After achieving a mechanical engineering degree in 1979, Mr. Shin worked for about 30 years all over the globe with 3M before becoming CEO of LG Chem in 2018. He came with an aggressive 10 year plan to grow it from the largest chemical company in Korea to the the largest in the world. Among other items, his plan involves partnering with Tesla, GM, China’s Geely (which owns Volvo and Lotus) and everyone else he can grow the company from $25 billion in sales to $50 billion in sales by 2024.
Here is our two minute biography brief bio of Hak Cheol Shin:
If you think LG Chem is one of those small supplier companies that just plods along, think again. They are the number one EV battery company in the world.
His catchphrase is “build strength on strength”. To do this he is dumping billions of dollars in the battery research and development and those bets have been paying off big time. Their new cylindrical batteries for Tesla will have “five times more energy density and six times more output than current batteries.”
In October 2020 he surprised some by saying that the battery segment of LG Chem will be more focused if it is a separate company. He expects to keep controlling interest in the new “LG Energy Solutions” but sell off 30% of that company to raise more capital for R&D.
What this man thinks and does will affect EV’s globally.