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LG Energy Solution posts KRW 25.6 trillion in consolidated revenue and KRW 575.4 billion in operating profit in 2024 Company to focus on proactively responding to market volatilities in the short term and securing fundamental competitiveness in the mid-to-long term This year's guidance forecasts a 5-10 percent year-on-year increase in annual revenue, with capital expenditure expected to be reduced by 20-30 percent compared to last year SEOUL, South Korea, Jan. 24, 2025 /PRNewswire/ -- LG Energy Solution (KRX: 373220) today announced its fourth-quarter and full-year earnings for 2024, along with its key business initiatives for 2025. For the full year, the company reported KRW 25.6 trillion in consolidated revenue and KRW 575.4 billion in operating profit, a year-on-year decrease of 24.1 percent and 73.4 percent, respectively. The operating profit margin was 2.2 percent, including the IRA tax credit effect. "Last year, we actively responded to EV demand in North America," said Chang Sil Lee, CFO of LG Energy Solution. "At the same time, sales in Europe decreased due to slow EV market growth, while average selling price (ASP) also declined because of continued metal price impact, leading to a decrease in our full-year revenue." "Although a lower utilization rate led to increased fixed costs and lower profitability, we saw continued improvements in material cost ratio last year," Lee said. In 2024, LG Energy Solution initiated the stable mass production its new joint venture plants in the U.S., Canada, and Indonesia, and achieved the record-high yield, securing capabilities for a stable global operation. In terms of the EV business, the company successfully expanded its product lineup with new chemistries and form factors, and also expanded its ESS business by accelerating its intake of large-scale power grid projects in North America. Last year marked a year of technological advancement for LG Energy Solution, as it prepared for the mass production of its 46-Series cylindrical batteries and pilot production line for dry electrodes in Ochang, Korea. In addition, the company secured high-quality, IRA-compliant critical minerals and LFP[1] cathode materials by taking various proactive measures, such as investing in a lithium mining company. In the fourth quarter, the company posted consolidated revenue of KRW 6.4512 trillion, a 6.2 percent decrease quarter-on-quarter. Its quarterly operating loss was KRW 225.5 billion, including the estimated IRA tax credit amount of KRW 377.3 billion. 2025 Market Forecast The global battery market, encompassing the EV, ESS, and IT sectors, is expected to grow by over 20 percent[2] annually starting in 2025. For the EV market, the company expects its first-mover advantages in the North American battery market to continue to expand, driven by the growing trend of protectionism. At the same time, the increasing volatility of green policies in major countries is expected to decelerate the growth of EV demand in the short term. Regarding the ESS market, LG Energy Solution foresees an increasing need for regional renewable energy infrastructure thanks to the emerging importance of energy security. The company also expects power demand to surge on the back of the expansion of AI-driven data centers and predicts securing local battery supplies will become ever more critical in response to the higher tariffs on batteries from China set to take effect in 2026. 2025 Key Business Initiatives In the short term, LG Energy Solution will focus on proactively responding to market volatilities. The company will enhance its financial stability by adjusting the timeline of investment for the construction of new facilities and prioritizing the execution of critical investments. At the same time, it will maximize the utilization of its existing capacity by processing new orders for LFP and high-voltage mid-nickel batteries on idle production lines within existing facilities. The company will also enhance its operational compatibility across production facilities, namely by diversifying form factors within each facility and converting production lines between EV and ESS batteries to proactively respond to local customer needs. In the mid-to-long term, LG Energy Solution will continue its efforts to reinforce its fundamental competitiveness. It will secure a competitive edge in products by offering optimized solutions for each EV segment and further differentiating its high-capacity LFP batteries for ESS systems. The company will also focus on enhancing product quality by advancing its BMS[3] diagnostic technologies and AI-based quality management system. Securing structural cost competitiveness is another long-term initiative. As part of this, the company will expand the use of cost-effective materials, promote investment in upstream companies, and reduce processing costs by expanding production automation. To prepare for the future, it will expedite the commercialization of dry electrodes and lithium-sulfur all-solid-state batteries by setting up their pilot lines, while also expanding the business from hardware to software by