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home / news releases / LGCLF - LG Chemical LG Energy plan to invest $13B for battery development in South Korea

LGCLF - LG Chemical LG Energy plan to invest $13B for battery development in South Korea

Lg Chemical Ltd Ord
LG Chemical (LGCLF) and its subsidiary LG Energy Solution plans to invest KRW15.1T (about $13.17B) for battery development in South Korea by 2030, The Economic Times reported.LG Energy Solution aims to invest KRW12.4T to expand its South Korean manufacturing capacity and develop next generation battery technologies, while LG Chemical plans to invest KRW2.7T.LG Energy — which supplies batteries to Tesla and General Motors, among others — noted that it has battery orders of KRW180T won and plans to increase annual production capacity to 260 gigawatt-hours in 2023, which could power about 3.7M electric vehicles, according to the report.South Korea's Ministry of Trade, Industry and Energy plans to invest more than KRW40T by 2030 to bolster the country's position in the global battery industry.

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LG Chemical, LG Energy plan to invest $13B for battery development in South Korea
Stock Information
Company Name: Lg Chemical Ltd Ord
Stock Symbol: LGCLF
Market: OTC
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