Won Hee Lee
President, Hyundai Motors
When Tesla’s first China-made Model 3s rolled out of its Shanghai plant in January of this year, it was LG Chem, Korea’s largest chemical firm and the world’s largest producer of lithium ion batteries, that helped power the vehicles.
The Tesla collaboration has been a feather in the cap for CEO Shin Hak-Cheol and his plans to transform the company’s energy solutions business.
Shin joined the company as CEO in 2018, after nearly a decade working for 3M. His hire was the first time in LG Chem’s 70-year history that an outsider had been appointed to the CEO position.
LG Chem will be leaning on Shin’s experience and global exposure to guide the company in an increasingly competitive global battery production market, with a growing challenge from a number of mostly Chinese, Japanese, and Korean companies.
Success rests in part on building and maintaining partnerships with electric vehicle manufacturers such as Tesla. As Tesla expands its operations both in China and Asia, LG Chem is primed to remain a preferred supplier.
“LG Chem is a $30 billion diversified global company,” Shin tells Business Insider. “We plan to transform the company to a global powerhouse with a central focus on sustainable technology solutions to create value for customers and shareholders while contributing to the society at large.”