LG Chem has held a ground breaking ceremony for the construction of electric-car battery plant in Nanjing, China, to meet what it describes as “growing demand in the world’s biggest car market”.
The Nanjing battery plant, with an annual production capacity of more than 100,000 electric vehicle batteries when completed by the end of 2015, will supply batteries to Chinese automakers such as SAIC Motor, Qoros and “many other global carmakers in China”.
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By GlobalDataAmong the key participants who joined the ground-breaking ceremony were Miao Lin, the mayor of Nanjing; Luo Qun, the vice mayor; and YS Kwon, the president of Energy Solution of LG Chem.
LG Chem set up a joint venture in August with two Chinese state-run companies – Nanjing Zijin Technology Incubation Special Park Construction Development and Nanjing New Industrial Investment Group – to start manufacturing EV batteries in China. LG Chem owns half of the joint venture while the other half is shared by Chinese partners.
The company said that it has been investing hundreds of millions of dollars into the factory and expects a total of KRW1tn (US$948.1m) in revenue by 2020, just by the batteries produced in Nanjing.