fostering its BaaS[4] and EaaS[5] businesses. Based on its key business initiatives for this year, LG Energy Solution announced its goal to achieve a 5-10 percent year-on-year increase in annual consolidated revenue in 2025. Although it predicts unfavorable ASP due to the continued trend of low metal prices, the company expects that the initiation of mass production at its new plants in North America and the increase in new product shipments will positively contribute to this year's revenue growth. The company also aims to reduce this year's capex by 20-30 percent compare to last year, by adjusting the pace of investment and maximizing the utilization of existing sites. In addition, the estimated capacity eligible for the IRA tax credits this year is expected to be around 45-50GWh, as the company is well positioned to realize its first-mover advantages in the region by starting operations at its new facilities and expediting the mass production of its ESS batteries. [1] LFP: lithium, iron, phosphate [2] GWh basis [3] BMS: battery management system [4] BaaS: battery-as-a-service [5] EaaS: energy-as-a-service About LG Energy Solution LG Energy Solution (KRX: 373220), a split-off from LG Chem, is a leading global manufacturer of lithium-ion batteries for electric vehicles, mobility, IT, and energy storage systems. With 30 years of experience in revolutionary battery technology and extensive research and development (R&D), the company is the top battery-related patent holder in the world with over 58,000 patents. Its robust global network, which spans North America, Europe, and Asia, includes battery manufacturing facilities established through joint ventures with major automakers. Committed to building sustainable battery ecosystem, LG Energy Solution aims to achieve carbon neutrality across its value chain by 2050, while embodying the value of shared growth and promoting diverse and inclusive corporate culture. To learn more about LG Energy Solution's ideas and innovations, visit https://news.lgensol.com.
MADISON, Wis., Jan. 23, 2025 /PRNewswire/ -- Accuray Incorporated (NASDAQ: ARAY) announced today that Shandong Cancer Hospital and Institute has achieved a milestone with the completion of treatment for 100 patients using the Tomo® C Radiation Treatment Delivery System, a product built in China through the CNNC-Accuray joint venture. Shandong Cancer Hospital and Institute was the first hospital in China to receive the new Tomo C System which has already demonstrated its value by expanding clinical capabilities and the opportunity to offer potentially curative treatment to more people diagnosed with cancer. This first cohort of Tomo C System treatments also represent a milestone for Accuray which is focused on addressing the broad needs of the underserved Chinese radiation therapy market. The number of new cancer cases in China is anticipated to increase by almost 47 percent in the coming years with about 7.1 million people expected to be diagnosed in 2045, compared to an estimated 4.8 million people in 20221. The data reinforces the importance of advanced radiotherapy technology that enables the precise treatment of the full spectrum of cancer cases clinical teams see in their practice. "We are proud to support the Shandong Cancer Hospital and Institute team as they enhance their cancer treatment options with the new Tomo C System. I am pleased that a wide range of cancer types were successfully treated among these 100 patients and that the fast speed of treatment is expected to meaningfully increase capacity - enabling them to treat more patients per day," said Suzanne Winter, president and CEO of Accuray. Continued Ms. Winter, "The system was developed to enable more clinicians in China to offer fast, effective, personalized cancer care to their patients. Its introduction expands our product portfolio in this important region and reinforces our commitment to providing our customers with the tools they need to offer the best care possible to any patient they believe would benefit from radiotherapy." Shandong Cancer Hospital and Institute, founded in 1958, is a top center for cancer care, research, and prevention in China. Serving over 400,000 patients annually, it offers advanced treatments and collaborates with global leaders such as MD Anderson Cancer Center in the United States. The hospital is committed to innovation and excellence in cancer treatment. "The introduction of the Tomo C Radiation Treatment Delivery System, based on the helical TomoTherapy® platform, is a significant milestone in advancing precision radiotherapy for cancer patients," said Prof. Yu, President of Shandong Cancer Hospital. "The TomoTherapy platform has already demonstrated its transformative impact on cancer treatment. With the Tomo C System we can treat an average of 95 patient treatment fractions per day, enabling our team to provide innovative and effective care for more patients and reaffirming our commitment to the "Healthy China Initiative." This achievement sets a new benchmark for cancer care, propelling our efforts to the next level." The Tomo C System is designed to provide medical care teams with greater