carandbike logo

LG Energy Solution To Invest $3.1 Billion In S.Korea Battery Facility

The project in Ochang, South Korea, will include R&D and production facilities and related infrastructure

LG Energy Solutions expand View Photos
LG Energy Solutions

South Korean battery maker LG Energy Solution said on Monday it plans to invest 4 trillion won ($3.1 billion) from this year to 2026 in a facility making batteries for electric vehicles and other goods.

The project in Ochang, South Korea, will include R&D and production facilities and related infrastructure, and is expected to add 1,800 employees, the company said in a statement.

"We plan to set up a diversified product portfolio including pouch-type and cylindrical batteries to respond to customer needs in a timely manner, and differentiate production capabilities based on a 'smart' factory," an LG Energy Solution spokesperson said.

($1 = 1,298.8400 won)

(Reporting by Ju-min Park and Joyce Lee; Editing by Christopher Cushing and Edmund Klamann)

For the latest auto news and reviews, follow carandbike.com on Twitter, Facebook, and subscribe to our YouTube channel.

New Car Models

Be the first one to comment
Thanks for the comments.