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[THE INVESTOR] LG Chem has started construction of a plant in Poland for electric vehicle batteries, the company said on Oct. 6.
The EV battery plant in Wroclaw, southwestern Poland, will cost 400 billion won (US$359 million), with its construction expected to be completed by 2018, LG Chem said.
The plant will churn out 100,000 battery units annually for dedicated EVs. Europe’s EV market is expected to reach 2.27 million units in 2030 from the current 110,000 units, as European automakers are rushing to roll out eco-friendly cars with lower emissions.
The EV battery plant in Wroclaw, southwestern Poland, will cost 400 billion won (US$359 million), with its construction expected to be completed by 2018, LG Chem said.
The plant will churn out 100,000 battery units annually for dedicated EVs. Europe’s EV market is expected to reach 2.27 million units in 2030 from the current 110,000 units, as European automakers are rushing to roll out eco-friendly cars with lower emissions.
LG Chem has already been an EV battery supplier to global carmakers such as Audi and Renault-Nissan.
With the Polish plant, LG Chem will have an annual capacity of over 280,000 batteries. It currently operates EV battery plants in China, the US and South Korea.
(theinvestor@heraldcorp.com)
