LG to Invest $5.2bn in EV Battery Production, FT Reports

(AF) LG is to commit $5.2 billion over four years to produce the chemicals and ingredients needed for electric vehicle (EV) batteries as the world’s largest maker of the drivetrains seeks to loosen its reliance on Chinese supplies, according to a report in the Financial Times.

The South Korean giant’s chemical and battery units will “reinvent our company”, LG Chem chief Shin Hak-cheol was quoted as saying in the report, which added that the expansion programme would also include investments and acquisitions in the metal mining, smelting and refining sectors.

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Mark McCord

Mark McCord is a financial journalist with more than three decades experience writing and editing at global news wires including Bloomberg and AFP, as well as daily newspapers in Hong Kong, Sydney and Melbourne. He has covered some of the biggest breaking news events in recent years including the Enron scandal, the New York terrorist attacks and the Iraq War. He is based in the UK. You can tweet to Mark at @MarkMcC64371550.