Plugging in will soon be the ultimate money-saving errand.
LG Energy Solution has announced it will begin producing a powerful new electric vehicle battery for Tesla at its Ochang factory in North Chungcheong Province later this year, Teslarati reported. The 4680 battery boasts more energy capacity than previous models — all while lowering production costs, according to EVLithium.
What does this mean to consumers like you? It means more miles at a lower price tag. EVs like Teslas could soon drive down electricity bills as battery prices fall due to ramped-up production. And with gas prices edging toward $4 per gallon (or more) in many places nationwide, cheaper commutes can't come soon enough.
In addition to its Ochang factory, LG Energy Solution will also manufacture the 4680 cells at its Arizona Gigafactory, currently under construction, with plans to expand production globally. As EV batteries grow cheaper, expect to see more neighbors trading in their gas-guzzling cars for a smoother, quieter ride that saves them money at the pump.
While the upfront sticker price has slowed mainstream EV adoption, investments like LG's new battery factory pave the road to cheaper models. With battery costs falling, EVs could soon pay off through long-term gas savings — not to mention healthier air for all.
Driving electric provides a triple win for Americans: protecting our wallets, communities, and planet. Gas guzzlers churn out harmful pollution linked to asthma and heart disease, among other health concerns. Ditching tailpipe pollution for clean electric motors clears our skies of excess carbon that is heating our planet.
With investments like LG's new 4680 battery plant, the clean vehicle revolution is just getting started — and that means smoother, more affordable rides are charging full speed ahead into our garages.
"We also expect to ramp up orders from our suppliers," said Tesla CEO Elon Musk of the 4680 battery, according to Teslarati. The extra boost from LG will help Tesla supplement its current suppliers as it works to make EVs more affordable and meet growing demand.
LG CEO Kim Dong-myeong confirmed Musk's statement to reporters at an event for the Korea Battery Industry Association's Board of Directors. "We will do it soon," he said, per Teslarati. "I think it will be that much, but [the timing] will come and go for a month or two."
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