LG Breaks Ground at EV Battery Plant in China
kpride, Oct. 31, 2014, 9:44 a.m.
LG Chem began construction on an electric vehicle battery plant in Nanjing, China on Thursday. The firm hopes to begin production in 2016, and said the factory will produce batteries for 100,000 EVs a year.
"The EV market in China is expected to double each year from 2016, and by 2020 it will be one of the largest markets in the world," said an LG Chem spokesman. "In order to meet local demand we decided to build production facilities in China and supply batteries to global car brands such as Audi and GM."
The reason behind the selection of Nanjing as the plant site was the fact that it is an important traffic hub in China and the city reportedly promised various benefits, including tax cuts.