LG Group announced on December 20, 2010 that the company plans to spend 21 trillion Won (US$18.2 billion; US$1=1152.3 Won), up 12% compared with the 2010 spending, on capital expenditure and R&D in 2011, in a bid to accelerate the development of new growth engines, according to the Korea Times. It is estimated that LG has invested a total of 18.8 trillion won (US$16.3 billion) in 2010. LG is projected to invest 16.3 trillion won (US$14.1 billion) in building facilities and the 4.7 trillion won (US$4.1 billion) in R&D in 2011. It is reported that LG Electronics plans to inject 14.2 trillion won (US$12.3 billion) in enhancing production capacity of solar cells, while LG Chem will invest 3.6 trillion won (US$3.1 billion) in boosting output of batteries for electric cars, and LG Uplus is expected to pour 3.2 trillion won (US$2.8 billion) into developing new mobile and wireless networks.