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| Period | Region or scope | Printed comment | Actual or plan |
|---|---|---|---|
| Q2 2024 | Group, OP excluding IRA tax credit | Fixed-cost burden from utilization rate adjustment | Actual (Q2 2024 deck). No percent printed |
| FY 2025 | Idle EV and ESS lines | Increased utilization of idle lines through reallocation of capacity between EV and ESS | Actual (FY 2025 newsroom and Q4 2025 deck). No percent printed |
| Q2 2026. Europe | Europe | Improved utilization rate | Actual (Q2 2026 deck and newsroom). No percent printed |
| H1 2026. Europe and Asia | Europe and Asia | Improved utilization rate through shipment of affordable solutions and 46-Series | Actual (Q2 2026 deck). No percent printed |
| Q2 2026. North America ESS | North America ESS | Capacity utilization growth; sequential site expansion enabled higher shipments | Actual (Q2 2026 call). No percent printed |
| H2 2026. North America ESS (plan) | North America ESS sites | Continue to expand utilization of North American sites | Company plan from the Q2 2026 call. No percent printed |
| Period | Global ESS capacity (GWh) | North America share or NA GWh | Actual or plan |
|---|---|---|---|
| 2024-end | 12 | Not printed | Actual (Q4 2025 deck) |
| 2025-end | 36 | 60%+ | Actual (Q4 2025 deck) |
| 2026-end. Global plan | More than 60 | More than 80% | Company plan (Q4 2025 deck and FY 2025 newsroom) |
| 2026-end. North America plan | Not a global figure | 50+ GWh in North America | Company plan (Q1 2026 newsroom and deck) |
| Period | What was printed | Figure | Stock or flow |
|---|---|---|---|
| June 2023 | Total contracted backlog | KRW 440 trillion | Stock (KRW, last company KRW print found) |
| YE 2025. 46-Series | 46-Series cylindrical backlog | Exceeding 300 GWh | Stock (floor) |
| YE 2025. ESS | ESS backlog | 140 GWh | Stock |
| End of April 2026. 46-Series | 46-Series cylindrical backlog | Exceeding 440 GWh | Stock (floor). Q1 2026 print |
| H1 2026. ESS new contracts | ESS new contracts including an AI data-center project | Exceeding KRW 3 trillion | Flow, not a remaining backlog stock |
| Period | Metric | Printed comment | Actual or plan |
|---|---|---|---|
| Q1 2026. EV pouch | Pouch-type EV shipments | Declined on inventory adjustment by a major North America customer | Actual (Q1 2026 newsroom and deck) |
| Q1 2026. Cylindrical and ESS | Cylindrical EV and ESS shipments | Increased (no GWh printed) | Actual (Q1 2026 newsroom) |
| H1 2026. EV cylindrical | Cylindrical shipments including 46-Series | Boosted 1.5x year on year | Actual (Q2 2026 deck and newsroom) |
| H1 2026. Affordable pouch mix | Mid-to-low price share of EV pouch sales volume | Over mid-30% | Actual (Q2 2026 deck). Automotive Battery Division |
| Q2 2026. 46-Series | 46-Series shipments | Jumped by more than 60% QoQ | Actual (Q2 2026 call) |
| Q2 2026. EV pouch Europe and Asia | High-voltage mid-nickel to Europe and high-nickel to Asia | Double-digit QoQ volume growth | Actual (Q2 2026 call) |
| Q2 2026. ESS division revenue | ESS Battery Division revenue | Around 30% QoQ, with higher North America shipments | Actual (Q2 2026 call). Revenue, not a GWh print |
| Q2 2026. Europe and Asia streak | Shipment increase in Europe and Asia | Three consecutive quarters | Actual (Q2 2026 deck and newsroom) |
| Q3 2026. ESS shipments (plan) | ESS shipments | At a minimum around 50% QoQ | Company plan from the Q2 2026 call |
| H2 2026. ESS production (plan) | ESS production versus H1 2026 | To double | Company plan from the Q2 2026 call |
Lucky Chemical Industrial (later LG Chem) founded in Busan as Korea's first chemical company by Koo In-hwoi. Battery R&D begins in earnest in 1992 with the lithium-ion R&D group at the Daejeon Research Park; commercial Li-ion shipments start 1999. The 50-plus-year chemistry foundation underpins LG Energy Solution's eventual 2020 spin-off and 2022 IPO.
