[Courtesy of LG Chem]
LG Chem, a South Korean battery maker, has disclosed an aggressive business strategy to consolidate its top position in electric car batteries with an estimated 6.35 billion US dollars in annual sales by 2020.
Helped by strong global demand, sales of electric car (EV) batteries are expected to reach 1.2 trillion won ($1.09 billion) this year and seven trillion won ($6.35 billion) in 2020, the company said in a report on Sunday
LG Chem said it has secured 82 orders from 28 automakers with its accumulated orders for EV batteries exceeding 36 trillion won so far.
The company plans to introduce a battery for electric cars that can travel 500 kilometers (310 miles) and more on a single charge. It is now involved in South Korea's government-sponsored project to develop high-powered batteries.
EV batteries are considered one of the world's most promising sectors due to rising demands for an alternative to fossil fuels and the fast distribution of electric vehicles. According to TNS, a market research firm, the share of electric vehicles in the auto industry is expected to rise to 15-20 percent by 2025.
LG Chem and domestic rival Samsung SDI together control one-third of the world's EV battery market.
Aju News Lim Chang-won = cwlim34@ajunews.com
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Park Sae-jin
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