起点锂电·2025-12-26 10:05Core Viewpoint - 2025 marks the beginning of a new growth cycle for lithium batteries and a global showdown, with Korean battery companies intensifying their counterattacks [3] Group 1: Market Dynamics - LG Energy Solution, once a leading competitor to CATL, is currently navigating between losing ground and making offensive moves [4] - The global demand for electric vehicles (EVs) is slowing down, impacting LG Energy's market position. For instance, LG Energy's battery installation volume from January to October 2025 was 86.5GWh, a year-on-year increase of only 12.8%, significantly lower than the industry average of 35% [8][9] - LG Energy's market share has dropped below 10%, now standing at 9.3%, while CATL and BYD hold 38.1% and 16.9% respectively [8][9] Group 2: Financial Performance - LG Energy's financial performance is under pressure, with revenue declining. In Q1 2025, revenue was 6.3 trillion KRW, down 2.9% quarter-on-quarter, while Q2 revenue fell to 5.6 trillion KRW, a decrease of 11.2% [11] - Despite a rise in profits, LG Energy's reliance on subsidies and tax credits is evident, with significant portions of profits attributed to these incentives [11][12] Group 3: Strategic Shifts - LG Energy is focusing on lithium iron phosphate (LFP) batteries, aiming to strengthen its position in the energy storage system (ESS) market. The company has secured over 300 billion KRW in LFP battery orders from Tesla, effective from August 2027 [15] - The company plans to increase its ESS battery production capacity from 30GWh this year to over 50GWh next year, reflecting a strategic pivot towards energy storage [15][16] - A recent organizational restructuring aims to unify production across different product lines, enhancing flexibility in response to market demands [16] Group 4: Future Outlook - The transition to energy storage may take 2-3 years to yield significant results for LG Energy, as the company faces challenges in balancing costs and profits within the LFP battery supply chain [18]