The company LG Electronics announced plans to build a plant in South Korea worth 600 billion won ($ 525 million), which will use artificial intelligence and Internet technologies of things.

It is assumed that the construction of the plant with a total area of 336 thousand m2 will be completed in 2023. It will be put into operation instead of a nearby operating plant in Changwon (Gyeongsang-Namdo province), which produces equipment and various devices, 3dnews.ru reports.
The company plans to ensure that all phases of the plant's operation - from purchasing parts and production to quality control and shipment of products-will be effectively managed by a unified system. LG said that artificial intelligence will automatically monitor the production process from production planning to equipment operation, reducing the time between each stage.

The existing plant, which produces refrigerators, stoves and other kitchen systems, is housed in six buildings. LG decided that simply expanding this plant would not be enough to win in the face of growing competition from China. Therefore, the company will build a new plant with new production lines. Thanks to this, the production capacity will increase to 3 million units per year in 2023 from 2 million units at present. Production will be gradually transferred to a new facility, starting in 2021.

According to the British research company Euromonitor International, LG Electronics is the fourth largest producer of refrigerators and washing machines in the world with a market share of 6.7% and 7.9% respectively.