Kim Dong-myung

LGES was spun off from LG Chem in 2020 and listed on the Korea Exchange in 2022 in one of the country's largest-ever IPOs, reflecting the massive investor appetite for pure-play EV battery exposure. LGES supplies batteries to an impressive roster of global automakers: the company operates joint ventures with General Motors (Ultium Cells, with massive factories in Ohio, Tennessee, and Michigan), Hyundai Motor Group, and Stellantis. It also supplies batteries to Tesla, Ford, Volkswagen, Renault, and others. LGES manufactures batteries in South Korea, China, the United States, Poland, Indonesia, and Canada, with capacity expansion plans worth tens of billions of dollars. The company produces a range of battery chemistries including nickel-manganese-cobalt (NMC) and lithium-iron-phosphate (LFP), and is investing in next-generation technologies including solid-state batteries. Key stock drivers include global EV sales volume and growth rate, battery pricing trends (which have been declining), market share dynamics versus CATL and Samsung SDI, North American production ramp (benefiting from IRA tax credits), raw material costs (lithium, nickel, cobalt), battery technology evolution, and the profitability of joint ventures.