SEOUL, Jul. 18 (Korea Bizwire) — LG Chem Ltd., South Korea’s biggest chemical company by sales, said Wednesday it will invest US$2 billion by 2023 to build its second car battery plant in China.
LG Chem is building the second plant in Nanjing to “preemptively prepare for a growing demand for electric vehicles, with an aim to start operations in October next year,” a company spokesman said by phone.
The second Nanjing plant will work toward having a 32-gigawatt-hour battery pack capacity by 2023. This is enough to produce 500,000 electric cars, he said.
LG Chem currently runs four car battery plants — in Nanjing, Poland, South Korea and the United States. The four plants had a combined 18-gigawatt-hour battery pack capacity at the end of 2017.
“The company aims to achieve a total 70-gigawatt-hour battery pack capacity by 2020 from its plants,” the spokesman added.