Home > Industry > LG Makes $7B Push Into Battery Manufacturing Business

LG Makes $7B Push Into Battery Manufacturing Business

LG has earmarked $6.96 billion dollars over the next four years to greatly expand its battery production operations, as the electric vehicle, smartphone, and laptop markets all continue to grow.

The investments focus on boosting production of cathode binders, separation membranes, and other essential battery components. To do so, South Korea’s LG Chem will build a cathode plant in the city Gumi, as well a second plant elsewhere in the country.

LG is also “actively pursue cooperation in various ways with companies possessing mining, smelting and refining technologies to strengthen its metal sourcing competitiveness,” it said in a statement.

“This will be the most revolutionary change since the establishment of the company that will upgrade the value and sustainability of LG Chem, and tangible achievements will become available from the second half of this year,” CEO Hak Cheol Shin said.



You may also like
Apple Pays US$20m To Settle Swollen Watch Batteries Class Action
Life’s Not Good Following Deadly LG Gas Leak That Killed 12, & Left Thousands Facing Cancer Threat, High Court Seals LG Plant
Easily Replaceable Phone Batteries To Return
New Battery Promises Full Charge In Three Minutes
Batteries The Next Big Growth Market

Popular Posts

Logitech G and McLaren Racing Launch 2025 Summer Racing Competition with $50,000 Prize Pool
Latest News
/
/
Tineco Named Global Leader in Wet and Dry Floor Cleaner Category by Euromonitor International
Latest News
/
/
digiDirect Acquires Mwave Following Administration
Latest News
/
/
China’s Retail Sales Surge as Factory Output Slows
Latest News
/
/
Sennheiser Potentally Facing New Mass Headphone Competition Following Beyerdynamic Sale
Latest News
/
/

Digital Magazines

Recent Post

Logitech G and McLaren Racing Launch 2025 Summer Racing Competition with $50,000 Prize Pool
Latest News
/
//
Comments are Off
Logitech G has announced the seventh annual Logitech McLaren G Challenge for summer 2025, a global sim racing competition on...
Read More