LG Chem to build second EV battery plant in China
The Korean company LG Chem will invest the equivalent of about 2 billion dollars to build a second plant in China for the production of batteries that by 2023 will equip more than half a million electrified vehicles a year, in particular pure electric models such as Chevrolet Bolt and Tesla Model S.
The vice president of the company, Kim Jong-Hyeon, has signed an agreement with the Governor of Jiangsu Province and the Mayor of Nanjing to build the factory that will be placed in the area of high economic development in Binjiang.
The works will begin next October and will end one year later. LG Chem already operates other battery plants in the domestic market, in Poland and in the United States.