LG Energy Solution Ltd (LGES) made its debut on the main South Korean stock exchange (Kospi) on Thursday, with its shares closing the day up 68% at KRW505,000 (US$419) per share compared with its IPO price of KRW300,000, after almost doubling in early trade.

South Korea’s largest electric vehicle (EV) battery manufacturer finished its first day of trading with a market capitalisation of KRW118trn (US$98bn), making it the second most valuable company listed on the exchange after Samsung Electronics which has a current market capitalisation of around US$408bn.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Ahead of the listing, LGES CEO Kwon Young-soo said his company aimed to overtake China’s Contemporary Amperex Technology Company Limited (CATL) to become the world’s largest global supplier of electric/hybrid vehicle batteries by the end of the decade. He listed his company’s key relative strengths, including its perceived larger order backlog which he says is worth KRW260trn (US$218bn), stronger intellectual properties (IP) rights and a more diversified foreign client base.

Kown said: “We overwhelm our competitor in terms of IP, we have a more diverse client base in the US and Europe and we have production bases in these regions to supply our clients, which CATL does not have.”

South Korean company SNE Research estimated CATL’s global market share was around 32% last year while LGES was second with a 21% share.

Earlier this week LGES announced construction of a new US$2.6bn plant in Michigan, its third under its growing Ultium Cells LLC partnership with General Motors.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

LGES is also building its own network of battery plants worldwide, which includes factories in South Korea, China, the US, Poland and Indonesia.