SEOUL– LG Group said Thursday it plans to invest 106 trillion won (US$83.7 billion) in electric vehicle batteries and other key business areas by 2026 in the latest massive expenditure by a South Korean conglomerate.
South Korea’s fourth-largest conglomerate said it has set aside 48 trillion won out of its proposed 106 trillion-won investment in research and development. It said it will spend 21 trillion won — about half of its R&D — in R&D on its key businesses, such as electric vehicle batteries, vehicle electronic system, next-generation displays, artificial intelligence and bio.
“We have decided to make a bold investment to further strengthen our global competitiveness and prepare for a sustainable future at a time of heightened uncertainty of business environment,” LG Group said in a statement.
Source: Yonhap News Agency