certainty in the outcomes they achieve when treating patients with radiotherapy. Each component of the system – from helical imaging and delivery to advanced treatment planning and centralized data management – is designed to work seamlessly together to facilitate fast, ultra-precise treatments while enabling more patients to receive care each day. About AccurayAccuray is committed to expanding the powerful potential of radiation therapy to improve as many lives as possible. We invent unique, market-changing solutions that are designed to deliver radiation treatments for even the most complex cases—while making commonly treatable cases even easier—to meet the full spectrum of patient needs. We are dedicated to continuous innovation in radiation therapy for oncology, neuro-radiosurgery, and beyond, as we partner with clinicians and administrators, empowering them to help patients get back to their lives, faster. Accuray is headquartered in Madison, Wisconsin, with facilities worldwide. To learn more, visit www.accuray.com or follow us on Facebook, LinkedIn, X, and YouTube. Safe Harbor StatementStatements made in this press release that are not statements of historical fact are forward-looking statements and are subject to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release relate, but are not limited, to expectations and goals regarding the company's products, services and innovations, including related to the Tomo C Radiation Treatment Delivery System; expectations regarding the company's joint venture in China; and patient experiences and patient outcomes. These risks and uncertainties include, but are not limited to, the effect of the current global economic environment, including in connection to the COVID-19 pandemic, on the operations of the company and those of its customers and suppliers; the company's ability to achieve widespread market acceptance of its products; the company's ability to develop new products or improve existing products to meet customers' needs; the company's ability to anticipate or keep pace with changes in the marketplace and the direction of technological innovation and customer demands; reliance on third party collaborators, partnerships, strategic alliances and joint ventures; and such other risks identified under the heading "Risk Factors" in the company's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission (the "SEC") on November 6, 2024, and as updated periodically with the company's other filings with the SEC. Forward-looking statements speak only as of the date the statements are made and are based on information available to the company at the time those statements are made and/or management's good faith belief as of that time with respect to future events. The company assumes no obligation to update forward-looking statements to reflect actual performance or results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. Accordingly, investors should not put undue reliance on any forward-looking statements. Media Contact:Beth KaplanPublic Relations Director, Accuray+1 (408) 789-4426bkaplan@accuray.com ________________________ 1International Agency for Research on Cancer, World Health Organization.https://gco.iarc.fr/tomorrow/en/dataviz/tables?populations=160
Corporate Knights acknowledges LG Energy Solution in the World's 100 Most Sustainable Corporations 2025 list, placing it in the top position among its industry peer group Recognition in sustainable revenue and sustainable investment were the main drivers of the strong performance, as well as energy productivity and GHG (Greenhouse gas) productivity Embracing responsibility as an industry leader, LG Energy Solution strives to bolster its own ESG management and pave the way to a sustainable battery ecosystem across the entire value chain, including indirect operations and suppliers SEOUL, South Korea, Jan. 22, 2025 /PRNewswire/ -- LG Energy Solution has ranked 12th on the list of 100 Most Sustainable Corporations in the World 2025 by Corporate Knights, marking its debut on the prestigious list. The company also secured the top position among its battery manufacturing peers. Corporate Knights' Global 100 is a global sustainability index that provides an annual ranking of the world's most sustainable corporations with annual revenues of over 1 billion USD. This year's evaluation examined 8,359 corporations, scoring companies based on 25 key performance indicators across areas such as sustainable revenue, sustainable investment, resource management, employee management, financial management, and supplier performance. A ranking on this list is widely considered a mark of distinction for ESG management excellence. LG Energy Solution's strong performance in the sustainable revenue and sustainable investment KPIs earned its recognition in the Global 100 assessment, meeting key criteria for ESG-conscious investors. The company received the highest possible scores in both areas, reflecting its core business of providing sustainable and reliable energy solutions and its significant investments in future growth engines. Corporate Knights also highly rated LG Energy Solution's energy productivity and