LG Energy Solution CEO Kim Dong-myung said Friday the company plans to have its energy storage system business take up around 40 percent of its portfolio down the road, in line with efforts to meet market trends.
"The company plans to have ESS and new businesses take up the mid-40 percent range down the road, compared with the current level of 20 percent, maintaining a stable and balanced portfolio," Kim said during a shareholders' meeting held in Seoul.
"We plan to offer distinctive competitiveness in new areas, not only in electric vehicles and ESS but in the humanoid segment," Kim added.
The CEO noted the market is facing the so-called era of "value shift," adding the company will build on the changing market trend.
Kim said LG Energy Solution will transform its EV-related production assets to produce ESS products, addressing weakening battery demand from the automotive industry.
"The long-term growth outlook for EV demand remains valid," Kim added, noting EV sales are expected to rebound when next-generation models are produced starting in 2029. (Yonhap)
