LG focus on electric vehicle energy in next 30 years

LG Electronics Inc. said it will concentrate on energy for electric vehicles on the business-to-business market within the next 30 years. LG Chairman Koo Bon-joon said on Tuesday that the company would give top priority to the electric vehicle business in a better focus on the B-B market.

Top officials at LG Electronics said a pivot is done as an important strategy to drive business in the future. LG affiliates have been aggressively expanding investments in projects related to electric vehicle components and increasing speculation that LG will manufacture complete electric cars.

"We always put energy, including electric vehicles," Koo said.

The Seoul-based conglomerate in August announced the construction of a battery pack factory for electric vehicles in the United States. LG Chem currently produces electric vehicle batteries, while LG Display provides automotive displays for car makers.

The vehicle component division has grown to around 2.6 trillion won (US$2.38 billion) by the third quarter of this year. Today's global partners are Mercedes-Benz, Volkswagen and GM, while in talks like Jaguar Land Rover. LG is also seeking to acquire ZKW based in Austria with an estimated approximately US$1.2 billion.

"In the next 30 years, we will be involved in the energy business that will see resources like water and air with a long-term perspective," Koo said.