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July 9, 2021

LG Group plans large battery investment

LG Group announced battery and materials making investments.

By Graeme Roberts

South Korea’s LG Group this week said its battery making and chemical subsidiaries together would invest over KRW15trn (US$13.2bn) by 2030 to develop next-generation battery technology and expand their domestic manufacturing capabilities.

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That was announced during a ground-breaking event for a new battery research and testing centre at the company’s main plant in Ochang, 120km south of Seoul.

The group wants to consolidate its leadership of the domestic EV battery segment as it faces growing competition from domestic rival SK Innovation.

Both LG Chem and LG Energy are expanding R&D investment and local manufacturing capacity for batteries and related materials, creating an expected 8,000 new jobs.

LG Energy will spend over KRW12trn to develop next-generation battery technology and expand local production capacity to help meet growing demand for electric vehicles.

This is one of the industry segments targeted for investment by the government and significant tax incentives will be made available as a result.

A significant proportion of this investment will go into the company’s Ochang plant, which has been designated to become the company’s flagship ‘smart factory’ by 2023.

The know-how developed will then be transferred to other factories in the group.

The company said it has outstanding EV battery orders worth KRW180trn from global vehicle manufacturers. It supplies most carmakers including Hyundai and Kia, Tesla, Ford, General Motors, Renault, Volvo and Volkswagen.

LG Chem said it would spend KRW2.7trn to develop advanced materials for EV batteries and increase manufacturing capacity to meet growing demand.

Free Report
img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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