Announced Ultium Cells JV with General Motors: initial $2.3B 50/50 JV for 30 GWh/yr Lordstown, Ohio plant. NCMA (nickel-cobalt-manganese-aluminium) chemistry shared between LG Chem (now LGES) and GM. The Ultium platform underpins all GM EVs from 2022 onward (Hummer EV, Cadillac Lyriq, Chevy Silverado EV, Equinox EV).
Spun off from LG Chem as standalone battery subsidiary at the holding-company level: non-listed at spin-off but with stated IPO intent. LG Chem retains 100% pre-IPO; LGES inherits all automotive, ESS, and consumer-battery operations including Wroclaw (Poland), Nanjing (China), Holland (Michigan) and forthcoming US JVs.
Second Ultium plant announced in Spring Hill, Tennessee: 35 GWh/yr, supplying Cadillac Lyriq and forthcoming GM crossovers. Brings combined Ultium Cells US capacity to 65 GWh.
Listed on KOSPI in Korea's largest-ever IPO: raised KRW 12.75T (~$10.7B) at IPO price KRW 300,000, valuing LGES at ~$60B. Retail subscription record-breaking. Stock debuts 99% above issue price; LG Chem retains ~82% post-IPO. Largest battery IPO globally and the high-water mark for the 2020-2022 EV-equity bull run.
Stellantis JV (NextStar Energy) announced: 45 GWh plant in Windsor, Ontario, $5B capex. Supplies Stellantis North-American programs (Dodge Charger Daytona EV, Jeep Wagoneer S, Chrysler Airflow successor). Ontario provincial + Canada federal subsidies match US IRA on a per-kWh basis after lobbying.
Honda JV announced: $4.4B Jeffersonville, Ohio plant for 40 GWh/yr. NCMA pouch cells dedicated to Honda Prologue, Acura ZDX (built by GM), and forthcoming Honda 0-Series EV platform. Ground broken Q1 2023; production targeted 2025, slipped to early 2026.
Inflation Reduction Act 45X cell-and-module credits unlocked multi-billion-dollar windfall for LGES US JV plants. Initial estimate $4-6B annual IRA P&L benefit at full Ultium + NextStar + Honda + Hyundai-LGES capacity scale-out (>200 GWh in US by 2027).
Ultium Cells Lordstown, Ohio plant began commercial cell production for GM: first Phase 1 lines (10 GWh) live, supplying Hummer EV and Cadillac Lyriq. Phase 2 brings to 30 GWh by mid-2023.
Reported KRW 632B (~$478M) in IRA tax credits in Q1 2023: first quarter of 45X benefits flowing to operating profit. Without IRA credits, LGES US-segment operating profit would have been negative; quantifies the scale of US-policy subsidy underwriting Korean cell makers.
Hyundai Motor Group JV announced: $4.3B Bryan County, Georgia plant (HL-GA Battery), 30 GWh/yr. Co-located adjacent to Hyundai Metaplant America. Adds Hyundai-Kia volumes to LGES's already-largest US JV portfolio (Ultium + NextStar + Honda + Hyundai = ~190 GWh by 2027).
Announced 46-series cylindrical cells (4680/4695) for Rivian and other OEMs from Queen Creek, Arizona plant: $5.5B greenfield investment, 27 GWh/yr. Targets 4695 (Rivian R2, R3, R3X) and 4680 (undisclosed customer, likely Lucid). LGES becomes 4680/4695 multi-OEM supplier.
Delayed Arizona cylindrical-cell plant ramp by 2 years (to 2026) amid weak EV demand and capex restraint: Rivian R2 schedule slip + Lucid demand softness undermine 4680/4695 customer base. Capex deferral ~$2B.
Suspended Ultium Cells Spring Hill, Tennessee Phase 2 expansion: GM Ultium-platform demand cut: Cadillac Lyriq below plan, Hummer EV slow. GM acquires LGES's 50% stake in Ultium 3 (Lansing MI) instead of building Spring Hill 2.
Acquired GM's 50% stake in Ultium Cells Lansing, Michigan plant for $2B: converts JV plant to wholly-owned LGES facility, reflecting GM's EV-program retrenchment. LGES retains GM cell-supply commitments under Tier-1 contract structure.
Honda Jeffersonville Ohio plant began commercial production: 40 GWh/yr Phase 1 NCMA pouch cells for Honda 0-Series sedan and SUV (US launch H2 2026). LGES 11th production site globally; brings combined US capacity to >120 GWh.