LS Cable & Systems, a major South Korean cable maker, will make an additional investment to expand the production of components for electric vehicle batteries at its plant in Poland, reflecting a drive to nurture its battery parts business as a new growth engine.
In May 2019, LS Cable started the operation of its factory in Dzierzoniow, some 200 kilometers (124 miles) southwest of Warsaw, to produce electric car battery parts and fiber-optic cables targeting European clients.
LS Cable is a unit of LS Group, which was spun off from LG Group in 2003. The Polish plant supplies battery modules and components mainly to LG Chem, a major battery maker in South Korea. LS Cable plans to expand its supply to European carmakers, starting with deliveries to LG Chem’s plant in Wrocław.
The second investment is aimed at doubling production in Poland. LS Cable chairman Koo Ja-yeop has unveiled his global vision to achieve balanced growth worldwide. LS Cable operates an electric vehicle parts factory in China. Superior Essex, a U.S.-based subsidiary of LS Group, invested 25 billion won in 2018 to build a plant in Serbia for the production of wires mainly used in electric cars. LS EV Korea, a subsidiary of LS Cable, plans to supply components for electric vehicles to BYD, Volkswagen, Volvo, and other global carmakers as well as LG Chem.