LG Chem will triple battery production

LG Chem will triple battery production

October 21, 2020 0 By autotimesnews

In addition, the company is considering the construction of new factories in the US and Europe.

South Korean company LG Chem, which specializes in 4680 batteries used in the production of batteries for Tesla’s electric vehicles, is going to triple its production of batteries, Reuters reported. The issue of expanding production in the USA and Europe is currently being considered.

According to LG Chem experts, the battery market will only grow in the coming decades. The company already considers such concerns as Hyundai, General Motors and Volkswagen as its clients. Unfortunately, the company does not provide information on the timing of the expansion.

At the same time, LG Chem intends to release a new cylindrical battery that will exceed the current one in energy density and power by 5-6 times. The use of such batteries will allow Tesla to increase the range of its electric vehicles by 16%.