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Tesla Supplier LG Chem Expects Battery Revenue to Double by 2025

  • LG Chem expects record EV battery sales of $11 billion in 2020
  • Figure should rise to about $25 billion in 2025, CEO Shin says
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Watch: LG Chem Ltd. Chief Executive Officer Hak Cheol Shin says sales at the world's biggest maker of electric vehicle batteries will reach a record $11 billion this year.(Source: Bloomberg)
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While the Covid-19 pandemic has dented demand for electric vehicles this year, a South Korean supplier expects its battery sales to reach a new high thanks to strength in Europe and a contract with Tesla Inc.’s factory in China.

Revenue at LG Chem Ltd.’s battery business will reach a record of about 13 trillion won ($11 billion) this year, before hitting 30 trillion won in 2025, Chief Executive Officer Hak Cheol Shin said in an interview at his office in Seoul.