LG Chem to invest 1.2 trillion won in China battery factory
LG Chem will invest 1.2 trillion won to expand the capacity of its battery factories in Nanjing, China, the company announced.
One of the factories produces electric vehicle batteries and the other is devoted to home appliances. The two factories, which were both completed in 2015, will each receive 600 billion won in investment by 2020, the company said.
The fresh investment follows the construction of a separate electric vehicle factory, which commenced in October. LG Chem is planning to invest 2.1 trillion won by 2023 into the second electric vehicle factory.
The expansion is spurred by LG's desire to meet the explosion in demand for electric vehicles in China.
China is currently the world's largest market for electric vehicles, with consumers showing interest in more than just automobiles, as vehicles like Immotor's e-scooter have been hugely popular.
LG Chem currently has electric vehicle battery factories in South Korea, the US, China, and Poland. Together, these factories will be able to produce batteries for 1.5 million electric vehicles per year by 2020, the South Korean conglomerate says.
The company boasts Volkswagen, Audi, Renault, General Motors, Ford, Hyundai, Volvo, among other major global car makers as its clients.
In April, LG's electric battery-making subsidiary also formed two joint ventures with Huayou Cobalt in China for stable supplies of cobalt that goes into its batteries.
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