South Korea’s leading battery manufacturer LG Chem Ltd. has laid the foundation for his second battery factory in China. As in July 2018 on electric car news.Net mentions the Korean company wants to expand its own presence on the world’s largest electric vehicle market.
This is necessary, so that you can satisfy the growing demand for E car batteries in the long term. Planned is the investment in the new factory by 2023 to complete the total capacity to 32 gigawatt hours per year or batteries for around 500.To increase 000 electric vehicles. The company announced that the construction of the second factory for EV batteries in the Binjiang Development Zone has begun in Nanjing. The three-storey work, which stands on an area of 24 football fields, should take the mass production at the end of next year.
The most recent deal at the beginning of July 2018 underlines the efforts of LG Chem around a stable supply of lithium hydroxide with increasing demand for emission-free vehicles. Furthermore, in August with the Chinese company Ganfeng Lithium, one has a contract for delivery with 48.000 tonnes of lithium hydroxide closed.
Already in April this year, LG Chem decided around 214 million US dollars in two separate joint ventures with Huayou Cobalt Co. to invest to ensure a stable cobalt supply, another key material for making batteries for electric vehicles.
“We will invest a lot to build the world’s leading production facility for EV batteries in Nanjing to respond to the fast-growing demand,” said Park Jin-Soo, Vice-President and Chief Executive of LG Chem, on the occasion of the first groundbreaking ceremony. The new plant should create synergies with the first battery system located just 45 kilometers away from the binjiang development zone.
Stand today, the company operates four battery factors worldwide: in South Korea, China, Europe and the USA. With the completion of the second plant in Nanjing, the company wants to ensure a total production capacity of more than 1.5 million units for electric vehicles by 2020 by 2020. A quite considerable number, but also necessary, because among other things, Volkswagen is one of its own customers.
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