LG Chem has completed construction of its newest battery factory in China.
According to Korea Times, LG Chem has an ambitious goal of generating “1.5 trillion won ($1.3 billion) from sales over the next five years in China.”
The opening of the factory in Nanjing, China is necessary to meet the nation’s booming demand for plug-in electric cars.
Quoting Korea Times:
“LG Chem has secured 16 carmakers for the company’s batteries for use in all types of electric vehicles (EVs), with all ‘top-tier’ Chinese carmakers being included in LG’s supply chain management,” C.S. Song, head of LG Chem’s public relations office, told The Korea Times.”
“The three-story LG factory could theoretically produce 50,000 batteries for advanced pure EVs a year, meaning the plant could also be used to supply up to 180,000 battery packs for plug-in hybrid EVs (PHEVs).”
Though already capable of churning out a significant amount of lithium-ion cells, LG Chem says that in the future, plants upgrades could “boost annual production capacity to 200,000 batteries by 2020 (700,000 units for PHEVs),” according to Korea Times.
LG Chem now has 3 battery plants, including one in South Korea and another in the U.S. in the state of Michigan. A fourth plant is planned for Europe.
Source: Korea Times