LG Chem on Wednesday completed what it described as the world’s largest battery plant for electric cars with an annual battery production capacity for about 100,000 cars.
LG Chem said it plans to spend $1.84 billion by 2013 on building one more plant in South Korea and another in the United States to expand its electric-car battery capacity.
LG Chem said the plants, when completed by 2013, will have an annual battery production capacity for 350,000 electric vehicles.
In January, 2009, LG beat a Germany-U.S. consortium to win the Chevrolet Volt battery deal. It has been supplying the key component to GM on an exclusive basis since late last year.
LG Chem has secured battery supply deals with 10 carmakers. Including GM, LG Chem is currently developing li-ion batteries for at least ten other automakers, including Ford, Volvo, Renault and Hyundai-Kia.