SEOUL—LG Electronics says it will invest 851.9 billion won (nearly $700 million) in its plants this year to increase white goods production worldwide. According to the company's latest annual report, released last week, LG will also invest 688.1 billion won and 313.1 billion won, respectively, in its home entertainment and vehicle component solutions divisions.

LG built more than 10 million units each of fridges, washers and air conditioners in 2021, a record high output for each category. Their mixed sales last year recorded 20.9 trillion won ($17.1 billion), which is more than 3.7 trillion won from a year ago.

The utilization rate at LG's fridge factory recorded 126.1 percent, or more than 11 million units at a facility designed to annually produce 9.137 million units. The utilization rate of its washer and air-condition factories reached 106.8 percent and 110.4 percent, respectively. These factories stayed overworked despite challenges such as chip shortages and higher raw material prices.