LG Chem To Build Battery Factory In China In 2015

JUL 7 2014 BY MARK KANE 6

Vehicles with LG Chem batteries

Vehicles with LG Chem batteries

LG Chem Lithium-Ion Polymer Battery Cells

LG Chem Lithium-Ion Polymer Battery Cells

LG Chem signed a preliminary agreement to a build lithium-ion battery factory in China with two Chinese partners – Nanjing Jijin Technology Incubation Special Park Construction Development Co. and Nanjing New Industrial Investment Group Ltd. LG Chem will hold approximately 50% of the joint venture.

The factory should be ready before the end of 2015 and have annual capacity of batteries for more than 100,000 cars (no information on how big the packs will be on average).

Investment for the project will be hundreds of millions of dollars by 2020 and revenue in the first five years is expected to reach $1 billion.

Additionally, we’ve already heard that Korean battery maker secured its first volume customers for the batteries in China.

So, it seems LG Chem is expecting the Chinese EV market to explode in a good way, too.

Source: The Wall Street Journal

Categories: Battery Tech, General

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6 Comments on "LG Chem To Build Battery Factory In China In 2015"

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David Murray

Every time I see the thumbnail for those LG chem batteries, I think I’m looking at a pair of old US Robotics PCMCIA cards.

Brian

I’m glad it’s not just me…

Should add a football field for size comparison.

Anon

Let the gigga-party start!

Ocean Railroader

I hope that 100% of this new production goes to demand in China and not to outsource the battery production in Michigan.

The good news is a part of me though thinks that with China’s aggressive EV plans that demand in China will devour up all of this new battery production.

As for this factory competing with the Tesla Giga factory. This thing could give Tesla a run for their money the fact they are opening up next year.

I’m guessing those three “US OEM” models are the three GM models they’re talking about.