LG Chemical announced on September 24th that it will jointly build an electric vehicle battery material factory with Huayou Cobalt in Morocco, which will be put into production in 2026 with a target of 50,000 tons of lithium iron phosphate capacity. LG Chemical said that the lithium iron phosphate produced by the Morocco factory will supply the North American market and receive subsidies from the US Inflation Reduction Act. In addition, LG Chemical also announced an additional investment plan with Huayou Cobalt to build a lithium conversion plant in Morocco, with the goal of mass production starting in 2025 and an annual capacity of 52,000 tons of lithium. At the same time, LG Chemical also said it plans to build a precursor factory in Indonesia.