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LG Chem planning electric car battery plant in China
LG's Chem division is planning to invest in building an electric vehicle battery plant in China, with the hope that Beijing's smog pollution will drive demand.
Park Jin-soo, CEO of LG Chem, believes that the number of customers for electric-car batteries will double to include 20 companies within the near future. The company already supply large companies like General Motors and Renault cars among others.
The company is now looking to build another battery plant – in China – which would be in line with market demand, Jin-soo told Reuters. LG Chem currently has a facility in China producing smaller batteries for mobile devices.
To curb the pollution, China's Ministry of Finance said last month that it will extend a program of subsidies for buyers of electric-cars.
