LG Chem and Geely make a joint venture in China for producing EV batteries

12 June 2019, 21:41:05

LG Chem and Geely make a joint venture in China for producing EV batteriesKorea's main news agency Yonhap reports that LG Chem and Chinese automaker Geely are to create a 50:50 joint venture based in China for producing EV batteries. Each of the companies will invest some US$87 million. The construction of the factory which will have a 10 gigawatt hours capacity will set off later this year and LG Chem expects that the first battery packs produced there will power Geely vehicles in 2022.

This deal will solidify Korea's largest chemistry company place in the global market. LG Chem will actively seek joint ventures with other global automakers for EV battery production says the news report. Geely is one of China's biggest automakers. It owns the Swedish brand Volvo and the British sports car brand Lotus.

The Chinese state has been subsidizing electric vehicles with batteries from Chinese producers ever since 2016. However, this local market protective policy is expected to soften as subsidies will stop flowing in the near future. This gives way to South Korean companies to enter the Chinese EV battery market. Source

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