LG Chem Breaks Ground On China EV Battery Factory
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.”