GHG productivity, among other criteria. LG Energy Solution is dedicated to strengthening its ESG standards and practices, demonstrating the company's industry leadership. As such, the company has recently focused on preparations for stricter global regulations and ESG disclosure standards. Even before new international battery regulations, such as mandatory carbon footprint disclosure and battery passports, LG Energy Solution already adopted Life Cycle Assessment (LCA) in 2019 to evaluate the product impacts and transparently communicate with key stakeholders. LG Energy Solution aims to ensure the accuracy and credibility of LCA through third-party verification and Environmental Product Declaration (EPD) certifications, and the range of products covered by LCA and EPD continues to expand. In 2024, LCA covered battery cells with 83% of total capacity, and EPD certified battery cells with 60% of total capacity. Furthermore, the company made substantial progress in social footprint management, reducing the potential for adverse human rights impacts by adopting a due diligence process to identify, prevent, mitigate, and address such issues. Enhancing its ESG governance, LG Energy Solution is committed to effectively managing emerging challenges and fostering an ESG-driven work culture. In addition to reinforcing its own ESG management, the company is working to facilitate a sustainable battery ecosystem throughout its entire value chain by proactively supporting, engaging, and collaborating with its supply chain partners. Building on years of assessing and managing ESG risks in its Tier 1 suppliers, the company expanded these efforts in 2024, developing an IT management system that connects Tier-N suppliers for improved traceability and transparency. It plans to progressively broaden the scope of supply chain risk assessment, focusing on core raw material supply chains for critical regulatory compliance. To maintain transparency, LG Energy Solution published the 'Supply Chain Sustainability Report' this month, which provides information on its supply chain management system, strategies, and key achievements. "We are honored that Corporate Knights has recognized our leadership in sustainability and ESG practices, naming us one of the world's most sustainable companies," said David Kim, CEO of LG Energy Solution. "We are fully committed to realizing our vision of leading the future green energy era with innovation in electrification for a sustainable battery ecosystem." "As one of the world's largest battery manufacturers, LG Energy Solution is at the centre of what enables the transition to a net-zero economy. The company's inclusion in the 2025 Global 100 is a testament to its global leadership," said Toby Heaps, CEO of Corporate Knights. About LG Energy Solution LG Energy Solution (KRX: 373220), a split-off from LG Chem, is a leading global manufacturer of lithium-ion batteries for electric vehicles, mobility, IT, and energy storage systems. With 30 years of experience in revolutionary battery technology and extensive research and development (R&D), the company is the top battery-related patent holder in the world with over 58,000 patents. Its robust global network, which spans North America, Europe, and Asia, includes battery manufacturing facilities established through joint ventures with major automakers. Committed to building sustainable battery ecosystem, LG Energy Solution aims to achieve carbon neutrality across its value chain by 2050, while embodying the value of shared growth and promoting diverse and inclusive corporate culture. To learn more about LG Energy Solution's ideas and innovations, visit https://news.lgensol.com.
SHANGHAI, Jan. 21, 2025 /PRNewswire/ -- Hesai Technology (Nasdaq: HSAI), the global leader in automotive lidar technology, today announced that it has secured design wins for multiple Chery Automobile models. The models are expected to enter mass production in the second half of 2025 and will be equipped with the newest generation of Hesai's ultra-compact high-performance ATX lidar. Chery's vehicle line-up includes passenger cars, commercial vehicles, and urban mobility vehicles. Chery recently reported a 38 percent jump in global car sales year-over-year, with 2.6 million vehicles sold in 2024, and a forecast of more than 3 million deliveries this year. As the leading exporter of Chinese-brand passenger vehicles, Chery announced its total exports in 2024 exceeded 1.14 million vehicles, a 21.4% increase year-on-year. As of December 2024, Hesai has earned more than 100 design wins across 21 automotive OEMs including Chery, Great Wall Motors, and Changan. The ATX offers powerful performance in a compact form, empowering advanced assisted driving functions. Since its release in April 2024, Hesai's ATX has been selected for mass production vehicles by numerous leading automakers including top new energy vehicle companies and leading European and American OEMs' joint ventures in China. In 2025, Hesai's planned annual production capacity is expected to exceed 2 million units, supported by the company's mass production capabilities and research and development innovation.
