LS Group to invest $15.1 billion in batteries, EVs, chips

LS Group Chairman Koo Ja-eun

LS Group announced a plan to invest 20 trillion ($15.1 billion) in future growth engines to gain competitiveness in the fields of electrification and digital innovation, which are in line with the company"s Vision 2030 strategy that centers on carbon-free electricity.

"In order to strengthen business competitiveness in the fields of batteries, electric vehicles (EV), and semiconductors, we will boldly invest more than 20 trillion won over the next eight years. Let"s be reborn as a global market-leading group with assets of 50 trillion, which double by 2030 from the current 25 trillion," LS Group Chairman Koo Ja-eun said.

LS Electric, a subsidiary of LS Group, already established and operates a state-of-the-art smart factory at its Cheongju No. 1 plant in North Chungcheong Province. The facility boasts an automated system that spans component supply, assembly, testing, and packaging, enabling increased production efficiency.

LS Electric plans to expand its low-voltage device line to produce 20,000 units per day, while reducing energy consumption by over 60 percent and achieving a defect rate of 7PPM (Parts per Million), comparable to other global smart factories.

LS Cable, another subsidiary, aims to foster LS Materials, which is the world"s leader in the market for ultracapacitors, which are promising energy storage devices. Additionally, LS Cable plans to expand its EV component business through a joint venture with Hydro Aluminium Australia, a renowned global aluminum specialist. The transition from copper to aluminum conductors in automotive wiring is expected to reduce weight and improve fuel efficiency.

LS MnM, a non-ferrous metal materials company, recently launched an EV battery materials business through its subsidiary, Toricom, with the completion of a sulfuric acid nickel factory. LS MnM plans to further expand its product range to include sulfuric acid cobalt, sulfuric acid manganese, and lithium hydroxide, with a target of gradually increasing the annual production capacity of sulfuric acid nickel from approximately 5,000 tons to 270,000 tons by 2030.

LS Mtron, a division of LS Group, is leading the advancement of Korea"s agriculture with the release of LS SmarTrek, a cutting-edge tractor. The innovative tractor allows even novice farmers to enhance precision and efficiency, reducing cultivation time and increasing yields.

* Source: https://www.koreatimes.co.kr/www/tech/2023/05/419_351446.html?utm_source=na