Heba Press – Casablanca
Morocco continues to attract and tempt a number of international giants to invest in several sectors, particularly those related to the automobile industry, and this time through a famous company of South Korean origin.
In this regard, the South Korean company LG Energy Solution has decided to set up a battery factory for electric cars in Morocco, to face the new customs challenges of the European Union on imports of Chinese electric cars.
Director of the LGES Advanced Automotive Battery Department Wonjun Suh revealed in media statements reported by international news agencies that Morocco is one of the sites being considered for the production of cathodic iron phosphate (LFP), with the aim of strengthening the competitiveness of LGES in Europe by exploiting Morocco’s strategic advantages and growing industrial capabilities to produce iron phosphate (LFP) cathodes.
The same spokesperson explained that LG is currently in talks with Chinese companies that will work with them to develop and produce LFP cathodes for Europe from the Moroccan plant, which will have advanced and high specifications.
Through this step, LGES seeks to offer LFP batteries at competitive prices, which are in high demand due to their low cost and safety.
The expansion into Morocco is part of the company’s strategy to consolidate its presence in the European market, following the European Union’s decision in June to impose tariffs of up to 38% on electric cars imported from China, after an anti-subsidy investigation aimed at addressing market imbalances.
