LG Chem to invest in Nanjing battery factories
According to a South Korean media report, LG Chem will invest another 500 million US dollars in its battery cell factories in Nanjing, China, apparently to expand production capacity for Tesla.
The Elec writes that the South Korean company had announced this during a local trade fair together with representatives of the city of Nanjing. LG Chem already operates two battery cell factories in the city. The second, more modern factory would now be expanded by 2022 in the course of the announced investment, according to the report.
The 500 million dollars (423 million euros) would bring the total investment in Nanjing to over two trillion won (1.5 billion euros). A spokesman for LG Chem said the total investment would “not much” exceed the previous estimate.
LG Chem recently announced plans to triple production capacity for its cylindrical battery cells used by Tesla and other OEMs. In addition to expanding production in China, the Korean company also plans to build another plant in Europe.
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