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South Korea's LG Chem Ltd said on Sunday it has entered into partnership with China's Huayou Group's subsidiary Youshan to build a joint electric vehicle (EV) battery material plant in Morocco in an effort to diversify its portfolio. The plant, set to start production in 2026, aims to produce 50,000 metric tonnes of lithium-phosphate-iron (LFP) cathode materials annually, enough to be installed in 500,000 entry-class EVs, the South Korean chemical maker said in a statement. LG Chem, known for manufacturing more expensive nickel-cobalt-manganese (NCM) cathodes, is entering the LFP cathode business for the first time to meet growing demand for cheaper LFP batteries as the auto industry steps up efforts to produce more affordable EVs, whose most expensive components are the batteries.

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