The company's chemical arm is planning to manufacture up to 100,000 EV batteries starting next year, recruiting 2,500 people in the process. According to Reuters, the factory will also include an R&D center.

While the factory may sound big enough, LG Chem's production estimates place it at around 10 percent of the capacity of Tesla's Gigafactory estimates for 2018. Demand is ramping up in Europe, and this is likely just the start. Paris stated today that it aimed to ban the sales of new fossil fuel car by the year 2030, while both France as a country, and the UK, aim to ban the sale of combustion engine vehicles by 2040.