LG New Energy will invest 4 trillion won to produce batteries in South Korea

CTOnews.com South Korean battery maker LG Energy Solution said in a statement Monday that it will invest 4 trillion won (about 21.32 billion yuan) by the end of 2026 to expand the capacity of its battery plant in Aochang, Chungcheongbuk-do, South Korea.

LG New Energy said the money will be used to expand the production capacity of cylindrical batteries at the Aochang plant. New innovative technologies, such as smart factories, will also be applied. In addition, the project is expected to hire an additional 1800 employees.

CTOnews.com learned that data released by SNE Research, a South Korean market research organization, showed that in October 2022, the installed capacity of global electric vehicle batteries reached 48 GWh, up 73.6% year-on-year, maintaining steady growth for 28 consecutive months. LG New Energy ranked third, second only to Ningde Times and BYD.