LG Chem to Build Plant for EV Batteries in U.S.

LG Chem will invest W4 trillion to build a plant in the U.S. (US$1=W1,353).

It signed on Tuesday a memorandum of understanding with the state of Tennessee for the construction of the plant in Clarksville, which will produce cathode materials for electric vehicles.

Construction will begin early next year and is due to be complete by 2025.

The plant will be able to produce up to 120,000 tons of cathode materials, enough to manufacture about 1.2 million EVs.

LG Chem, which sees its battery business as its future growth engine, aims to increase its sales from W5 trillion this year to W20 trillion by 2027.