LG Chem has completed the construction of the world's largest plant for electric car batteries, with a capacity to produce lithium-ion batteries for 100,000 cars per year.
The completion of the plant in Ochang, North Chungcheong Province has drawn the attention of the global auto industry with the expectation that it will become a stronghold to lead the production of green vehicles.
A ceremony to mark the completion on Wednesday was attended by President Lee Myung-bak and distinguished guests from the auto industry.
LG has been working to have a stable production system for electric car batteries in place since it began supplying lithium-ion cells for GM's Chevrolet Volt hybrid last September, one of many similar deals with global major carmakers.
LG Chem said it would double its planned investment to W2 trillion (US$1=W1,086) by 2013 to build another plant in Korea with the aim of starting operations next year and a third in Holland, Michigan, which is currently under construction.
"Our company has struck deals with more than 10 global automakers so far, including GM, Ford, Renault Samsung and Hyundai-Kia," an LG Chem spokesperson said, adding that it is aiming for a 25 percent share of the global market by 2015.
The company expects the global market for electric car batteries to grow to W16 trillion by 2015, and targets sales of W4 trillion.