South Korea's LG Chem announced on September 24th that it will jointly build an electric vehicle battery material plant with Huayou Cobalt in Morocco, which is expected to be put into production in 2026 with an annual output of 50,000 tons of lithium iron phosphate cathode material. LG Chem said that the lithium iron phosphate cathode material produced by the Morocco plant will supply the North American market and receive subsidies from the US Inflation Reduction Act.

LG Chem also announced an additional investment plan with Huayou Cobalt to build a lithium conversion plant in Morocco, which is expected to start mass production in 2025 with an annual capacity of 52,000 tons of lithium. In addition, LG Chem said it plans to build a precursor plant in Indonesia.