S. Korea's LG to locally invest 15 trillion in battery technology by 2030

LG Group's battery making and chemical units will invest a combined 15.1 trillion won in South Korea by 2030 to develop next-generation battery technology and expand the domestic supply chain.

LG Chem's wholly-owned subsidiary LG Energy will invest 12.4 trillion won in developing the next-generation battery technology and expanding local electric vehicle battery production capacity.

LG Energy will upgrade its manufacturing process at its Ochang plant to make it a "smart factory" by 2023 and apply the know-how in other factories.

Meanwhile, LG Chem will pour 2.7 trillion won into developing advanced battery materials and stepping up domestic battery materials manufacturing capacity.

LG Chem Ltd. and LG Energy are expected to create 8,000 new jobs with their expansion plans.

LG's large-scale investment plan is in tune with the government's K-battery blue map aimed at bolstering the nation's rechargeable battery business by expanding R&D spending and tax incentives.

LG Energy has so far secured 180 trillion won worth of EV battery orders from global automakers.

It supplies batteries for nearly all major global carmakers, including Tesla, GM, Ford, Volvo, Volkswagen, and Renault, as well as Hyundai Motor and Kia Corp.

LG Energy CEO Kim Jong-hyun said they would secure intellectual properties by closely integrating the battery R&D and advancing the manufacturing capacity to apply them in overseas factories.