LG New Energy plans to invest 600 billion won to upgrade South Korea's Wucang battery plant.

April 25, according to foreign media reports, on Tuesday, South Korean battery maker LG New Energy said it plans to invest 600 billion won (CTOnews.com Note: currently about 3.102 billion yuan) in its Wukang battery plant in South Korea by next year to upgrade the plant.

Tuyuan PexelsLG New Energy is a new company that was spun off from LG Chemical (LG Chem) in December 2020 and specializes in battery business. Its customers include Tesla, General Motors and Volkswagen. After the split, LG Chemical will hold a 100 per cent stake in the new company.

LG New Energy plans to increase global battery capacity to 520GWh by 2025 to meet the demand for about 7.42 million high-performance electric vehicles.

It is reported that the company has made many investments in the Wucang plant in South Korea. In June last year, the company said it would invest 730 billion won (currently about 3.774 billion yuan) in its Wukang plant in South Korea to increase the production of cylindrical batteries for electric vehicles.

In December, the company said in a statement that it planned to invest Won4,000bn (currently about 20.68 billion yuan) in its Wukang battery plant in South Korea between 2022 and 2026 to expand battery production.