Demand for electric vehicle batteries is rising at an incredible pace, and battery manufacturers like LG Chem are trying to keep up and accelerate their investments.
LG announced this week that it is investing half a billion in its Polish battery factory to increase production to an impressive 70 GWh per year.
The South Korean battery manufacturer first announced the factory to be built in Poland back in 2015.
At first, they planned to manufacture 50,000 long-range battery packs, but they quickly doubled the planned capacity.
The Wroclaw factory started production earlier this year.
Now, LG Chem’s board has reportedly approved a new $571 million investment to increase the production capacity to 70 GWh, which they believe will support the production of 300,000 electric vehicles per year.
The planned production increase comes after LG Chem has signed battery supply deals with companies like VW, Audi, GM, Lucid Motors, and Faraday Future.
The company is trying to keep up with all its electric vehicle battery supply contracts.
They are battling for the lead in the competitive space with other companies, like Panasonic, SK Innovation, Samsung SDI, CATL, and others who are all also investing to increase their production capacity.
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