SEOUL, Sept. 26 (Korea Bizwire) – LG Chem Ltd., a South Korean chemicals company, aims to post annual sales of 7 trillion won (US$6.3 billion) in electric car batteries in 2020, according to the company Sunday.
Helped by a growing demand for electric car batteries, LG Chem expects to post 3.7 trillion won in annual sales of batteries in 2017, compared with expected sales of 1.2 trillion won this year.
The company’s accumulated orders for electric car batteries surpassed 36 trillion won this year, LG Chem said. LG Chem’s clients for the batteries have included Hyundai Motor, Kia Motors, General Motors, Ford Motor, Audi and Chinese brands.
LG Chem said its business for electric car batteries is on a fast-growth track.
To meet growing demand from European automakers, LG Chem plans to build an electric vehicle battery plant in Poland.
The planned plant in the Polish city of Wroclaw will allow LG Chem to expand its production bases to Europe after South Korea, the United States and China.
Lee Woong-beom, president of LG Chem’s battery business division, said the company aims to solidify its No. 1 spot in the electric car battery market by 2018.