© Reuters. FILE PHOTO: The logo of LG Chem is seen at its office building in Seoul, South Korea, October 16, 2020. REUTERS/Kim Hong-Ji/File Photo
SEOUL (Reuters) – LG Chem Ltd said on Tuesday it plans to invest more than $3 billion to build a battery cathode factory in Tennessee, as the South Korean chemical material maker ramps up plans to meet the increasing demand for electric vehicle (EV) components.
The plant aims to have an annual production capacity of 120,000 tonnes of cathode materials by 2027, enough to power about 1.2 million EVs, LG Chem said in a statement, adding the mass production is set to start in the second half of 2025.