LG Chem opens battery factory in China
LG Chem is starting production of batteries for electric cars in China.
The initial annual production capacity is 50.000 batteries for electric cars, but it will gradually increase until it reaches the originally planned goal of 100.000 batteries. In 2020 the goal can be extended to 200.000 batteries.
LG Chem already had electric car’s battery plants in South Korea and USA. Another factory is planned for Europe, probably Poland.
A month ago, LG Chem’s main competitor, Samsung SDI also opened a battery factory in China.
I remember a few years ago when companies regarded almost every investment related to electric cars as high risk. Now every investment in this area can not come fast enough.