SINGAPORE, Jan. 20, 2025 /PRNewswire/ -- Lazada, Southeast Asia's leading eCommerce platform, and Peak3, a global leader in insurance technology, have announced the launch of a joint venture (JV) to build the leading digital and embedded insurance ecosystem in Southeast Asia. Lazada and Peak3 Launch a New Digital Insurance Joint Venture in Southeast Asia Building on Peak3's SaaS insurance orchestration platform and in collaboration with leading insurers, the new JV is embedding innovative, convenient and affordable insurance propositions into Lazada's thriving local ecosystems, linking about 160 million active users to more than one million actively-selling sellers every month. Bold Vision and Tangible Early Success This joint venture extends Lazada's capabilities beyond its core eCommerce offerings by integrating diverse insurance propositions into its ecosystem. Lazada customers can seamlessly obtain insurance coverage through the Lazada app and website, while merchants benefit from tailored protections to safeguard their businesses. This fosters a supportive ecosystem for all users, contributing to Lazada's vision of becoming a comprehensive lifestyle platform. In collaboration with leading local and global insurers such as AIA, Astra, Income Insurance, MSIG, and Sompo, Peak3 and Lazada are set to deliver a diverse portfolio of insurance propositions across property & casualty, accident and health, and life insurance. In a first step, the focus is on developing embedded insurance, including gadget and electronics protection, and product liability protection to safeguard customers and their purchased goods. Additionally, marketplace insurance options, such as car, accident and travel insurance, provide essential coverage for customers' everyday activities. Bill Song, Group CEO of Peak3, said: "We are excited to deeply partner with Lazada on this venture, contributing our technology and expertise from similar joint ventures with Grab, Klook and Carro. Lazada has an incredible ecosystem and reach, and we have already seen remarkable market traction." Since its establishment in August 2024, the partnership has already rolled out a dozen insurance propositions across six countries—Singapore, Malaysia, the Philippines, Vietnam, Thailand, and Indonesia. To date, over 5 million policies have been issued, averaging now over 70,000 policies per day. One Regional Insurance Orchestration Tech Platform At the core of this JV is Peak3's SaaS insurance orchestration platform, which provides a flexible solution to unify insurance operations across insurance product lines and enables seamless integration with Lazada's ecosystem and insurers. David Zheng, Lazpay Head of Product, Insurance and Digital Goods, at Lazada, highlighted: "Peak3's platform has truly helped us deepen our capabilities and offerings for insurance products to offer a more holistic experience for our users. In less than half a year, we will be live across six markets with over a dozen seamless insurance propositions and a run rate of over two million policies per month. This partnership will allow us to achieve greater synergies and operational efficiencies, with the products and corresponding services managed centrally on one platform." Key benefits of Peak3's platform include: Rapid Multi-Country Deployment: Enabling new product launches in weeks through configuration, optimized for scalability and re-usability across countries. Comprehensive and Innovative Insurance Offerings: Supporting the full spectrum of insurance products, from micro-insurance to traditional insurance, along with parametric propositions to offer enhanced flexibility and tailored coverage. Simplified API Integration: Streamlining insurer connectivity across core systems and providing seamless customer journeys and high performance during peak sales periods. Data-Driven Optimization: Providing real-time analytics and A/B testing capabilities to enable data-driven optimizations of products and customer journeys. The Future: Advancing Financial Inclusion and Sustainability The new joint venture exemplifies the shared commitment of Peak3 and Lazada to advancing financial inclusion and sustainability through digital-first and embedded insurance. The joint venture enhances the accessibility and affordability of insurance for underserved populations. Upcoming inclusive propositions, such as insurance with fractionalized premiums and flexible payment options, will help customers secure essential protection with reduced financial strain. Given this early success, diverse initiatives are underway to enhance Lazada's insurance ecosystem and improve the