LG Chem starts construction of new battery plant in South Korea
South Korean battery maker LG Chem is getting prepared to supply lithium ion cells General Motors for production of the Chevrolet Volt by building a new cell manufacturing facility. The company broke ground for the new plant in Cheongwon earlier this week and the facility is expected to be running by the first half of 2010. LG Chem already has another plant in Ochang that is building similar cells for Hyundai and Kia for the new hybrid models being introduced by those companies. The Cheongwon plant is expected to cost nearly $800 million.
That's not the end of LG Chem's production investments. The company previously said it will eventually build a cell production facility in Michigan to support U.S. customers, including GM with the Volt. Yang Woong-chul of Hyundai and GM's hybrid engineering director Bob Kruse both attended the ground breaking ceremony.
[Source: Korea Herald]
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