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Wednesday | October 28 | 2020

LG Chem is expanding in Europe and wants new joint ventures with car manufacturers

South Korean group LG Chem, the world’s largest maker of electric car batteries, is in talks with ”several” carmakers to set up joint ventures to make batteries, CEO Hak Cheol Shin told Reuters on Friday.

LG Chem is making progress with joint ventures with US automaker General Motors (GM) and Chinese group Geely and hopes to expand its collaboration with other automakers, Shin said, without giving further details.

The South Korean group is currently supplying batteries from its factory in Nanjing, China, for Model 3 vehicles produced at the Tesla plant in Shanghai.

Shin added that Testa is not one of the companies with which LG Chem discusses joint ventures.

LG Chem, which has a factory in Poland, is also looking for a location for a new battery factory in Europe, the head of the South Korean group announced.

In 2017, LG Chem announced that it will invest over one billion euros to increase the production capacity of its unit in Poland.

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