LG Energy Solution to Spend $3 Billion to Expand EV Battery Production in South Korea
fliptop writes:
LG Energy Solution said on Monday that it will spend 4 trillion won, or approximately $3.07 billion, up until 2026 to expand its electric vehicle (EV) battery production in South Korea:
The funds will go into expanding and building new battery production facilities at the Ochang industrial zone located in Cheongju, the capital city of North Chungcheong Province southeast of Seoul. LG Energy Solution already operates a cylindrical battery production facility at Ochang.
Additional production lines to be built there will adopt the latest smart factory solutions such as logistics automation, remote support, and intelligent manufacturing, the South Korean battery maker said.
The local governments of North Chungcheong Province and Cheongju said they will provide financial and administrative support to LG Energy Solution for the plan. The move by the company is expected to create around 1,800 new jobs.
Previously: Honda and LG are Investing $3.5 Billion in New Ohio Battery Factory
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