SEOUL, Aug. 5 (Korea Bizwire) – Korea’s biggest chemical firm, LG Chem, will invest US$450 million (about 467 billion won) in a factory for electric car batteries in Nanjing, China, according to “Nanjing Daily,” local newspaper, on August 1.
LG Chem already announced on July 2, that it had signed a memorandum of understanding with the Nanjing City government on establishing the plant. However, this is the first time that financial terms of the deal were disclosed by the media.
According to the news report, Kwon Young-Soo, the CEO of the chemical company, and Miu Luilin, the mayor of Nanjing City, officially closed the factory deal on July 31.
The newspaper also said that the Nanjing battery plant will be built in a size that can provide batteries for over 100,000 electric vehicles per year and start mass-producing them from 2016. The built-in integrated production system of the factory where all-in-one production from cell to module and packs will be available will help to cope with customers’ needs in a more responsive manner, the paper added.
By J. H. Kim (email@example.com)