Kim Dong-myung, president of LG Energy Solution, said, "Over the past four years, we have recorded an average annual order backlog growth rate of 28%, securing an order backlog of approximately 400 trillion won as of the end of last year."
On the same day, President Kim attended the 5th regular shareholders' meeting of LG Energy Solution held at the LG Twin Towers in Yeouido, Seoul, and noted, "Over the past four years, sales, order backlog, global production capacity, and North American market share have all grown more than twofold."
On this day, President Kim also announced significant business achievements related to the cylindrical 46 series. He stated, "A few days ago, our Arizona subsidiary achieved a contract to supply the 46 series to a major customer at an annual scale of 10 GWh for several years," and added, "We will continue to secure order momentum centered on the differentiated strengths of the 46 series, high-voltage mid-nickel, lithium iron phosphate (LFP), and prismatic batteries."
Presentations on changes in market conditions and response strategies also followed. President Kim noted, "While the long-term growth potential of the battery market remains strong, we are experiencing short-term fluctuations due to increased policy volatility in major countries," adding, "However, once this period passes, the "true winners" will emerge."
He further added, "We will take the current period as an opportunity to enhance our fundamental competitiveness, focusing on ▲strengthening product and quality competitiveness ▲securing structural cost competitiveness ▲preparing future technologies, and we will strive for 'qualitative growth' through operational efficiency in terms of capital expenditure (Capex) and our business, customer, and product portfolio."
President Kim outlined future performance plans, stating, "By 2028, we aim to double our sales compared to 2023 and improve our EBITDA (earnings before interest, taxes, depreciation, and amortization) margin rate, excluding the tax credit from the Inflation Reduction Act (IRA), to the mid-10 percent range," and stated, "We plan to create stable free cash flow to secure funding."
At the shareholders' meeting, President Kim was elected as the new chairman of the board. Additionally, all three agenda items—including ▲approval of the 5th financial statements ▲election of directors ▲approval of the director remuneration limit—were resolved as proposed.