LGES CEO leaves for China for EV battery biz: source

SEOUL, March 12 (Yonhap) -- Kwon Young-soo, chief of LG Energy Solution Ltd. (LGES), embarked on a business trip to China on Sunday to check on its electric vehicle (EV) battery plant in China, according to an industry source.

During the five-day trip, LGES CEO Kwon is expected to visit the company's battery-production facility in Nanjing, according to the source.

It marked his first business trip to China since he became the head of South Korea's top battery maker in 2021.

He is likely to check on the production line of cylindrical batteries, which are being supplied to Tesla, one of the company's main clients.

Kwon is also expected to review the progress of a plan to transform part of its Nanjing factory into the production line of lithium iron phosphate batteries (LFP). The move is aimed at producing batteries for the energy storage system (ESS).

The world's second-largest battery maker aims to increase its facility investment by more than 50 percent on-year in 2023 and raise annual sales by 25-30 percent this year from a year ago.

Source: Yonhap News Agency

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