LG Chem says it has Won150tn ($125bn) worth of orders that will keep it busy for the next five years and help the world’s largest electric vehicle battery maker ride out the coronavirus pandemic.
The South Korean company, which controls about a quarter of the global market, is boosting capacity to meet a surge in orders driven by tighter environmental regulations in Europe and China. Its strong performance has helped it overtake China’s CATL to become the industry leader this year.
“We have survived the pandemic relatively unscathed as demand for our products has continued to increase despite lockdowns,” said Shin Hak-cheol, the company’s chief executive. “We need to expand our capacity to fulfil the backlog of orders.”
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