LG Energy Solutions has announced the company would invest 730 billion won (about $568 million) to expand its 4680 and 2170 battery cell production capacity in South Korea.
The investment will expand production at LG Energy Solutions Ochang production site.
The company plans to invest 580 billion won at its number 2 Ochang facility. This will add nine gigawatt hours of production to the 4680 battery line.
Additionally, the company will invest 150 billion won at its number 1 Ochang facility. This investment will add four gigawatt hours of capacity to the company’s 2170 cylindrical cell production line.
In a statement reported by Reuters, LG Energy Solutions noted both sites will be ready for mass production by the second half of 2023.
This latest announcement adds to the overall footprint and production ability of one of the top EV battery producers.
In March, LG Energy Solutions announced they invested 1.7 trillion won in building a standalone battery factory in Arizona. The Arizona factory will produce cylindrical cells for North American customers.
Later that month, the company also announced a 45 giga-watt hour joint battery cell factory in Windsor with Stellantis.
At least to say, 2022 is a big year for LG Energy Solutions as they continue to try to catch CATL for battery supremacy in the EV space.
Stellantis and LG Energy Solutions announce Windsor as home to new $5 billion EV battery plant