According to foreign media reports, LG Chem, the parent company of LG New Energy, the world’s second-largest electric vehicle battery manufacturer, is vigorously expanding its battery material business and continuing to invest heavily to expand related industrial chains.
LG Chem announced on its official website that they have signed a memorandum of understanding with the state of Tennessee to invest more than $3 billion in building a cathode material factory for electric vehicle batteries.
Judging from the news announced by LG Chem on its official website, their planned factory will be built in Clarksville, Tennessee, covering an area of 420 acres, or about 2549.5 acres. After completion, it will be the largest cathode material factory in the United States.
The cathode material factory announced by LG Chem will start related construction in the first quarter of next year, and plans to start mass production in the second half of 2025.
LG Chem’s Tennessee cathode material factory, which is expensive and covers a large area, has a considerable planned production capacity. Their goal is to reach an annual production capacity of 120,000 tons by 2027, and the batteries produced can be assembled with a 1.2 million battery life. 500 km electric car.
LG Chem also disclosed on its official website that the factory built in Clarksville, Tennessee, is a key part of the expansion of its battery materials business to meet the growing demand for electric vehicle batteries. They expect the market for battery materials, including cathode materials, to The scale will reach 20 trillion won in 2027, four times the 5 trillion won this year.