LG Chem signs JV to set up electric-car battery plant in China
New plant will reportedly have an annual production capacity of 100,000 battery units
South Korean supplier LG Chem today (2 July) signed a preliminary agreement to establish an electric-car battery plant in China, reports Dow Jones Institutional News. The company is planning to sign a joint-venture (JV) agreement next month with two Chinese state-run companies – Nanjing Jijin Technology Incubation Special Park Construction Development Company and Nanjing New Industrial Investment Group Limited – to set up the new plant. The plant will be located in Nanjing, China's Jiangsu province city, and is expected to involve a considerable amount of investment from all three parties, although the actual figure is yet to be made available. LG Chem is expected to hold a majority stake in the JV, while the remaining shares will be held by the Chinese firms.
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