Connect with us
Tesla-lg-energy-solution-revenue-2024 Tesla-lg-energy-solution-revenue-2024

News

LG Energy Solution appoints new leaders to spearhead battery plans [Feature]

(Credit: LGES)

Published

on

LG Energy Solution (LGES) is shaking up its leaders as it initiates phase two of its battery expansion plans. LG Energy Solutions  announced the appointment of a new CEO next year. The current LGES CEO, Kwon Young-soo, will pass the torch to President Kim Dong-Myung. 

“The new CEO, Kim Dong-myung, has a proven track record in the battery business and entrepreneurial success. At a time like this, Kim is expected to show leadership in making LG Energy Solution the No. 1 global company,” LG Energy Solution said in a statement.

Kim will spearhead the advent of LGES 2.0. He won’t be alone, either. Kim will be stepping into the CEO positions with other newcomers. The Head of Automotive Battery Research and Development, Choi Seung-dun, was appointed Vice President of LGES. The battery supplier also promoted four new senior managing directors and 18 managing directors. 

LGES CEO Kwon Young-soo’s Legacy

Kwon was appointed LGES’ second CEO in 2021. He led the battery supplier’s successful stock debut last year, making it South Korea’s second-largest company in market cap. Kwon has closed joint ventures for LGES with global automakers, including General Motors, Stellantis, and Toyota. As of this writing, local reports state that LGES has an order backlog estimated to be worth 500 trillion won ($384.9 billion).

Kim has some big shoes to fill, considering Kwon’s successful ventures at LGES. Plus, Kwon predicts Kim will be stepping into his position during a pivotal time in the global battery industry. 

Advertisement

“Next year, the global battery industry will be at a turning point. LG Energy Solution needs a young and new leadership that can move forward fast to win the competition and gain a strong foothold,” said Kwon in a statement.

LGES’ Market Outlook

Compared to 2022, LGES promoted fewer executives this year. The company claimed it was due to challenging market outlooks and decreasing demand for electric vehicles. The automotive and battery industry was going full throttle in electric vehicle investments but has recently pulled back the reigns.

LGES and SK On laid off workers in North America, initiating plans to reduce EV investments. Like battery suppliers investing in North America, some legacy automakers have become more cautious about their EV investment plans.

The Teslarati team would appreciate hearing from you. If you have any tips, contact me at maria@teslarati.com or via X @Writer_01001101.

Advertisement

Maria--aka "M"-- is an experienced writer and book editor. She's written about several topics including health, tech, and politics. As a book editor, she's worked with authors who write Sci-Fi, Romance, and Dark Fantasy. M loves hearing from TESLARATI readers. If you have any tips or article ideas, contact her at maria@teslarati.com or via X, @Writer_01001101.

Advertisement
Comments

Elon Musk

Elon Musk offers to pay TSA salaries as government shutdown leaves agents without paychecks

Elon Musk offered to personally cover TSA salaries as the DHS shutdown deepens travel chaos nationwide.

Published

on

By

Elon Musk says that he is willing to personally cover the salaries of Transportation Security Administration (TSA) workers caught in the crossfire of a partial government shutdown that has now dragged on for over a month. “I would like to offer to pay the salaries of TSA personnel during this funding impasse that is negatively affecting the lives of so many Americans at airports throughout the country,” Musk wrote.


The offer arrives as Congress let funding expire for the Department of Homeland Security on February 14, amid a disagreement over immigration enforcement, leaving most TSA employees classified as essential and on duty but working without pay. The timing could not be more disruptive, as the shutdown is colliding directly with spring break travel season when millions of Americans are in the air.

This is not the first time TSA workers have endured this kind of hardship. TSA agents are being asked to work without pay until congressional action unblocks their paychecks, having previously held out through the longest government shutdown in U.S. history at 43 days. The pattern reveals a systemic failure in how Congress funds critical security infrastructure, and Musk’s offer shines a spotlight on that recurring failure at a moment when the public is directly feeling its effects through long lines and terminal closures.

Whether Musk can legally follow through remains unclear, as federal law generally prohibits government employees from receiving outside compensation related to their official duties.

Continue Reading

Elon Musk

Elon Musk launches TERAFAB: The $25B Tesla-SpaceXAI chip factory that will rewire the AI industry

Tesla, SpaceX, and xAI unveiled TERAFAB, a $25B chip factory targeting one terawatt of AI compute annually.

Published

on

By

Tesla TERAFAB Factory in Austin, Texas

Elon Musk took the stage over the weekend at the defunct Seaholm Power Plant in Austin, Texas, to officially unveil TERAFAB, a $20-25 billion joint venture between Tesla, SpaceX, and xAI that he described as “the most epic chip building exercise in history by far.” The announcement marks the most ambitious infrastructure bet Musk has made since Gigafactory 1 in Sparks, Nevada, and it fuses three of his companies into a single, vertically integrated AI hardware machine for the first time.

TERAFAB is designed to consolidate every stage of semiconductor production under one roof, including chip design, lithography, fabrication, memory production, advanced packaging, and testing.  At full capacity, the facility would scale to roughly 70% of the global output from the current world’s largest semiconductor foundry from Taiwan Semiconductor Manufacturing Company (TSMC).

