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LG Chem to finalize new electric battery plant plans by August

China‘s Nanjing, Guangzhou and Tianjin cited as possible candidate sites

BUSAN -- LG Chem President on Thursday confirmed that the company will decide on the timeline and location of a new electric vehicle battery production plant by August, with China being cited as the top candidate for the locale.

“With our business going strong, I can definitely say that we will expand our business,” Kwon Young-soo, co-CEO and director of the company‘s battery business division told reporters at the Busan International Motor Show.

He said that the details including the location and timeline of the expansion will be made public within three months.

Kwon’s comments come amid mounting speculation that China will be where LG Chem adds a new battery facility. It would be the first Chinese plant for the chemical maker.

Rumors have been rampant that LG is seeking to build an EV battery plant in Nanjing, Guangzhou or Tianjin. Global carmakers such as GM and Volkswagen also have plants in these regions.

LG Chem curently has plants in Cheongwon of North Chungcheong Province and Michigan of the U.S.

The Chinese government has recently announced plans to promote 5 million units of EVs in the country by 2020. The authorities are planning to subsidize EV purchasers, which has reportedly thrilled global automakers.

Meanwhile, Kwon and GM Korea CEO Sergio Rocha on Thursday announced that LG will supply the batteries for the Spark EV 2015 models for both local and export markets, which will strengthen the world’s largest electric vehicle battery maker’s status.

By Bae Ji-sook (baejisook@heraldcorp.com)