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LG Chem Ponders EV Battery Factory in China
LG Chem CEO Park Jin-soo says the South Korean company may build a plant in China to make batteries for electric cars sold there.
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LG Chem CEO Park Jin-soo says the South Korean company may build a plant in China to make batteries for electric cars sold there.
Park tells reporters the factory would be added to support China's efforts to encourage EV and hybrid car sales "in line with market demand." China hopes to put 5 million such vehicles on the road by 2020.
LG Chem currently operates a facility in Nanjing that makes small batteries for mobile devices. The company's EV battery plant in Korea supplies 10 companies, including General Motors and Renault.
Park's comments come a month after Samsung SDI Co. announced plans to launch a $600 million joint venture in Xi'an, China, to make EV components, including EV batteries. Affiliate Samsung Electronics is building a computer chip factory in the city.
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