LG Energy Solution to spend $3 billion to expand EV battery production in South Korea

LG Power Resolution mentioned on Monday that it’s going to spend 4 trillion gained, or roughly $3.07 billion, up till 2026 to broaden its electrical automobile (EV) battery manufacturing in South Korea.

The funds will go into increasing and constructing new battery manufacturing amenities on the Ochang industrial zone positioned in Cheongju, the capital metropolis of North Chungcheong Province southeast of Seoul. LG Power Resolution already operates a cylindrical battery manufacturing facility at Ochang,

Extra manufacturing traces to be constructed there’ll undertake the most recent good manufacturing facility options akin to logistics automation, distant help, and clever manufacturing, the South Korean battery maker mentioned.

The native governments of North Chungcheong Province and Cheongju mentioned they’ll present monetary and administrative help to LG Power Resolution for the plan. The transfer by the corporate is anticipated to create round 1,800 new jobs.

LG Power Resolution is spending billions of {dollars} to broaden its EV battery manufacturing globally, by itself, and thru joint ventures with auto giants.

Final 12 months, it introduced a $2.3 billion joint funding with Basic Motors to construct a brand new battery manufacturing facility in Ohio, which started manufacturing in August. The pair’s three way partnership, Ultium Cells, is planning to construct as much as 4 battery manufacturing amenities within the US.

LG Power Resolution can also be planning to construct a battery manufacturing facility in Ontario, Canada with Stellantis. The pair mentioned they’ll spend $4.1 billion on the undertaking.

The South Korean battery maker can also be partnered with Japan’s Honda and they’re planning to spend $4.4 billion to construct a battery manufacturing facility within the US. It’s also constructing a battery plant in Indonesia with South Korea’s Hyundai Motor.

Final month, LG Chem, the mum or dad firm of LG Power Resolution, mentioned it can spend $3.2 billion to construct a plant to supply cathode, which is used within the manufacture of EV batteries, in Tennessee.