With the approval of the State Council, the World New Energy Vehicle
Conference (WNEVC) was grandly held in Boao, Hainan from July 1-3, 2019. The
conference focuses on the transformation and upgrading of the global automobile
industry and the continuous improvement of the ecological environment. By
gathering the wisdom of global experts and industry elites, the conference will
jointly exchange and discuss the successful experience and success of new energy
vehicles in the fields of technological innovation, industrial innovation,
policy innovation, and market model innovation. development trends, build
industry consensus, clarify the direction of transformation and upgrading of the
automotive industry, and explore effective paths for the coordinated development
of electrification, intelligence, and sharing. At the plenary meeting on the
afternoon of the 2nd, LG Chem CEO Xin Xuezhe delivered a speech, the content of
which is as follows:
I am particularly honored to spend a few minutes discussing LG Chem and the
proportion of electric vehicles with you. I am very happy to give a report in
front of leading figures.
Let me introduce the history and current situation of LG Chem, as well as
its future battery business. After that, we will express our views on the market
outlook and make an introduction to the future trends of power batteries.
Finally, I will introduce the innovation strategy adopted by LG Chem in the
fast-growing market.
LG Chem was established in 1947. Its parent company is LG Group, which is a
very leading chemical company in South Korea. Its geographical scope and
business scope have developed greatly in the past 70 years. In 2004, we
established the LG Chem China regional headquarters in China. Began to promote
China headquarters, sales in China reached US$9 billion last year, representing
32% of global revenue. In 2010, the power battery factory in Michigan was
established, the Nanjing battery factory was also built in 2010, and the
European factory in Poland was also established. In 2018, LG ranked fourth in
the brand value of global chemical companies.
LG Chem includes petrochemicals, batteries, cutting-edge materials and life
sciences. Our largest business is petrochemicals, accounting for 58% of total
revenue. Energy solutions is our fastest growing business and will reach US$9
billion this year. Within four years, it will be doubled again. We have a very
balanced business portfolio, which enables us to achieve very good cash flow,
which makes LG Chem particularly well-positioned for future financing. We spent
US$1 billion on R&D last year, which accounted for 3.8% of sales. . We have
5,400 R&D personnel and our number is growing because we place R&D and
innovation at the core of our business strategy. We strengthen our technology
leadership through disruptive innovation and the development of chemistry,
manufacturing technology and analytical capabilities. We continue to invest in
data science and invest in artificial intelligence to fully develop And deploy
these technologies and incorporate them into the battery design and simulation
process, as well as various manufacturing processes and processes.
Our growth strategy has also been very well formulated. In the field of
batteries, we will rely on technological innovation to strengthen our leading
position in power battery technology. In this regard, we will develop
breakthrough technologies, including battery design, manufacturing, Reliability,
testing and verification. In the field of cutting-edge materials, we also have a
series of cutting-edge material solutions to meet the needs of future electric
vehicles, such as lightweight materials and cutting-edge heat dissipation
materials. In addition, the materials can be used throughout other
industries.
Now we will discuss the history of LG Chem’s power batteries. First, in
1995, we developed lithium-ion batteries, and the battery business has continued
to expand from small-scale batteries to automotive batteries to applications.
Our automotive battery research and development activities began in 2000, and we
were the first factory in the world to provide lithium-ion batteries for hybrid
vehicles. In 2010, we were also the first in the world to supply lithium-ion
batteries to plug-in hybrid vehicles. In 2016, we became the first factory in
the world , we became the world's first lithium-ion battery for electric
vehicles with a long range. This is because we increased the corresponding
density by 60%, allowing us to provide lithium-ion batteries for long range. We
have also further strengthened research and development. We believe that we have
very good technical advantages in power batteries. We will further promote the
research and development of various power battery ecosystems. We will also
further cooperate with automobile OEM manufacturers to promote the further
development of power batteries. We have set up a power battery joint venture
with Chinese automaker Geely Automobile. Our purpose is to work together to
promote the development of power batteries in China. China is definitely the
largest market for electric vehicles in the world. We can say that since 2009,
2.1 million have been sold. Batteries are supplied to 2.1 million electric
vehicles, and there have been no accidents so far.
