LG Chem to expand EV batteries in Europe and North America
The South Korea-based organisation anticipates a further increase in its battery sales and profit during the fourth quarter after posting record quarterly earnings due to the surging demand for electric vehicle (EV) batteries.
In a press release, Dong Seok Cha, CFO at LG Chem, commented: “It’s the result of our effort focusing on core tasks such as improving efficiency, stable cash flow management and continuing investments for the future from the beginning of the year despite COVID-19.”
“Performance improvement such as growth in sales and an expansion in profits in the future will continue.”
Sales increased by 8.2% and operating profits rose by 57.8% in comparison to the previous quarter. Compared with the same quarter of the previous year, it was found that sales increased by 8.8% and operating profits rose by 158.7%. In regard to operating profits, it has revised its highest quarter record approximately in 10 years.
LG Chem, in tandem with CATL, supplies batteries for Tesla’s made-in China models, while Panasonic manufactures batteries for Tesla’s US-made cars. LG Chem confirmed it was developing a “new form-factor” cylindrical batteries which will boost energy density five-fold and power by six-fold without elaborating.
The launch of a new model of electric automobile by European clients, an increase in sales of cylindrical batteries and an expanded supply of IT products made it possible to achieve the highest performance ever. In Q4, it is predicted that sales will grow and profitability will improve through an expanded supply of IT products to make it possible to achieve the highest performance ever.
Predictive Monitoring for Continuous Operations Management
Unplanned downtime and poor maintenance procedure can cost companies a lot of time and money.
For companies looking to set specific targets for cost efficiency, production output and quality control, the ability to predict how certain variables affect machines can aid success in reaching these targets.
Monitoring and remediation are important steps to optimize production, by adopting Predictive Monitoring, organizations can receive the ideal support to keep operations running efficiently, and ongoing maintenance to keep machines running at their best.
Predictive Monitoring is an AI driven method of production analysis. It uses metrics such as temperature and vibrations to determine when machines are working outside of their optimum conditions.
Around 98% of organizations report that a single hour of downtime can cost them over US$100,000, which highlights a significant cost implication that can be avoided with AI driven analytics.
TwinThread applications work with Predictive Monitoring to provide a network of data, which ensure machines work within their optimum conditions, for the best output.
Providing the Digital Tools
According to PwC’s ‘Digital Factories 2020’ report, “manufacturers’ adoption of machine learning and analytics to improve predictive maintenance will increase by 38% by 2022.” One of the main reasons for this, given by 98% of respondents, is to gain more efficiency through investment into digital factory solutions.
By learning what potential issues may occur if machines are not working to the correct standard, Predictive Monitoring systems work with TwinThread’s Predictive Asset Reliability application, which conducts an “automated root cause analysis” enabling the operator to analyze how the machine has fallen from its optimum conditions. Ultimately, any issues will be addressed much faster when predictive technology uses data to monitor variables.
“TwinThread’s Predictive Operations Center is making a big difference to our process engineers, giving them real-time feedback on the stability of our production,” said Domenic Verte, Manufacturing Application Manager at Toray.