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LG Chem's EV battery sales to grow 70 pct this year

All Headlines 14:49 December 12, 2016

SEOUL, Dec. 12 (Yonhap) -- LG Chem Ltd., a South Korean chemicals firm, is expected to see a whopping increase in its electric vehicle battery sales this year, aided by an expanded customer base, industry sources said Monday.

The company's EV battery sales are estimated to top 1 trillion won (US$856 million) this year, compared with the some 700 billion won last year, according to the sources. Some sources said sales may reach 1.2 trillion won this year.

LG Chem entered the EV battery business in 2009. The company has supplied batteries to global carmakers, such as Audi and Renault-Nissan, as well as other global automakers.

The Korean company has been working on 83 business projects, along with 29 carmakers, valued at some 36 trillion won.

LG Chem will have an annual capacity of over 280,000 batteries when its EV plant in Poland is completed. It currently operates EV battery plants in China, the United States and South Korea.

Last year, LG Chem started the operation of its new EV battery plant in China, eyeing growing demand on the back of Beijing's plans to tackle air pollution by introducing more eco-friendly cars.

LG Chem aims to log 7 trillion won in sales from its EV battery business in 2020.

LG Chem's EV battery sales to grow 70 pct this year - 1

sam@yna.co.kr
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