Asian Tech Press (Jan 17) -- China's CATL and South Korea's LG Energy Solution are currently the two largest battery manufacturers globally. They have a much higher share of the market for power batteries needed for electric vehicles, but CATL's percentage is still higher than LG Energy Solution's.

LG Energy Solution's CEO Kwon Young-soo is not worried about their current gap with CATL in the market, saying he is confident that they can surpass CATL.

In a meeting before LG Energy Solution's IPO, Kwon Young-soo said that they are confident that they can surpass CATL. He also noted that LG Energy Solution and CATL are currently separated in market capitalization but may soon be tied.

Kwon Young-soo said at the meeting that LG Energy Solution currently has more unfilled orders than CATL and that the situation between the two companies will change when CATL establishes plants in overseas markets such as Europe.

Among LG Energy Solution's current outstanding orders, 260 trillion won are from automakers, enough for the company to maintain a 25% growth rate in the next few years.