customer journey. This includes enabling users to easily access policies and post-purchase services directly through the Lazada app. Additionally, Peak3's advanced technologies, such as AI-driven product recommendation, intelligent claims assessments and AI-powered customer support, will further streamline operations and customer experience. In addition, Peak3 and Alibaba, the parent company of Lazada, are exploring additional opportunities with other Alibaba International Digital Commerce businesses. The ambition is to drive innovation, broaden accessibility, and provide comprehensive insurance solutions to customers globally. About Peak3 Peak3 offers advanced SaaS core, orchestration, and AI technologies for the global insurance industry. Serving more than 50 insurers, MGAs, and intermediaries across life, health, and P&C insurance, Peak3 enables accelerated growth, enhanced customer experiences, and improved operational efficiency. For more information on Peak3, please visit www.peak3.com About Lazada Group Lazada Group is Southeast Asia's pioneer eCommerce platform. For the last 12 years, Lazada has been accelerating progress in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam through commerce and technology. Today, a thriving local ecosystem links about 160 million active users to more than one million actively-selling sellers every month, who are transacting safely and securely via trusted payments channels and Lazada Wallet, receiving parcels through a homegrown logistics network that has become the largest in the region.
KUALA LUMPUR, Malaysia, Jan. 17, 2025 /PRNewswire/ -- In a move that solidifies its position as a leading digital-first financial institution in Malaysia, Hong Leong Bank ("HLB" or the "Bank") today announced a strategic cooperation agreement with WeBank Technology Services, a subsidiary of WeBank, China's largest digital bank. This powerful alliance brings together two organizations committed to pushing the boundaries of financial technology and delivering exceptional customer experiences. (L-R) Andrew Jong, Managing Director of Personal Financial Services at Hong Leong Bank and Joe Chen, Director of WeBank Technology Services at the Strategic Partnership Signing Ceremony at WeBank Technology Services' Hong Kong base on January 16, 2025 Through this strategic partnership which was signed at the ceremony alongside WeBank Technology Services' financial institution partners from Thailand, Indonesia and Hong Kong respectively, HLB aims to elevate its operational efficiency and leverage cutting-edge AI technology to ultimately deliver even more personalized and impactful financial solutions for its customers and communities. The Bank will also leverage WeBank Technology Services' expertise in AI to develop automation tools and applications, uplifting the productivity of its salesforce and operational teams. These technology solutions would then be aimed at extending capabilities across data systems, marketing, and campaign management, further improving the Bank's customer-focused offerings and financial solutions. Kevin Lam, Group Managing Director and CEO of HLB, commented on the transformative potential of this strategic collaboration. "As a digital-first bank, we have already made significant investments in technology to ensure we provide seamless, innovative, and personalized financial solutions," he explained. "This partnership perfectly complements our strategy. It allows us to further accelerate our growth by leveraging their AI expertise to boost our operational efficiency and deliver even greater service excellence to our customers worldwide. By combining our strengths and shared commitment to innovation, we will unlock new possibilities for our customers and redefine the banking experience. We are confident that this partnership will accelerate our progress towards becoming the Best Run Bank in Malaysia and a leading force in the digital banking landscape." HLB was the first bank outside of China to enable merchants to accept Weixin Pay in 2018, simplifying payments for Chinese travelers in Malaysia. Building on this momentum, HLB became the first bank in Malaysia to introduce eKYC and enable end-to-end digital onboarding for customers in 2020. The bank further solidified its digital leadership with the 2022 relaunch of the HLB BizBuddy mobile app, facilitating seamless DuitNow QR payments for merchants. HLB also demonstrated its commitment to AI-driven solutions last year by deploying AI voice bots in its collection operations, resulting in a remarkable 15x increase in productivity.
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