South Korean battery maker LG Energy Solution said in a statement 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 Ochang, 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 1,800 employees.
According to data released by South Korean market research organization SNE Research, in October 2022, the global installed capacity of electric vehicle batteries will reach 48 GWh, a year-on-year increase of 73.6%, maintaining stable growth for 28 consecutive months, and LG New Energy ranked No. Three, second only to CATL and BYD.
