LG Energy Solution will make a 730 billion won investment in increasing battery production for Tesla

14 June 2022, 15:34:08

Yesterday, LG Energy Solution said that it will invest 730 billion won in its Ochang facility to expand the production capacity of cylinder batteries. 580 million won of those will go to the site's second factory, increasing the 4680 batteries' annual capacity by 9 GWh. The rest of the investment will be used in the first factory for increasing by 4 GWh the annual capacity of the 2170 batteries. The production increase will commence in the second half of 2023. The plant's production capacity will expand to a total of 22 GWh by 2025, including cylindrical batteries. LG Energy Solution is known to supply cylindrical batteries to Tesla's Chinese Model 3 and Model Y. Facility expansion will cover the growing demand for batteries that's due to the growing demand for Model 3 and Model Y. LG Energy Solution will not only produce batteries for Tesla (even though Tesla was not explicitly stated as a name) but will aim to expand its customer portfolio for cylinder batteries. The first reports that LGES will increase its investment in the Ochang facility appeared back in December when LGES mentioned in a securities report for its IPO a 645 billion won investment.

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