LG Energy Solution, South Korea's largest battery maker, is reportedly aiming to increase its energy storage sales to 30% of its total revenue mix by 2027. The move is seen as a strategic attempt to mitigate the impact of a global slump in the electric vehicle (EV) market, which has significantly affected the company's sales in recent months. As the demand for EVs slows down, LG Energy Solution is diversifying its business to tap into the growing energy storage market, particularly in the residential and commercial sectors. By expanding its energy storage offerings, the company hopes to maintain its growth trajectory and reduce its dependence on the EV industry, which accounts for the majority of its current sales.
LG Energy Eyes 30% Energy Storage Sales Mix To Counter EV Slump Bloomberg
