By Jun Ji-hye LG Chem will invest more to expand its battery plants in Nanjing, southeastern China, to strengthen its standing in the global market, the company said Thursday. The nation's leading battery and chemical company said it will spend 12 trillion won ($1 billion) by the end of 2020 ― 600 billion won each into its electric vehicle (EV) and small-sized battery plants.
The company signed a contract allowing for the expansion with the Nanjing local government, Wednesday. The investment is aimed at responding to rapidly increasing demand for pouch-type batteries for EVs and cylindrical batteries for cordless vacuum cleaners, power tools and light EVs such as e-bikes.
According to market researcher B3, global demand for cylindrical batteries will grow 27 percent annually and reach 6 billion next year 'Through the expansion of our plants, we will lead in the emerging light EV and power tools markets as well as the EV market,' said LG Chem Energy Solution Company President Kim Jong-hyun. 'We will use our three plants in Nanjing as export bases.
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