Asia Express - Consumer Electronics
LG Chem to Expand EV Battery Production Capacity in China
October 26, 2018
Korean LG Chem recently announced that it will invest a total of KRW 2.1 trillion (USD 1.8 billion; USD 1=KRW 1142.36) in its second EV (Electronic Vehicle) battery plant in China for the period 2019-2023, Nikkei Asian Review reported on October 23. Located in Nanjing, the plant will be close to its joint venture in Wuxi that supplies a key battery material. By the end of 2019, the company expects its Chinese plants to produce 0.5 million batteries annually for China and other Asian markets. LG now has five production lines for EV batteries, including two in China and one each in Korea, the US, and Poland. In early October, LG and Volkswagen entered a deal, under which LG will supply batteries to the latter at the end of 2019. Other than Volkswagen, its customers also include Hyundai Motor, Kia Motors, General Motors, Ford, Chrysler, Audi, Daimler, Renault, Volvo, and Jaguar.