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LC Chem invests heavily in Chinese battery manufacturing
The company says that it is planning to invest EUR 934 million (KRW 1.2 trillion) to expand production at two of its battery manufacturing plants in China by 2020.
According to investment plan, LG Chem will invest EUR 467 million (KRW 600 billion) each in its electric vehicle battery plant and its small battery plant located in Nanjing Xi, a press release reads. The investment is aimed at preemptively responding to the rapid growth in demand for cylindrical batteries for light electric vehicles, power tools, and wireless cleaners, as well as continuously growing pouch batteries for electric vehicles.