Asian Tech Press (Jan 10) -- LG Energy Solution said it expects its global market share to surpass CATL's market share, considering LG's backlog of battery orders. The company also said it plans to use lithium iron phosphate chemistry in electric vehicles.

LG Energy Solution recently launched its initial public offering (IPO) in South Korea. The company plans to raise up to $10.8 billion, making it the largest IPO in South Korea to date.

According to Reuters, LG Energy Solution is expected to be valued at $51-59.6 billion after the IPO, possibly surpassing parent company LG Chem.

As a supplier to Tesla, Hyundai, Volkswagen and others, LG Energy Solution has long held the second place in the global installed base of power batteries, behind CATL. At one point in the first half of 2020, its market share surpassed that of CATL to rank first in the world.

Korean market research firm SNE Research, LG Energy Solution's market share in 2021 is 20.5%, second only to CATL (31.8%).