LS Group is accelerating its 'dual management' strategy, strengthening its existing core industries such as electricity, power, and materials, while also focusing on new growth engines related to Carbon Free Energy (CFE) and Battery, Electric Vehicle, and Semiconductor (BES) business.
According to industry sources on the 27th, LS’s major corporations are leveraging their long-standing business experience in the power infrastructure and comprehensive energy solution sectors to continuously discover and pursue new business opportunities in battery materials, electric vehicle components, charging solutions, and eco-friendly energy.
In 2022, LS jointly established a new corporation, LS E-Link, with E1 to develop and operate electric vehicle charging infrastructure. The group plans to gather its electric vehicle charging business capabilities under LS E-Link to enhance synergy.
LS Cable & System, a major subsidiary of LS Group, announced in July that it will invest approximately 1 trillion won to construct the largest undersea cable factory in the United States. In August, it commenced construction on two new factories in Mexico, including a bus duct and an electric vehicle battery component factory.
LS Eco Energy, a subsidiary of LS Cable & System, is also expanding its business in line with global power grid expansion efforts. LS-VINA, LS Eco Energy's production subsidiary in Vietnam, is the only corporation to produce ultra-high voltage cables in Vietnam, holding about 80% of the local market share.
LS ELECTRIC's overseas sales ratio surpassed 50% in the second quarter of this year, aiming for 70% by 2030. Due to the U.S. Inflation Reduction Act (IRA), investments in production facilities by local North American corporations in semiconductors, batteries, and automobiles have increased, driving up demand for electrical equipment. LS ELECTRIC is expanding its ultra-high voltage transformer production capacity through plant expansions at its Busan facility and its subsidiary KOC Electric.
The non-ferrous metal materials corporation LS MnM is realizing IT innovation through the digital transformation of the Onsan smelter. Since 2017, LS MnM has been implementing the ODS (Onsan Digital Smelter) project at the Onsan smelter, which has the world's second-largest production capacity, introducing smart factory technology. It expects approximately 70 billion won in economic benefits by the end of this year through enhanced production efficiency.
Eco-friendly energy corporation E1 is actively pursuing new business expansions in hydrogen, renewable energy, and electric vehicle charging in response to changes in the energy market. LS Mtron, which supplies customized injection system solutions, has recently established a tech center in Texas, speeding up the development of products for North American exports.