January 11, 2019 11:21
LG Chem on Thursday announced that it will invest W1.2 trillion by 2020 to expand its two battery plants in Nanjing, China (US$1=W1,120).
Half of the amount will go toward its plant for electric-car batteries, while the remainder will be spent on a facility for manufacturing small batteries.
With the massive investment, the company seeks to meet rising demand for batteries used in electric vehicles including bicycles and scooters, as well as other devices and home appliances like vacuum cleaners.
In October last year, LG Chem also began construction of a new battery plant for electric vehicles in Hangzhou, China.
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