LG Chem is to build a new electric car battery plant in South Korea, media reports said.

Korea Economic Daily said the firm's capacity for battery production would expand faster than initially planned if LG completes construction of its third local plant next year, according to Reuters.

LG Chem plans to boost its annual production capacity at its Korean car battery plant sevenfold to 60m cells by 2013 with investment of US$887m by that year. The company is expected to announce its plan this month, the paper added.

The global leader in electric car batteries, which began operations of its Korean battery plant in June, has clinched battery orders from automakers, most recently Renault.