On October 23, the LG Chemical Power Battery Project with a total investment of USD 2 billion was held in Jiangning Binjiang Development Zone.
The project plans to build 23 electrode and cell production lines, including 16 power batteries, 3 energy storage batteries, and 4 small batteries. It is expected that the first phase of the project will reach mass production by the end of 2019 and reach full production by 2023. By then, the new plant's production capacity will reach 32GWh, the annual output value will reach 35 billion yuan, and the tax revenue will be about 2 billion yuan. It mainly supplies Hyundai Motor, Volvo, Famous auto manufacturers such as GM, Chrysler, Renault.
This is LG's second factory in China. As early as the end of 2015, LG Chem had completed the construction of a power battery plant in Nanjing's Qixia District. According to the capacity planning at that time, LG Chemical plans to supply 50,000 electric vehicles worldwide in 2016, and by 2020, it will expand its capacity to 200,000 electric vehicles.