[Guest Report] LG Chem gets ahead with R&D investment
In 2018, its R&D costs exceeded 1 trillion won ($850 million) for the first time, and over 30 percent of this was spent on developing batteries.
For the last five years, the R&D costs for the company’s battery department have exceeded 1.3 trillion won.
Thanks to this investment, LG Chem has obtained 16,685 patents for batteries which have become the foundation to what it takes to be a global leader in the battery market.
LG Chem started its lithium-ion battery development since 1995 and succeeded in mass production for the first time domestically in 1999 and went on to supply batteries for the Chevrolet Bolt.
Ten years have passed, and LG Chem is looking forward to passing 10 trillion won in battery sales and is expecting it to reach 30 trillion won by 2024.
LG Chem is the only battery maker in the world to have a background as a chemical corporation that has made breakthroughs in cost competitiveness by internalization and innovation.
Technologies such as lamination & stacking, which maximizes the energy density, and Safety Reinforced Separator technology, which greatly enhances the safety and performance of the battery, have been praised in the market.
With its battery technology, LG Chem’s electric vehicle battery order backlogs for the first quarter of 2019 have already reached 110 trillion won.
“We will carry out intensive R&D in the electric vehicle battery division to maintain our strength in technology, quality and maintenance to lead the third-generation battery market,” said Shin Hak-chul, vice chairman and CEO of LG Chem.
By Kim Seung-jun [firstname.lastname@example.org]
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