LG New Energy believes that it is its ability to win customers outside China, especially in North America and Europe, which is about 260 trillion won.
In addition, LG will also develop LFP (lithium iron phosphate battery), but it is not a power battery pack for passenger cars, but an energy storage project.
According to the global power battery installed capacity ranking in the first eleven months of 2021 released by the research institution SNE Research, 6 Chinese companies were selected among the 10. Among them, CATL ranked first with a share of 31.8%, ahead of the second LG. New energy exceeds 10 percentage points.
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