LG Energy Solution Ltd

373220: XKRX (KOR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	₩956,334.00	Gvz	Jymjsjnq

Largest Korean Battery Producer Expanding in American Market; Positive Outlook Mostly Priced in

Vincent Sun

Jul 26, 2024

Business Strategy and Outlook

LG Energy Solution, or LGES, was spun off from LG Chemical’s battery subsidiary in December 2020 and listed on the Korea Exchange in January 2022. LG Chemical retains around an 82% share of LGES. The company is one of the top lithium-ion rechargeable battery suppliers globally. It is the third-largest global battery maker for electric vehicles, or EVs, with 15% share by shipment in 2023, according to SNE Research. The company’s customers include many leading automakers such as Tesla, General Motors, Volkswagen, and Hyundai.

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