To meet customer needs through global operations, we have corresponding
factories in four areas around the world, such as in South Korea, Nanjing,
China, and Michigan, the United States. The corresponding R&D centers can be
said to be located very close to OEM customers, ensuring that we have very Agile
and flexible to provide the highest quality automotive power batteries. At the
same time, we have also developed technical research bases and centers to
further meet customer needs. At the same time, we have located more R&D
gravity centers and manufacturing centers closer to customers.
Now let me briefly introduce the differentiated value that LG Chemical
Power Batteries can provide. I think our advantages are mainly material
advantages, different chemical capabilities, advanced processes and global
operational capabilities. We are carefully conducting more research and
development in this area. Development, such as conducting more research and
development on four materials, cathode materials, anode materials, electrolyte
materials, and separator materials and technologies. Currently we have more than
17,000 patents related to battery technology. We use long-mileage materials,
diaphragm materials, and heat dissipation materials to improve system safety and
reliability. When it comes to advanced production technology, we are conducting
more standardization, digitization, autonomy, and automation development.
Through artificial intelligence, machine learning, and big data technology, we
can maximize the space of single batteries, improve the highest life cycle and
high energy density. Equally important is that LG Chem also has very good global
operating capabilities. We have 20 years of experience in battery production, so
we can support customers anywhere in the world and provide them with support
nearby.
Now we will introduce the mid-term and long-term prospects for the new
energy vehicle market. The automotive power battery market will have great
development, especially as regulations in various countries are further
strengthened and consumer enthusiasm is rising. For example, battery performance
is greatly improved. There is also the further improvement of charging
infrastructure, which is a very large driving force for market growth. The
electric vehicle market also includes plug-in hybrids, which will reach 15
million units by 2025. From a geographical perspective, China will remain the
leader in the global electric vehicle market, accounting for half of the world's
basic output and demand; in Europe, the The transformation of electric vehicles
is also constantly accelerating, because the greenhouse gas emission regulations
are more stringent and restrictive, and the strategic direction of the entire
region is also the strategic direction of major OEM manufacturers. Europe
accounts for about 18% of the market and will rise to 32% in 2025. Growth in the
U.S. market will also be slightly accelerated because they have been slower to
follow up on fuel vehicles.
In terms of chemistry and design, we will continue to follow legal and
market changes. We will also focus on materials and battery cell design for fast
charging. We will focus on the application of cobalt and lithium. In terms of
cooperation with OEMs, we will have more efficient and simpler PACK assembly
technology, and will also gradually increase our energy density. Finally, we
will quickly respond to consumer needs, complete fast charging within 20
minutes, and develop silicon materials efficiently. The goal of fast charging is
less than 20 minutes. Pure silicon materials are also an important development
area for us, with fast charging times less than 15 minutes. minute.
From a long-term goal perspective, the industry hopes to develop the next
generation of batteries, especially all-solid-state lithium batteries. We will
work hard to develop solid-state lithium-ion batteries. The main innovation
points focus on two aspects. The first is the solid-state lithium-ion battery I
just mentioned. It is hoped that the technology can be ensured to be safe and
stable, and that it will be significantly improved compared to existing
technology. The second part is lithium metal materials. We are also focusing on
the development of lithium-sulfur batteries and developing high energy density
and low-cost lithium-sulfur batteries.
Finally, I would like to talk about the medium and long-term strategy.
Where is LG currently focusing on? We have four major strategic goals. First, we
hope to become a global leader in power technology, especially in the field of
automotive batteries, and develop the next generation of main EV/PHEV products.
We We will continue to seek to reduce battery costs, hope to conduct global
operations, and strengthen technology for future businesses. We will set up
different production areas around the world. We will adopt the concept of smart
factories and operate in four strategic production bases including South Korea,
China, Nanjing, the United States, and Poland are strengthening local technical
support and hoping to establish smart factories. We hope to achieve
differentiation by optimizing cell material design and also strengthen battery
research and development capabilities.
The last thing we talk about is global openness and continuous innovation.
We will carry out various development and innovation activities to enhance
technological competitiveness. Recently, we selected 5 start-ups to jointly
develop next-generation batteries in the 2019 Global Battery Vehicle Challenge.
At the same time, we also organized the Chinese University Student Power Battery
Innovation Competition, from which we selected excellent independent topics and
topics proposed by Chinese university students. Their originality. I would also
like to thank our global customers, suppliers, industry partners, and government
members, especially the Chinese government, for their selfless support and
continued cooperation with us.
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