Battery technology is the biggest obstacle to the spread of electric cars. Increasing the range of electric vehicles to the level of internal combustion cars is among the biggest goals of battery companies. One of the biggest investors in this regard is LG.
LG is building a new battery plant
LG Energy Solution takes bold steps in battery production. The company has announced a massive $5.5 billion investment in a battery manufacturing facility in Arizona. This investment stands out as the largest amount made for a battery plant in North America.
With its new investment, LG will focus on energy storage systems as well as electric car batteries. The company will produce 2170 cylindrical cells used by many electric car manufacturers. The company, which wants to reach an annual production capacity of 27 GWh, plans to reach this target in 2025. The investment made by the company for this was announced as 3.2 billion dollars.
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At the same time, the company has set aside $2.3 billion for a dedicated energy storage production facility. This factory will manufacture LFP batteries, which will form part of domestic or commercial electricity storage solutions. This facility is actually a first in the world by focusing only on energy storage systems.
With LG’s new investment, companies such as Tesla, GM, Stellantis, Ford, VW, Audi, Volvo, Mercedes-Benz, Jaguar and Porsche will also be relieved. With more battery production capacity, we will now have the opportunity to see more electric vehicles around. In addition, the fact that this factory is located in the USA will save companies from paying extra taxes.
While the number of electric cars is increasing day by day, batteries are of great importance in this regard. With LG’s new investment, the electric car market may become more active. So what do you think about electric vehicles and battery technology? You can share your views with us in the comments section.