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LG Energy Solution, Ltd. (LGES; Korean: 주식회사 엘지에너지솔루션) is a battery company headquartered in Seoul, South Korea. LGES is one of the largest battery maker alongside CATL, Panasonic, SK Innovation, and Samsung SDI.
History
LG Chem Energy Solution Business Division (1992-2020)
LG Chem started the battery business when LG Group chairman Koo Bon-moo visited the United Kingdom Atomic Energy Authority office in 1992. After the visit, Koo brought rechargeable battery samples and began research into the emerging technology. LG Chem produced Korea's first lithium-ion battery in 1999 and succeeded in supplying automotive batteries for General MotorsVolt in the late 2000s. Then, the company became a battery supplier to global car makers, including Ford, Chrysler, Audi, Renault, Volvo and SAIC Motor.
LG Energy Solution (2020-present)
In September 2020, LG Chem announced spinning off its Energy Solution business to cope with growing demand from global automotive manufacturers. LG Chem's battery business officially became a separate company and changed its name to LG Energy Solution in December 2020. It subsequently undertook an IPO process to secure funds to increase its battery production capacity and debuted on the Korea Exchange in January 2022.
In the first half of 2022, LG Energy Solution is ranked second in the world with a market share of 14 per cent according to SNE research.
Controversies
According to General Motors, manufacturing defects in batteries supplied for Chevrolet Bolt caused 13 confirmed battery fires. The faulty batteries were produced in LGES plants in South Korea and Michigan, and GM pursued reimbursement from LG. In the end, LGES and LG Electronics agreed to pay GM up to $1.9 billion for the recalls on every car produced since 2016.
Automotive industry in South Korea