[Asia Economy Reporter Donghoon Jeong] LG Energy Solution has established a dedicated overseas government relations team.
According to industry sources on the 13th, LG Energy Solution has created an overseas government relations team within its existing government relations organization. This team is reported to support response tasks related to the U.S. National Highway Traffic Safety Administration (NHTSA) electric vehicle recall issues and electric vehicle subsidy policies, working alongside the local corporation's government relations team.
The team is expected to oversee government relations issues across regional branches.
LG Energy Solution has recently been strengthening its efforts to capture the North American battery market. It plans to invest nearly 10 trillion won by 2025 to enhance local production capacity. The importance of local government relations has thus increased. Supply chain order could be reorganized according to the U.S. government's policy direction, and business operation strategies may also change.
By 2025, LG Energy Solution will have battery production capacity sufficient to equip 2.5 million pure electric vehicles in North America alone. Leveraging the accelerating North American electric vehicle market driven by the Joe Biden administration's eco-friendly vehicle policies, the company aims to chase the world's number one battery manufacturer, China's CATL.
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