LG Energy Solution 3rd Regular Shareholders' Meeting
Kwon Young-soo, Vice Chairman of LG Energy Solution, stated that “the company plans to mass-produce LFP (Lithium Iron Phosphate) batteries for electric vehicles around 2025.” This is the first time LG Energy Solution has revealed the timeline for mass production of LFP batteries for electric vehicles.
After the 3rd regular shareholders' meeting held on the 24th at the LG Twin Towers in Yeongdeungpo-gu, Seoul, Vice Chairman Kwon told reporters, “This year, some LFP batteries for energy storage systems (ESS) will be produced.”
Vice Chairman Kwon Young-soo of LG Energy Solution is answering reporters' questions after the regular shareholders' meeting on the 24th. [Photo by Choi Seo-yoon]
He added, “The joint venture plant with Toyota is still under discussion regarding its form,” and said, “But I can say it is going well for now.”
Regarding the investment in the Arizona plant in the United States, he said a decision will be made soon. “The investment in the Arizona plant was temporarily halted for various reasons, but we are now deeply reconsidering it and will make a decision within the first half of the year,” he said.
He also mentioned, “Discussions with Tesla are progressing smoothly,” and “It seems a conclusion will be reached within the first half of the year.”
Kwon Young-soo, Vice Chairman of LG Energy Solution, is delivering a greeting at the 3rd Regular General Meeting of Shareholders held on the 24th.
Regarding his recent business trip to China, Vice Chairman Kwon said, “I met with Chinese automotive customers and visited our Nanjing plant,” and shared that “things are going quite well.”
Meanwhile, at the shareholders' meeting, three agenda items were approved as originally proposed: ▲approval of the 3rd term financial statements ▲appointment of outside director Park Jin-gyu ▲approval of the director remuneration limit.
The newly appointed outside director Park Jin-gyu majored in economics at Seoul National University and completed his master's and doctoral courses in international economics and economics at the University of Birmingham in the UK. He served as the 1st Vice Minister of the Ministry of Trade, Industry and Energy from November 2020 to May 2022. Previously, he held positions including Director General of Trade Policy Bureau, Trade Policy Officer, and Planning and Coordination Office, and from 2018 to 2020, he served as Trade Secretary at the Economic Secretariat of the Presidential Office.
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