LG

■ Since its entry, LG Energy Solution now holds uncontestable market leadership in the fast-growing electric two-wheeler market
 
■ LG Energy Solution to continue strong partnership with the Indian government, acting as a catalyst and a reliable partner to accelerate EV transition in India
 
 
NEW DELHI, February 8, 2024 – LG Energy Solution India Private Limited (“LG Energy Solution India”), a marketing subsidiary of LG Energy Solution (KRX: 373220) located in New Delhi, today celebrates its first anniversary.
 
Last year, LG Energy Solution officially established its subsidiary in India, to closely monitor the fast-changing market trends and respond more efficiently to local customers’ needs.
 
Even before opening LG Energy Solution India, the company has been a major player in the country since its market entry in 2015, establishing a strong presence in the rapidly-growing light electric vehicle (LEV) market ever since. India, with its youthful demographic, bears significant market growth potential. Its electric two-wheeler (E-2W) market is expected to achieve about 45 percent electrification by 2030, creating a market worth approximately KRW 5.4 trillion (INR 330 billion).
 
In recognition of its significance, LG Energy Solution identified the Indian LEV market as a strategic opportunity for growth over the mid to long term. Accordingly, the company is exploring opportunities to thrive together with the Indian market, including securing market leadership in the early stages and proactively seeking partnerships with local top-tier EV makers.
 
LG Energy Solution currently holds over 50 percent share of the Indian E-2W market, securing uncontestable leadership by supplying batteries to top-tier E-2W makers. Based on this strong foothold, the company plans to expand its presence to three-wheeler and four-wheeler EV markets as well.
 
In addition, LG Energy Solution India is closely collaborating with the Indian government and acting as a catalyst in the nationwide pursuit of clean energy transition by bringing its decades-long experience in battery technology and global operational expertise.
 
“Having recognized the significance of the Indian LEV market early on, LG Energy Solution has been actively seeking out opportunities for mutual growth for some time. This has allowed us to secure customer loyalty in the market in just a year of establishing our subsidiary in India,” said Choung oh Yoo, Managing Director of LG Energy Solution India Private Limited. “Our ultimate mission is to facilitate the EV transition in India through our innovative battery technologies and high-quality products.”