LG Chem to Invest $571 Million to Polish EV Battery Plant
LG Chem plasn to expand its electric vehicle (EV) battery business in Poland by injecting $571 million in the LG Chem Wroclaw Energy.
The project will run from next month to April 2021, and it may triple the unit's output capacity in Poland to 300,000 EV batteries annually from the current 100,000.
LG Chem's expansion plan just half a year after the company actually started production in the country follows last month's contract to supply EV batteries to Volkswagen.
South Korean rivals, SK Innovation and Samsung SDI have also signed supply deals with Volkswagen. The automaker plans to introduce 50 new electric-only models under its various nameplates by 2025.
SK Innovation earlier this week approved investment of 1.4 trillion won ($1.24bn) to build an EV battery plant near Atlanta that will supply Volkswagen vehicles in North America.
Samsung SDI is also expanding its plant in the United States, according to industry sources. The investment to the the facility located in Auburn Hills, Michigan wil reach the S$60 million. The company has acquired the electric vehicle battery pack business of Magna Steyr in 2015, including the U.S.-based production line.