While everyone's attention is focused on the performance of Ningwang, LG New Energy, which has been overlooked, is also quietly developing new markets. In less than a week, LG New Energy began to announce several important plans for this year:
On March 25, Kwon Young soo, CEO of LG New Energy, said at the shareholders' meeting that the company would start producing lithium iron phosphate battery for electric vehicles from 2025. It is reported that the lithium iron phosphate battery developed by the company will use a cobalt free cathode and adopt a soft package type instead of a prismatic or cylindrical battery.
Almost simultaneously, LG New Energy released a statement stating that it will invest 7.2 trillion Korean won (approximately 5.5 billion US dollars) to build a large manufacturing park in Arizona, USA. This factory will be the world's largest independent battery production plant. And there are also reports that in terms of electric vehicle batteries, LG New Energy supplies batteries to Toyota, or both parties establish a joint venture to manufacture batteries and then supply them to Toyota for the electric vehicles they produce. Prior to this, the US battery factory, a joint venture between LG and Honda, had officially started construction.
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