Elon Musk’s stated goal is one terawatt of computing power annually, split between Tesla’s AI5 inference chips for vehicles and Optimus robots, and D3 chips built specifically for SpaceXAI’s orbital satellite constellation.

Tesla Terafab set for launch: Inside the $20B AI chip factory that will reshape the auto industry

The logic behind the merger of these three entities is rooted in a supply chain crisis Musk has been signaling for over a year. At Tesla’s Q4 2025 earnings call, he warned investors that external chip capacity from TSMC, Samsung, and Micron would hit a ceiling within three to four years. “We’re very grateful to our existing supply chain, to Samsung, TSMC, Micron and others,” Musk acknowledged at the Terafab event, “but there’s a maximum rate at which they’re comfortable expanding.” Building in-house was, in his framing, not a strategic option, but a necessity.

The space angle is where the announcement becomes genuinely unprecedented. Musk said 80% of Terafab’s compute output would be directed toward space-based orbital AI satellites, arguing that solar irradiance in space is roughly 5x greater than at Earth’s surface, and that heat rejection in vacuum makes thermal scaling viable. This directly feeds the SpaceXAI vision, which is betting that within two to three years, running AI workloads in orbit will be cheaper than doing so on the ground. The satellites, powered by constant solar energy, would effectively turn low Earth orbit into the world’s largest data center.

Will Tesla join the fold? Predicting a triple merger with SpaceX and xAI

Historically, this announcement threads together every major Musk initiative of the past two years: the xAI-SpaceX merger, Tesla’s $2.9 billion solar equipment talks with Chinese suppliers, the 100 GW domestic solar manufacturing push, the Optimus humanoid robot program, and Starship’s development. TERAFAB is the capstone that ties them into a single coherent architecture — chips made on Earth, launched by SpaceX, powered by Tesla solar, run by xAI, and ultimately extended to the Moon.

“I want us to live long enough to see the mass driver on the moon, because that’s going to be incredibly epic,”Musk said during the presentation.

Continue Reading

News

Rolls-Royce makes shocking move on its EV future

When Rolls-Royce unveiled its first all-electric model, the Spectre, in 2022, former CEO Torsten Müller-Ötvös declared the brand would cease production of internal combustion engine vehicles by the end of the decade.

Published

on

Rolls Royce Wheels
Credit: BMW Group

Rolls-Royce made a shocking move on its EV future after planning to go all-electric by the end of the decade. Now, the company is tempering its expectations for electric vehicles, and its CEO is aiming to lean on its legacy of high-powered combustion engines to lead it into the future.

In a significant reversal, Rolls-Royce Motor Cars has scrapped its ambitious plan to become an all-electric manufacturer by 2030. The luxury British marque announced the decision amid sustained customer demand for traditional combustion engines and shifting regulatory landscapes.

When Rolls-Royce unveiled its first all-electric model, the Spectre, in 2022, former CEO Torsten Müller-Ötvös declared the brand would cease production of internal combustion engine vehicles by the end of the decade.

The move aligned with the industry’s broader push toward electrification, promising silent, effortless power befitting the “Rolls-Royce of cars.”

However, new CEO Chris Brownridge, who assumed the role in late 2023, has reversed course. “We can respond to our client demand … we build what is ordered,” Brownridge stated.

The company will continue offering its iconic V12 engines, which remain a cornerstone of its heritage and appeal to discerning buyers who appreciate the distinctive sound and character. He noted the original pledge was “right at the time,” but “the legislation has changed.”

While not abandoning electric vehicles entirely, the Spectre remains in production, with an electric Cullinan option forthcoming; the decision marks the end of a strict all-EV timeline. Relaxed emissions regulations and slowing EV demand, evidenced by a 47 percent drop in Spectre sales to 1,002 units in 2025, forced the reconsideration.

It was a sign that perhaps Rolls-Royce owners were not inclined to believe that the company’s all-EV future was the right move.

Rolls Royce customers want more EVs, says company CEO

Rolls-Royce joins a growing roster of automakers reevaluating aggressive electrification targets.

Fellow luxury brand Bentley has pushed its full electrification from 2030 to 2035, while continuing to offer hybrids and ICE models. Mercedes-Benz walked back its 2030 all-EV goal, now aiming for about 50% electrified sales while keeping combustion engines into the 2030s. Porsche has abandoned its 80% EV sales target by 2030, delaying models and extending hybrids.

Mainstream giants are following suit. Honda canceled its U.S. EV plans, including the 0-Series and Acura RSX, facing a $15.7 billion hit as it doubles down on hybrids. Ford and General Motors have incurred tens of billions in writedowns, canceling models and pivoting to hybrids amid an industry total exceeding $70 billion in charges.

This trend reflects a pragmatic shift driven by infrastructure gaps, consumer preferences, and policy changes. In the ultra-luxury segment, where emotional connection reigns, automakers are prioritizing flexibility over rigid deadlines, ensuring brands like Rolls-Royce evolve without alienating their core clientele.

Continue Reading