LG Energy Solution: sales revenue 2023

The sales revenue of LG Energy Solution has dramatically increased in recent years and stood at around 33.7 trillion South Korean won in 2023, a considerable increase from about 25.6 trillion won in the previous year. Over the years, the sales revenue of the battery company has steadily grown. Its main products include small batteries for smartphones and laptops, electric vehicle (EV) batteries, and Energy Storage Systems (ESS).

Competing in the global battery market

Previously part of LG Chem as its battery business sector, LG Energy Solution was established as a separate entity in December 2020. The company has carved out its place in the global battery manufacturing industry, supplying EV batteries to carmakers worldwide. The company has a presence in the ESS market as well.

South Korean battery producers

Other significant domestic battery makers are also companies from South Korean conglomerates. Much like how LG Energy Solutions split off from LG Chem, SK On has also recently separated from SK Innovation. Completing the trio is Samsung SDI, which was first established in 1970. As lithium-ion (Li-ion) batteries grow in demand and importance, South Korean battery producers are expected to continue vying for pole position among global competitors.

Sales revenue of battery company LG Energy Solution worldwide from 2014 to 2023 (in trillion South Korean won)

Characteristic	Sales revenue in trillion South Korean won
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Release date

March 2024

More information

Region

Worldwide, South Korea

Survey time period

2014 to 2023

Special properties

including domestic sales and exports

Supplementary notes

*LG Chem‘s battery sector was split into a subsidiary company called LG Energy Solution since December 2020.

Figures have been rounded.

1,000 South Korean won equals 0.74 U.S. dollars or 0.69 euros as of April 2024.

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