LG Chem is considering a second plant in Europe to meet growing demand, industry sources said on March 4.
The company already has an electric vehicle battery production plant in Poland. In November, LG Chem decided to invest 651 billion won (US$577 million) in its Polish battery plant to expand capacity.
Late last year, LG Chem announced investments totaling 3 trillion won. In October, the country’s largest chemical company said it will invest 2.1 trillion won by 2023 to build an EV battery plant in China in the latest move to meet growing demand for batteries for zero-emissions cars.
The plant in Nanjing in southeastern China is set to roll out enough EV batteries annually to power more than 500,000 vehicles, according to LG Chem.
The firm has another EV battery plant in Nanjing and similar operations in Korea, the United States and Poland.
LG Chem entered the EV battery business in 2009 and has supplied batteries to global carmakers such as Audi and Renault-Nissan. It currently operates EV battery plants in China, the United States and Korea.
By Ram Garikipati and newswires (email@example.com