LG invests $3.1 billion in a plant to produce batteries for electric cars

South Korean company LG plans to invest in expanding the production of cylindrical batteries, which are used in electric cars.

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The Seoul-based manufacturer will build a new plant in the city of Ochang. LG Energy Solutions will invest $3.1 billion over four years to expand production.

In addition to production lines, the South Korean company will build a research center and additional infrastructure necessary to ensure the efficient operation of the plant. LG's new project will create an additional 1,800 jobs in the city.

Source: Reuters