LG Chem Hopes For 70% Increase In EV Battery Sales This Year, Will Make Money
Nikkei reports that LG Chem expects EV lithium-ion battery sales to increase this year by 70%, reaching 1.2 trillion won ($1 billion).
It will be organic growth, fueled by the largest portfolio of carmakers in U.S., Europe and China that recently decided to use LG Chem cells for the next generation of plug-in cars.
“South Korea’s LG Chem expects its car battery business to reap 1.2 trillion won ($1 billion) in sales in 2016, a roughly 70% jump driven by expanded supplies to U.S., European and Chinese carmakers.”
We could only imagine that 2017 will be even better, as one of the larger projects – the Chevrolet Bolt (followed by Opel Ampera-e) with decent 60 kWh pack – will hit the maret in volume.
Also of interest is the news that this is the year LG Chem could reach the break-even point for the business. That’s even more important, because it will encourage more investment into R&D and the production capacity itself, enabling even more affordable batteries in the future.
“Sales will likely surpass the break-even point this year, allowing the segment to post profit for a full fiscal year by 2017, the company said Monday.”