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. 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. 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.
LG Chem would double its planned investment to W2 trillion 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. LG Chem expects the global market for electric car batteries to grow to W16 trillion by 2015, and targets sales of W4 trillion.