LG Chem Unveils Large EV Battery Factory
LG Chem has completed what it says is the world’s largest electric-vehicle (EV) battery plant, which is capable of powering 100,000 vehicles per year. The company expects that it will be the world’s top vehicle battery maker by 2015.
LG is also planning to build a second overseas plant in Nanjing, China, to mainly produce medium- and large-size lithium-ion batteries for electric cars amid higher demand. The company has already been operating a lithium-ion battery line for smaller electronic gadgets, while it is set to start the operation of its first U.S. plant in Michigan sometime next year.
LG has already secured 10 carmakers as battery clients including Ford Motor, Hyundai Motor, Kia Motors and Renault, as well as GM. The company has doubled its investment plan for batteries to 2 trillion won by 2013 and also raised its 2015 sales target for electric car batteries to 4 trillion won. The investment could enable LG to boost production capacity to over 350,000 batteries from an estimated 100,000 this year. LG is also aiming to control 25 percent of the global demand for electric car batteries.