LG Chem Breaks Ground On China EV Battery Factory

NOV 7 2014 BY MARK KANE 6

LG Chem Has Grand Battery Plans

LG Chem Has Grand Battery Plans

LG Chem is expanding its lithium-ion battery production capacity by adding a factory in Nanjing, China, which will be constructed by the end of 2015.

The Korean company is preparing for annual production capacity for more than 100,000 electric vehicles in China, investing hundreds of millions of dollars.

By 2020, expected revenues from the new factory should exceed $900 million.

SAIC Motor Corp and Qoros are the first among “many” other carmakers in China that stand in line for LG Chem’s cells.

LG Chem will have 50% share of the new factory:

“LG Chem set up a joint venture in August with two Chinese state-run companies – Nanjing Zijin Technology Incubation Special Park Construction Development Co, Ltd. and Nanjing New Industrial Investment Group Ltd. – to start manufacturing EV batteries in China. LG Chem owns half of the joint venture while the other half is shared by Chinese partners.”

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6 Comments on "LG Chem Breaks Ground On China EV Battery Factory"

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Ocean Railroader

I’m glad they are building this factory for Chinese electric car battery demand.The only thing about it is I hope they don’t close down the place in Michigan and start importing these cells into America. Other wise I would support a tax like they did on the Chinese solar panels to keep them from killing off our factories.

On my support side for this new factory the good news is it will cut down on China’s demand for oil and allow China to build tons of solar panel battery back up systems.

Micke Larsson

I guess free markets isn’t your cup of tea…

Anon

“Free Markets” don’t mean you can just dump your cheap product into another country and wage economic warfare against them. 😛

“Free Markets” are one of those conservative myths that need busting, like, “Outsourcing is good for everyone”.

Ocean Railroader

I like free markets it’s that I don’t like it when you as a 25 year old American Worker can’t compete against a 12 year old kid who can work for $0.25 cents a hour while you need $20.00 a hour to support a house and a car and not be on welfare.

What’s interesting is that after they passed the taxes on the Chinese Solar panels a lot of solar panel companies in the US started expanding their factories and hiring hunderds of US workers.

MDEV

Yeah free markets like Tesla to be allow to sale an American car all over USA.

taser54

The largely automated, regional battery factorys eliminate the immense shipping costs for batteries.

LG will not shut down the Michigan Plant on the Cusp of larger supply contracts for NA Manufacturers.