LG Chem discloses new investment plan to boost production in China
SEOUL, AJU - LG Chem, a leading South Korean battery producer, will make a fresh investment of 1.2 trillion won ($1.07 billion) in its plants in China to increase the production of pouch batteries and cylindrical batteries for light electric vehicles, electric tools and wireless cleaners.
LG Chem said Thursday it would invest 600 billion won each into its first battery plant for electric vehicles and a small battery plant in Nanjing some 500 kilometers (310 miles) southeast of Beijing by 2020. For energy storage, there are different shapes of lithium-ion batteries -- cylindrical and prismatic or pouch.
LG Chem, which has battery plants in South Korea, Europe, China and North America, has announced a series of preemptive investments to expand production. In October last year, it started the construction of its second battery plant in Nanjing.