LG Energy Solution Ltd. will invest 7.2 trillion won ($5.5 billion) building a giant manufacturing complex in Arizona as the electric-car battery maker seeks to speed up production in order to meet rising demand for clean cars.
The company will spend 4.2 trillion won on a plant with an annual production capacity of 27 gigawatt-hours for cylindrical batteries, enough to power 350,000 electric vehicles a year, the Seoul-based company said in a statement Friday. It aims to begin mass production in 2025.
