LG Chem, Tesla Battery Supplier, Predicts Revenue to Double by 2025

As the Covid-19 pandemic has affected demand for electric vehicles this year, a South Korean supplier expects its battery sales to hit a new record thanks to strength in Europe and a contract with the Tesla Inc. factory in China. Revenues from LG Chem Ltd.'s battery business will reach a record high of around 13 trillion won ($ 11 billion) this year, before reaching 30 trillion won in 2025, CEO Hak Cheol Shin said in an interview at his office in Seoul. LG Chem sales rose 83% to 10.5-gigawatt hours, due to growing demand for Tesla's Model 3 sedans in China, as well as Renault SA's Zoe cars, SNE Research said. This helped LG Chem, whose shares have more than doubled this year to a record market value of around $ 40 billion, take the market lead in contemporary technology from Chinese company Amperex Technology Co. Ltd. His actions have increased. up 5.4% Friday morning after Bloomberg released the first draft of the story.