Korean battery giant LG Chem held a ground-breaking ceremony this week in Nanjing, China, where it started construction on a new EV battery plant.
The new facility will be able to produce enough batteries annually to supply more than 100,000 EVs when it opens by the end of 2015. It will supply batteries to Chinese automakers such as SAIC, Qoros and others.
LG Chem set up a joint venture in August with two Chinese state-run companies – the Korean company owns half of the joint venture, and the other half is shared by the Chinese partners.
The company has invested “hundreds of millions of dollars” in the new factory, and expects it to generate a total of 1 trillion won in revenue by 2020.
Source: LG Chem
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