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The Korea Herald
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THE INVESTOR
March 29, 2024

Industrials

LG Chem to invest W2tr to build EV battery plant in China

  • PUBLISHED :October 23, 2018 - 14:53
  • UPDATED :October 23, 2018 - 14:53
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[THE INVESTOR] LG Chem said on Oct. 23 that it will invest 2.1 trillion won (US$1.80 billion) by 2023 to build electric vehicle batteries in China in the latest move to meet growing demand for batteries for zero-emissions cars.

Korea’s top chemical company said it has broken ground for a three-story plant on the 198,300-square-meter site – about 24 times the size of a football pitch -- in Nanjing in southeastern China.


The plant is set to roll out EV batteries that can power more than 500,000 cars. The first phase of production is set to begin late next year.

An EV equipped with LG Chem batteries can travel about 320 kilometers on a single charge, according to LG Chem.

LG Chem Vice Chairman and CEO Park Jin-soo said the second plant in China will allow the company to better meet rapidly growing global demand.

 Currently, LG Chem is a key supplier of batteries to US auto giant General Motors, Volvo and Renault, as well as Korea’s largest carmaker Hyundai Motor and its smaller affiliate Kia Motors.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)

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